*HR1536*
Introduced Version
HOUSE
RESOLUTION No. ___
Introduced by: VanNatter
____________________________________
1 A HOUSE RESOLUTION urging the legislative council
2 to assign to an appropriate study committee the topic of
3 financial security in retirement for all Hoosiers.
4 Whereas, The nation faces a vast retirement savings deficit
5 in which half of all households in the United States are on a
6 path that leads to financial insecurity during retirement;
7 Whereas, Social Security benefits for Indiana residents
8 average only $1,590 per month, and many workers rely on
9 employer-sponsored retirement plans to supplement their
10 income as they age;
11 Whereas, One-third of retirees are dependent on Social
12 Security for 90% or more of their income according to Forbes
13 magazine in 2019, and Social Security is the only source of
14 income for 3 in 10 Indiana residents over the age of 65
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1 according to the AARP;
2 Whereas, Employees who are unable to effectively build their
3 retirement savings risk becoming dependent on social safety net
4 programs that will cost taxpayer dollars later in their lives;
5 Whereas, The state of Indiana has a vested interest in
6 helping people save their own money for retirement in order to
7 be self-sufficient as they age;
8 Whereas, A study by the AARP found that Indiana taxpayers
9 could save $55.9 million on public assistance programs
10 between 2018 and 2032 if lower-income retirees save enough
11 to increase their retirement income by $1,000 more per year;
12 Whereas, Small businesses may not offer retirement plans to
13 their employees because of concerns about costs, complexity,
14 time burdens, and potential liability;
15 Whereas, Offering retirement plans to employees will make
16 businesses more competitive and help reduce employee
17 turnover;
18 Whereas, Nearly 40 million Americans do not have a
19 workplace retirement plan, and more than one million workers
20 in Indiana do not have a way to save for retirement at work;
21 Whereas, Workers who have a way to save for retirement by
22 utilizing a payroll deduction are 15 times more likely to save
23 for retirement;
24 Whereas, The aforementioned facts highlight a retirement
25 security crisis that will have significant impacts on state and
26 local government budgets and revenues as well as the economic
27 well-being of retirees, their families, and Hoosier communities;
28 and
29 Whereas, A national financial capability study found that
30 only 35 percent of Hoosiers and 37 percent of U.S. adults
31 answered four to five questions correctly out of a five-question
32 survey regarding personal finance management: Therefore,
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1 Be it resolved by the House of Representatives of the
2 General Assembly of the State of Indiana:
3 SECTION 1. That the Indiana House of Representatives
4 urges the legislative council to assign to an appropriate study
5 committee the tasks of: (1) studying how the state of Indiana
6 may reduce the regulatory and operational burden on small
7 businesses to promote payroll deduction as a retirement savings
8 option for employees; (2) studying the preparedness of Hoosiers
9 to retire in a financially secure manner; and (3) studying the
10 need for a statewide financial literacy strategy.
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