Senate Resolution No. by Senator Foil addresses the escalating retirement security crisis affecting American workers, including state employees. It highlights that a significant number of workers are struggling to save enough for retirement, leading to increased financial insecurity among older adults. Research from the National Council on Aging indicates that 80% of households with individuals aged 60 and older are either financially struggling or at risk of economic insecurity, a situation likely to worsen over time due to factors such as rising healthcare costs and the decline of traditional pension plans.

The resolution calls for urgent action from federal and state policymakers to address this crisis by promoting awareness and implementing policies that provide guidance and resources for workers to secure adequate lifetime income. It also encourages public and private employers to include lifetime income investment options in retirement plans and to educate employees on these solutions. Ultimately, the resolution seeks to empower workers with the knowledge and tools necessary for effective retirement planning, ensuring a dignified and secure retirement for all citizens.