Title: A resolution supporting the goals and ideals of National Retirement Security Month, including raising public awareness of the various tax-preferred retirement vehicles, increasing personal financial literacy, and engaging the people of the United States on the keys to success in achieving and maintaining retirement security throughout their lifetimes.
Policy area: Finance and Financial Sector

Summary:
This resolution expresses support for the goals and ideals of National Retirement Security Month and acknowledges the need to raise public awareness of a variety of tax-preferred retirement vehicles.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 743 Agreed to Senate (ATS)]

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116th CONGRESS
  2d Session
S. RES. 743

Supporting the goals and ideals of National Retirement Security Month, 
    including raising public awareness of the various tax-preferred 
   retirement vehicles, increasing personal financial literacy, and 
  engaging the people of the United States on the keys to success in 
    achieving and maintaining retirement security throughout their 
                               lifetimes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 1, 2020

    Mr. Enzi (for himself, Mr. Cardin, Ms. Collins, Mr. Young, Mr. 
  Alexander, Mrs. Murray, Ms. Hassan, and Mr. Barrasso) submitted the 
        following resolution; which was considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
Supporting the goals and ideals of National Retirement Security Month, 
    including raising public awareness of the various tax-preferred 
   retirement vehicles, increasing personal financial literacy, and 
  engaging the people of the United States on the keys to success in 
    achieving and maintaining retirement security throughout their 
                               lifetimes.

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 data from the Employee Benefit Research Institute indicates that, in the 
        United States--

    (1) up to 40 percent of households in which the head of household is 
between the ages of 35 and 64 are likely to run out of money in retirement; 
and

    (2) the amount that workers have saved for retirement is much less than 
the amount those workers need to adequately fund their retirement years;

Whereas the financial literacy of workers in the United States is important so 
        that those workers understand 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--

    (1) be aware of their various options in saving for retirement; or

    (2) have focused on the importance of, and need for, saving for 
retirement and successfully achieving retirement security;

Whereas, although many employees have access to defined benefit and defined 
        contribution plans through their employers to assist such employees 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, underscoring the importance of continued contributions;
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;
Whereas effectively and sustainably withdrawing retirement resources throughout 
        an individual's retirement years is as important and crucial as saving 
        and accumulating funds for retirement; and
Whereas the month of October 2020, has been designated as ``National Retirement 
        Security Month'': Now, therefore, be it
    Resolved, That the Senate--
            (1) supports the goals and ideals of National Retirement 
        Security Month, including raising public awareness of the 
        importance of saving adequately for retirement;
            (2) acknowledges the need to raise public awareness of the 
        variety of tax-preferred retirement vehicles that are used by 
        many people in the United States, but remain underutilized; and
            (3) calls on States, localities, schools, universities, 
        nonprofit organizations, businesses, other entities, and the 
        people of the United States to observe National Retirement 
        Security Month with appropriate programs and activities, with 
        the goal of increasing the retirement savings and personal 
        financial literacy of all people in the United States and 
        enhancing the retirement security of the people of the United 
        States.
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