Supporting the goals and ideals of "National Save for Retirement Week", including raising public awareness of the various tax-preferred retirement vehicles and increasing personal financial literacy.

Madam Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1481) supporting the goals and ideals of ``National Save for Retirement Week'', including raising public awareness of the various tax-preferred retirement vehicles and increasing personal financial literacy.

Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material in the Record.

Madam Speaker, I yield myself such time as I may consume.

Today, I rise in support of the National Save For Retirement Week resolution that I have sponsored with my friend and colleague, Representative Sam Johnson. He and I have championed this proposal, which has passed the House of Representatives in each of the last 3 years.

Saving for one's retirement is of paramount importance. Less than two-thirds of workers are saving for retirement and those who are saving are not saving enough to adequately fund their retirement. As a result, too many Americans rely solely on Social Security to fund their retirements. Social Security is the bedrock of retirement security and retirement income for many Americans. However, on average, Social Security retirees today receive $14,000 a year, hardly adequate as the sole source of retirement income for most Americans.

This resolution will help raise public awareness of the importance of saving for retirement and encourage greater personal financial responsibility. Congress and employers can encourage saving for retirement through information on long-term saving vehicles and payroll deduction options that currently exist for most American workers.

Since the economic downturn, the personal savings rate has risen to 3 percent, up from 2 years ago when Americans were barely saving at all. We can build on this recent experience to raise awareness about the need to save for emergencies, for future expenses, and for retirement. Small savings throughout one's working lifetime will result in a more secure retirement.

So as we acknowledge the 75th anniversary of Social Security and renew our commitment to Social Security's guaranteed minimum benefits for future seniors, we should also acknowledge and support this resolution and encourage more Americans to save for their retirement.

House of Representatives,

Committee on Education and Labor,

Washington, DC, July 28, 2010.

Hon. Sander M. Levin,

Chairman, Committee on Ways and Means, House of

Representatives, Longworth House Office Building,

Washington, DC.

Dear Chairman Levin: I am writing to you concerning the

jurisdictional interest of the Committee on Education and

Labor in H. Res. 1481, supporting the goals and ideals of

``National Save for Retirement Week.''

Our committee recognizes the importance of H. Res. 1481 and

the need to move expeditiously. Therefore, while we have a

valid claim to jurisdiction over portions of the resolution,

I do not intend to request a referral. This, of course, is

conditional on our mutual understanding that nothing in this

resolution or my decision to forego a referral waives,

reduces or otherwise affects the jurisdiction of the

Committee on Education and Labor, and that a copy of this

letter and your response acknowledging our jurisdictional

interest will be included in the Congressional Record during

consideration of this resolution by the House.

Thank you for your consideration in this matter.

Sincerely,

George Miller,

Chairman.

I yield back the balance of my time.

Madam Speaker, I yield myself such time as I may consume.

I want to thank my colleague from Pennsylvania for working with me on this resolution. This resolution calls attention to the importance of saving for retirement by designating October 17 through October 23, 2010, as National Save For Retirement Week.

With fewer and fewer employers offering traditional pension plans and with Social Security intended to provide only basic income support, saving for retirement is more important than ever before. The good news, however, is that the tax code offers any number of savings incentives that not only are intended to encourage Americans to save but also make it easier for them to do so.

For young workers, just putting away a little bit from each paycheck through tax-deferred retirement savings accounts such as a 401(k) plan or an IRA can add up to a sizeable nest egg. While young workers may not start off with big paychecks, they at least have the benefit of time and compound interest on their side. Meanwhile, for older workers nearing retirement, the tax code can help by enabling these workers to make catch-up contributions.

With this resolution, it is my hope that we can make more Americans aware not just of the importance of saving for retirement but of the available tax incentives to do so. By taking advantage of these incentives and regularly putting away a little bit, Americans can better secure their retirement.

That's why Ms. Schwartz and I have offered this resolution.

Mr. Speaker, I yield back the balance of my time.