A resolution supporting the goals and ideals of National Retirement Security Week, 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.

III 116TH CONGRESS 1ST SESSION S. RES. 339 Supporting the goals and ideals of National Retirement Security Week, includ- ing raising public awareness of the various tax-preferred retirement vehi- cles, 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 SEPTEMBER 25, 2019 Mr. ENZI (for himself, Mr. CARDIN, Mr. ALEXANDER, Ms. HASSAN, Mr. YOUNG, Mr. JONES, and Ms. COLLINS) submitted the following resolu- tion; which was referred to the Committee on Health, Education, Labor, and Pensions RESOLUTION Supporting the goals and ideals of National Retirement Secu- rity Week, including raising public awareness of the var- ious tax-preferred retirement vehicles, increasing personal financial literacy, and engaging the people of the United States on the keys to success in achieving and maintain- ing 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; VerDate Sep 11 2014 02:19 Sep 26, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\SR339.IS SR339 kjohnson on DSK79L0C42 with BILLS 2 •SRES 339 IS Whereas recent data from the Employee Benefit Research In- stitute indicates that, in the United States— (1) 40.6 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 retire- ment 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 retire- ment must be advocated; Whereas many workers may not— (1) be aware of the various options in saving for re- tirement; or (2) have focused on the importance of, and need for, saving for retirement and successfully achieving retire- ment security; Whereas, although many employees have access through their employers to defined benefit and defined contribution plans to assist the 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 eco- nomic downturns or market declines, which makes con- tinued contributions all the more important; VerDate Sep 11 2014 02:19 Sep 26, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\SR339.IS SR339 kjohnson on DSK79L0C42 with BILLS 3 •SRES 339 IS Whereas all workers, including public and private sector em- ployees, employees of tax-exempt organizations, and self- employed individuals, can benefit from developing per- sonal 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 the retirement years of an indi- vidual is as important and crucial as saving and accumu- lating funds for retirement; and Whereas the week of October 20 through October 26, 2019, has been designated as ‘‘National Retirement Security Week’’: Now, therefore, be it Resolved, That the Senate— 1 (1) supports the goals and ideals of National 2 Retirement Security 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 tax-preferred retirement 7 vehicles that are used by many people in the United 8 States but could be used by more; and 9 (3) calls on States, localities, schools, univer- 10 sities, nonprofit organizations, businesses, other en- 11 tities, and the people of the United States to observe 12 National Retirement Security Week with appropriate 13 programs and activities, with the goal of increasing 14 the retirement savings and personal financial lit- 15 VerDate Sep 11 2014 02:19 Sep 26, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\SR339.IS SR339 kjohnson on DSK79L0C42 with BILLS 4 •SRES 339 IS eracy of all people in the United States, thereby en- 1 hancing the retirement security of the people of the 2 United States. 3 Æ VerDate Sep 11 2014 02:19 Sep 26, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\SR339.IS SR339 kjohnson on DSK79L0C42 with BILLS