SENATE MEMORIAL 47

50th legislature - STATE OF NEW MEXICO - first session, 2011

INTRODUCED BY

William F. Burt

A MEMORIAL

DECLARING THE WEEK OF OCTOBER 16 THROUGH OCTOBER 22, 2011 AS "NATIONAL SAVE FOR RETIREMENT WEEK" IN THE SENATE.

     WHEREAS, the United States senate and the United States house of representatives passed resolutions in 2010 designating October 17 through October 23 as "National Save for Retirement Week", and they are expected to take similar actions in 2011; and

     WHEREAS, the cost of retirement continues to rise, in part, because people in the United States are living longer than ever before, the number of employers providing retiree health coverage continues to decline and retiree health care costs continue to increase at a rapid pace; and

     WHEREAS, social security remains the bedrock of retirement income for the great majority of the people of the United States, but it was never intended to be the sole source of retirement income for American families; and

     WHEREAS, recent data from the employee benefit research institute indicates that less than two-thirds of United States 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 is realistically needed to adequately fund retirement; and

     WHEREAS, many employees have access, through their employers, to defined-benefit or defined-contribution plans to assist them in preparing for retirement; and

     WHEREAS, many employees may not be aware of retirement savings options and may not have focused on the importance of and need for saving for their own retirement; and

     WHEREAS, many employees may not be taking advantage of workplace-defined contribution plans at all or to the full extent allowed by those plans or under federal law; and

     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 save for retirement and the availability of tax-advantaged retirement savings vehicles to assist them in saving for retirement;

     NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that, in conjunction with the national association of government defined contribution administrators, incorporated, and nationwide retirement solutions, October 16 through October 22, 2011 be declared "National Save for Retirement Week" in the senate; and

     BE IT FURTHER RESOLVED that the senate support the goals and ideals of "National Save for Retirement Week", which include raising public awareness about the importance of adequate retirement saving and the availability of employer-sponsored retirement plans, and that the senate call for employees and department heads throughout the state to observe and support these goals; and

     BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the public employees retirement association.

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