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R E S O L U T I O N
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WHEREAS, The nation is facing a vast retirement savings |
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deficit, and it is estimated that half of all households are on a |
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path that leads to financial insecurity in retirement; this |
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retirement security crisis will have a significant impact on state |
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and local governments as well as on retirees and their families; and |
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WHEREAS, Although the preparedness of Texans to retire in a |
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financially secure manner has not been studied, it is estimated |
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that Social Security provides 90 percent of the retirement income |
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of nearly a quarter of Texans over the age of 65 and that the average |
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amount of a Social Security check in Texas is about $1,375 per |
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month; and |
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WHEREAS, Many Texans can rely on an employer-sponsored |
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retirement plan to supplement their Social Security income; |
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however, more than half of Texas workers in the private sector work |
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for a business that does not offer such a plan; this is despite |
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evidence that offering a retirement plan makes a business more |
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competitive and helps with employee turnover; and |
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WHEREAS, Employees who are given the option of enrolling in a |
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payroll deduction retirement plan are 15 times more likely to save |
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for retirement; unfortunately, many small businesses do not choose |
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to offer a payroll deduction retirement plan because of concerns |
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about costs, complexity, time burdens, and potential liability; and |
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WHEREAS, The State of Texas has a vested interest in removing |
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obstacles that prevent Texans from saving for retirement, and a |
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study of retirement security in Texas would help to identify such |
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obstacles; now, therefore, be it |
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RESOLVED, That the House of Representatives of the 86th Texas |
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Legislature hereby request the speaker to provide for an interim |
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house study on retirement security in Texas; specifically, the |
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study should: (1) examine ways the State of Texas can reduce the |
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regulatory and operational burden on small businesses that want to |
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offer a payroll deduction retirement plan to employees; and (2) |
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study the preparedness of Texans to retire in a financially secure |
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manner; and, be it further |
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RESOLVED, That the speaker assign the study to a select or |
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standing committee at his discretion, exercising authority granted |
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to the speaker by House Rule 1, Section 17, Interim Studies, and |
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House Rule 4, Chapter F, Interim Study Committees. |