[Congressional Record (Bound Edition), Volume 151 (2005), Part 7]
[House]
[Page 9934]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           SAVINGS INCENTIVES

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute.)
  Mr. EMANUEL. Madam Speaker, as we continue debating the future of 
Social Security, it is important to remember for more Americans they 
cannot save enough for their retirement.
  In fact, over half of all Americans do not participate in employer-
sponsored retirement plans, and for 28 million households in America 
they have no other retirement security outside of Social Security.
  For America's families retirements are less, not more secure. United 
Airline employees last week learned that painful lesson.
  For that reason it is crucial that we strengthen, not weaken, Social 
Security, as well as enable more Americans to save for their 
retirement.
  Specifically, step one, we should encourage companies to 
automatically enroll their employees in their 401(k) plans. At R.R. 
Donnelley, a Chicago company, auto enrollment dramatically increased 
401(k) participation when they did automatic participation, up to 92 
percent.
  Second, we should make the Saver's Credit fully refundable and 
permanent. A recent H&R Block study shows, when offered a matching 
contribution, Americans save more.
  Third, we should allow taxpayers to directly deposit their tax refund 
into a savings account.
  And, fourth, finally, we should create universal 401(k)s for all 
Americans to consolidate the different savings plans that exist.

                          ____________________