86R28364 KSM-D
By: Farrar H.R. No. 1439
R E S O L U T I O N
WHEREAS, The nation is facing a vast retirement savings
deficit, and it is estimated that half of all households are on a
path that leads to financial insecurity in retirement; this
retirement security crisis will have a significant impact on state
and local governments as well as on retirees and their families; and
WHEREAS, Although the preparedness of Texans to retire in a
financially secure manner has not been studied, it is estimated
that Social Security provides 90 percent of the retirement income
of nearly a quarter of Texans over the age of 65 and that the average
amount of a Social Security check in Texas is about $1,375 per
month; and
WHEREAS, Many Texans can rely on an employer-sponsored
retirement plan to supplement their Social Security income;
however, more than half of Texas workers in the private sector work
for a business that does not offer such a plan; this is despite
evidence that offering a retirement plan makes a business more
competitive and helps with employee turnover; and
WHEREAS, Employees who are given the option of enrolling in a
payroll deduction retirement plan are 15 times more likely to save
for retirement; unfortunately, many small businesses do not choose
to offer a payroll deduction retirement plan because of concerns
about costs, complexity, time burdens, and potential liability; and
WHEREAS, The State of Texas has a vested interest in removing
obstacles that prevent Texans from saving for retirement, and a
study of retirement security in Texas would help to identify such
obstacles; now, therefore, be it
RESOLVED, That the House of Representatives of the 86th Texas
Legislature hereby request the speaker to provide for an interim
house study on retirement security in Texas; specifically, the
study should: (1) examine ways the State of Texas can reduce the
regulatory and operational burden on small businesses that want to
offer a payroll deduction retirement plan to employees; and (2)
study the preparedness of Texans to retire in a financially secure
manner; and, be it further
RESOLVED, That the speaker assign the study to a select or
standing committee at his discretion, exercising authority granted
to the speaker by House Rule 1, Section 17, Interim Studies, and
House Rule 4, Chapter F, Interim Study Committees.