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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 647 Introduced in House (IH)]

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;
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 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 and increasing 
        personal financial literacy;
            (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 incorporating financial literacy as part of 
        understanding the need to adequately save 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 
        overall financial literacy with respect to retirement savings 
        for all the people of the United States.
                                 <all>
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