| 1 | 1 | | *HR1541* |
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| 2 | 2 | | Introduced Version |
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| 3 | 3 | | HOUSE |
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| 4 | 4 | | RESOLUTION No. ___ |
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| 5 | 5 | | Introduced by: VanNatter |
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| 6 | 6 | | ____________________________________ |
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| 7 | 7 | | 1 A HOUSE RESOLUTION urging the Legislative Council |
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| 8 | 8 | | 2 to assign to an appropriate study committee the topic of |
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| 9 | 9 | | 3 financial security in retirement for all Hoosiers. |
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| 10 | 10 | | 4 Whereas, The nation faces a vast retirement savings deficit |
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| 11 | 11 | | 5 in which half of all households in the United States are on a |
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| 12 | 12 | | 6 path that leads to financial insecurity during retirement; |
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| 13 | 13 | | 7 Whereas, Social Security benefits for Indiana residents |
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| 14 | 14 | | 8 average only $1,590 per month, and many workers rely on |
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| 15 | 15 | | 9 employer-sponsored retirement plans to supplement their |
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| 16 | 16 | | 10 income as they age; |
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| 17 | 17 | | 11 Whereas, One-third of retirees are dependent on Social |
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| 18 | 18 | | 12 Security for 90% or more of their income, according to Forbes |
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| 19 | 19 | | 13 magazine in 2019, and Social Security is the only source of |
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| 20 | 20 | | 14 income for three in 10 Indiana residents over the age of 65, |
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| 21 | 21 | | 20222560 |
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| 22 | 22 | | HR 1541/DI 140 2022 2 |
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| 23 | 23 | | 1 according to the AARP; |
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| 24 | 24 | | 2 Whereas, Employees who are unable to effectively build their |
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| 25 | 25 | | 3 retirement savings risk becoming dependent on social safety net |
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| 26 | 26 | | 4 programs that will cost taxpayer dollars later in their lives; |
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| 27 | 27 | | 5 Whereas, The State of Indiana has a vested interest in |
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| 28 | 28 | | 6 helping people save their own money for retirement in order to |
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| 29 | 29 | | 7 be self-sufficient as they age; |
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| 30 | 30 | | 8 Whereas, A study by the AARP found that Indiana taxpayers |
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| 31 | 31 | | 9 could save $55.9 million on public assistance programs |
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| 32 | 32 | | 10 between 2018 and 2032 if lower-income retirees save enough |
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| 33 | 33 | | 11 to increase their retirement income by $1,000 more per year; |
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| 34 | 34 | | 12 Whereas, Small businesses may not offer retirement plans to |
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| 35 | 35 | | 13 their employees because of concerns about costs, complexity, |
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| 36 | 36 | | 14 time burdens, and potential liability; |
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| 37 | 37 | | 15 Whereas, Offering retirement plans to employees will make |
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| 38 | 38 | | 16 businesses more competitive and help reduce employee |
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| 39 | 39 | | 17 turnover; |
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| 40 | 40 | | 18 Whereas, Nearly 40 million Americans do not have a |
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| 41 | 41 | | 19 workplace retirement plan, and more than one million workers |
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| 42 | 42 | | 20 in Indiana do not have a way to save for retirement at work; |
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| 43 | 43 | | 21 Whereas, Workers who have a way to save for retirement by |
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| 44 | 44 | | 22 utilizing a payroll deduction are 15 times more likely to save |
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| 45 | 45 | | 23 for retirement; |
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| 46 | 46 | | 24 Whereas, The aforementioned facts highlight a retirement |
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| 47 | 47 | | 25 security crisis that will have significant impacts on state and |
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| 48 | 48 | | 26 local government budgets and revenues as well as the economic |
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| 49 | 49 | | 27 well-being of retirees, their families, and Hoosier communities; |
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| 50 | 50 | | 28 and |
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| 51 | 51 | | 29 Whereas, A national financial capability study found that |
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| 52 | 52 | | 30 only 35% of Hoosiers and 37% of U.S. adults answered four to |
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| 53 | 53 | | 31 five questions correctly out of a five-question survey regarding |
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| 54 | 54 | | 32 personal finance management: Therefore, |
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| 55 | 55 | | 20222560 |
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| 56 | 56 | | HR 1541/DI 140 2022 3 |
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| 57 | 57 | | 1 Be it resolved by the House of Representatives of the |
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| 58 | 58 | | 2 General Assembly of the State of Indiana: |
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| 59 | 59 | | 3 SECTION 1. That the Indiana House of Representatives |
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| 60 | 60 | | 4 urges the Legislative Council to assign to an appropriate study |
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| 61 | 61 | | 5 committee the tasks of: (1) studying how the State of Indiana |
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| 62 | 62 | | 6 may reduce the regulatory and operational burden on small |
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| 63 | 63 | | 7 businesses to promote payroll deduction as a retirement savings |
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| 64 | 64 | | 8 option for employees; (2) studying the preparedness of Hoosiers |
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| 65 | 65 | | 9 to retire in a financially secure manner; and (3) studying the |
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| 66 | 66 | | 10 need for a statewide financial literacy strategy. |
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| 67 | 67 | | 20222560 |
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| 68 | 68 | | HR 1541/DI 140 2022 |
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