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 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. The resolution identifies various contributing factors to this crisis, such as rising healthcare costs, increasing life expectancy, and the decline of traditional pension plans.

The resolution calls for federal and state policymakers to recognize the urgency of this issue and to implement strategies that promote lifetime income solutions within retirement plans. It encourages public and private employers to provide education and resources to help employees make informed decisions about their retirement savings. Additionally, the Senate urges increased public awareness and financial education initiatives to empower workers in planning for a secure and dignified retirement.