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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 542 Agreed to Senate (ATS)]

113th CONGRESS
  2d Session
S. RES. 542

 Supporting the goals and ideals of National Save for Retirement Week, 
    including raising public awareness of the various tax-preferred 
    retirement vehicles and increasing personal financial literacy.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           September 11, 2014

     Mr. Cardin (for himself and Mr. Enzi) submitted the following 
             resolution; which was considered and agreed to

_______________________________________________________________________

                               RESOLUTION

 
 Supporting the goals and ideals of National Save for Retirement Week, 
    including raising public awareness of the various tax-preferred 
    retirement vehicles and increasing personal financial literacy.

Whereas people in the United States are living longer, and the cost of 
        retirement is increasing significantly;
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, only approximately \3/5\ of workers or their 
        spouses are saving for retirement, and the amount that workers have 
        saved for retirement is much less than the amount they need to 
        adequately fund their retirement years;
Whereas the financial literacy of workers in the United States is important to 
        their understanding of the need to save for retirement;
Whereas saving for retirement is a key component of overall financial health and 
        security during retirement years, and the importance of financial 
        literacy in planning for retirement must be advocated;
Whereas many workers may not be aware of their options in saving for retirement 
        or may not have focused on the importance of, and need for, saving for 
        retirement;
Whereas, although many employees have access through their employers to defined 
        benefit and defined contribution plans to assist them in preparing for 
        retirement, many of those employees may not be taking advantage of those 
        plans at all or to the full extent allowed by Federal law;
Whereas saving for retirement is necessary even during economic downturns or 
        market declines, which makes 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 developing personal budgets and financial plans that include 
        retirement savings strategies that take advantage of tax-preferred 
        retirement savings vehicles; and
Whereas the week of October 19 through October 25, 2014 has been designated as 
        ``National Save for Retirement Week'': Now, therefore, be it
    Resolved, That the Senate--
            (1) supports the goals and ideals of National Save for 
        Retirement Week, including raising public awareness of the 
        importance of saving adequately for retirement;
            (2) acknowledges the need to raise public awareness of a 
        variety of ways to save for retirement that are favored under 
        the Internal Revenue Code of 1986 which are utilized by many 
        people in the United States but could be utilized by more; and
            (3) calls on States, localities, schools, universities, 
        nonprofit organizations, businesses, other entities, and the 
        people of the United States to observe National Save for 
        Retirement Week with appropriate programs and activities, with 
        the goal of increasing the retirement savings and personal 
        financial literacy of all people in the United States.
                                 <all>
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