III 

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 reVerDate Mar 15 2010 21:39 Sep 11, 2014 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\SR542.ATS SR542

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•SRES 542 ATS 

tirement 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 selfemployed 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 

1 Resolved, That the Senate— 


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•SRES 542 ATS 

1 (1) supports the goals and ideals of National 

2 Save for Retirement Week, including raising public 

3 awareness of the importance of saving adequately for 

4 retirement; 

5 (2) acknowledges the need to raise public 

6 awareness of a variety of ways to save for retirement 

7 that are favored under the Internal Revenue Code of 

8 1986 which are utilized by many people in the 

9 United States but could be utilized by more; and 

10 (3) calls on States, localities, schools, univer11 sities, nonprofit organizations, businesses, other en12 tities, and the people of the United States to observe 

13 National Save for Retirement Week with appropriate 

14 programs and activities, with the goal of increasing 

15 the retirement savings and personal financial lit16 eracy of all people in the United States. 

Æ 


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