IV 

111TH CONGRESS 

1ST SESSION H. RES. 647 

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 HOUSE OF REPRESENTATIVES 

JULY 14, 2009 

Ms. SCHWARTZ (for herself and Mr. SAM JOHNSON of Texas) submitted the 

following resolution; which was referred to the Committee on Financial 

Services 

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 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; 


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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 financial literacy is an important factor in United 

States workers understanding 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, 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 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 taxpreferred 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 selfVerDate Nov 24 2008 02:19 Jul 15, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\HR647.IH HR647

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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 

1 Resolved, That the House of Representatives— 

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 and increasing personal financial literacy; 

6 (2) supports the need to raise public awareness 

7 of efficiently utilizing substantial tax revenues that 

8 currently subsidize retirement savings, revenues esti9 mated to be in excess of $120,400,000,000 for the 

10 2008 fiscal year budget; 

11 (3) supports the need to raise public awareness 

12 of the importance of incorporating financial literacy 

13 as part of understanding the need to adequately save 

14 for retirement, and the availability 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 this week with appropriate programs and acVerDate Nov 24 2008 02:19 Jul 15, 2009 Jkt 079200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\HR647.IH HR647

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1 tivities with the goal of increasing overall financial 

2 literacy with respect to retirement savings for all the 

3 people of the United States. 

Æ 


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