[Congressional Record (Bound Edition), Volume 155 (2009), Part 15]
[House]
[Page 20434]
[From the U.S. Government Publishing Office, www.gpo.gov]




              SUPPORTING NATIONAL SAVE FOR RETIREMENT WEEK

  Ms. SCHWARTZ. Mr. Speaker, I ask unanimous consent that the Committee 
on Ways and Means be discharged from further consideration of the 
resolution (H. Res. 662) supporting the goals and ideals of ``National 
Save for Retirement Week'', including raising public awareness of the 
various tax-preferred retirement vehicles as important tools for 
personal savings and retirement financial security, and ask for its 
immediate consideration in the House.
  The Clerk read the title of the resolution.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Pennsylvania?
  There was no objection.
  The text of the resolution is as follows:

                              H. Res. 662

       Whereas people in the United States are living longer and 
     the cost of retirement continues to rise, in part because the 
     number of employers providing retiree health coverage 
     continues to decline, and retiree health care costs continue 
     to increase at a rapid pace;
       Whereas Social Security remains the bedrock of retirement 
     income for the great majority of the people of the United 
     States, but was never intended by Congress to be the sole 
     source of retirement income for families;
       Whereas recent data from the Employee Benefit Research 
     Institute indicates that, in the United States, less than \2/
     3\ of workers or their spouses are currently saving for 
     retirement and that the actual amount of retirement savings 
     of workers lags far behind the amount that will be needed to 
     adequately fund their retirement years;
       Whereas saving for one's retirement is a key component to 
     overall financial health and security during retirement 
     years;
       Whereas many workers may not be aware of their options for 
     saving for retirement or may not have focused on the 
     importance of, and need for, saving for their own retirement;
       Whereas many employees have available to them through their 
     employers access to defined benefit and defined contribution 
     plans to assist them in preparing for retirement, yet many of 
     them may not be taking advantage of employer-sponsored 
     defined contribution plans at all or to the full extent 
     allowed by the plans as prescribed by Federal law;
       Whereas many workers who are saving for retirement in tax-
     preferred vehicles have experienced declines in their account 
     values as a result of the recent economic downturn and market 
     decline, making continued contributions all the more 
     important;
       Whereas all workers, including public- and private-sector 
     employees, employees of tax-exempt organizations, and self-
     employed individuals, can benefit from increased awareness of 
     the need to develop personal budgets and financial plans 
     including retirement savings strategies, and to take 
     advantage of the availability of tax-preferred savings 
     vehicles to assist them in saving for retirement; and
       Whereas October 18 through October 24, 2009, has been 
     designated as ``National Save for Retirement Week'': Now, 
     therefore, be it
       Resolved, That the House of Representatives--
       (1) supports the goals and ideals of ``National Save for 
     Retirement Week'', including raising public awareness of the 
     various tax-preferred retirement vehicles as important tools 
     for personal savings and retirement financial security;
       (2) supports the need to raise public awareness of 
     efficiently utilizing substantial tax revenues that currently 
     subsidize retirement savings, revenues estimated to be in 
     excess of $120,400,000,000 for the 2008 fiscal year budget;
       (3) supports the need to raise public awareness of the 
     importance of saving adequately for retirement, and the 
     availability of tax-preferred employer-sponsored retirement 
     savings vehicles; and
       (4) calls on the States, localities, schools, universities, 
     nonprofit organizations, businesses, other entities, and the 
     people of the United States to observe this week with 
     appropriate programs and activities with the goal of 
     increasing retirement savings for all the people of the 
     United States.

  The resolution was agreed to.
  A motion to reconsider was laid on the table.

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