Georgia 2023-2024 Regular Session

Georgia Senate Bill SR807

Introduced

3/18/24

Refer

3/20/24

Introduced

3/18/24

Refer

3/20/24

Caption

Senate Peach State Saves Program Study Committee; create

Impact

The implications of SR807 could be far-reaching as the committee is tasked with studying existing conditions and proposing necessary actions or legislation related to retirement savings. By establishing this committee, Georgia could see a move towards greater facilitation of retirement savings among its workforce, possibly leading to the adoption of more comprehensive retirement savings strategies that could alleviate the reliance on public assistance programs in the future.

Summary

Senate Resolution 807 (SR807) aims to address retirement savings deficiencies in Georgia by creating the Senate Peach State Saves Program Study Committee. The resolution highlights a significant concern that over 60% of Georgia households lack retirement savings accounts and a considerable number of workers have no access to employer-sponsored retirement plans. SR807 reflects the state's commitment to enhance retirement security for its residents, particularly targeting moderate- and lower-income households who may face challenges in achieving financial stability during retirement.

Contention

While SR807 has the potential to positively impact retirement security, there may be points of contention regarding the approach taken. Discussions may arise around the effectiveness of a study committee in addressing immediate needs versus implementing more direct policies or programs. Critics may argue that without concrete legislative proposals, the effort might lead to inaction, leaving many Georgians without the necessary resources to save for retirement. The success of this resolution will largely depend on the committee's findings and the subsequent legislative actions that can be taken based on those recommendations.

Latest SR807 Activity

Companion Bills

No companion bills found.

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