LEGISLATIVE RESOLUTION memorializing Governor David A. Paterson to
designate October 18-24, 2009, as Save for Retirement Week in the State
of New York

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 was never
intended by Congress to be the sole source of retirement income for
families; and
WHEREAS, Recent data from the Employee Benefit Research Institute
indicates that, in the United States, less than two-thirds of 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 available to them through their employers
access to defined benefit and defined contribution plans to assist them
in preparing for retirement; and
WHEREAS, Many employees may not be aware of their 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 the
plans or under Federal and State law; and
WHEREAS, All workers, including public- and-private-sector employees,
employers 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, That this Legislative Body pause in its deliberations to
memorialize Governor David A. Paterson to designate October 18-24, 2009,
as Save for Retirement Week in the State of New York, and to support the
goals and ideals of National Save for Retirement Week, including raising
public awareness about the importance of adequate retirement savings and
the availability of employer-sponsored retirement plans; and to call on
the Federal Government, States, localities, schools, universities,
nonprofit organizations, businesses, other entities, and the people of
the state of New York to observe the week with appropriate programs and
activities with the goal of increasing the retirement savings of all the
people of the state of New York; and be it further
RESOLVED, That a copy of this Resolution, suitably engrossed, be tran-
smitted to The Honorable David A. Paterson, Governor of the State of New
York.