III 

111TH CONGRESS 

2D SESSION S. RES. 649 

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 27, 2010 

Mr. CONRAD (for himself, Mr. ENZI, and Mr. CARDIN) 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, less than 2⁄3

of workers or their spouses are currently saving for retirement and that the actual amount of retirement savVerDate Mar 15 2010 01:34 Sep 28, 2010 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\SR649.ATS SR649

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•SRES 649 ATS 

ings of workers lags far behind the amount that will be 

needed to adequately fund their retirement years; 

Whereas financial literacy is an important factor in United 

States workers’ understanding of the true need to save 

for retirement; 

Whereas saving for one’s retirement is a key component to 

overall financial health and security during retirement 

years, and the importance of financial literacy in planning one’s retirement must be advocated; 

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 those employees may not be taking advantage of those plans at all or to the full extent allowed 

by those plans as prescribed by Federal law; 

Whereas the need to save for retirement is important, even 

during economic downturns or market declines, making 

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 increased awareness of the need to develop personal budgets and financial plans that include retirement savings strategies and 

to take advantage of the availability of tax-preferred savings vehicles to assist them in saving for retirement; and 


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•SRES 649 ATS 

Whereas October 17 through October 23, 2010, has been designated as ‘‘National Save for Retirement Week’’: Now, 

therefore, be it 

1 Resolved, That the Senate— 

2 (1) supports the goals and ideals of ‘‘National 

3 Save for Retirement Week’’, including raising public 

4 awareness of the various tax-preferred retirement ve5 hicles as important tools for personal savings and re6 tirement financial security; 

7 (2) supports the need to raise public awareness 

8 of the availability of a variety of ways to save for re9 tirement which are favored under the Internal Rev10 enue Code of 1986 and are utilized by many Ameri11 cans, but which should be utilized by more; 

12 (3) supports the need to raise public awareness 

13 of the importance of saving adequately for retire14 ment and the continued existence of tax preferred 

15 employer-sponsored retirement savings vehicles; and 

16 (4) calls on the States, localities, schools, uni17 versities, nonprofit organizations, businesses, other 

18 entities, and the people of the United States to ob19 serve National Save for Retirement Week with ap20 propriate programs and activities, with the goal of 

21 increasing retirement savings for all the people of 

22 the United States. 

Æ 


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