Bill Text: TX HR1439 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Requesting the speaker to provide for an interim house study on retirement security in Texas.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-05-14 - Comm. report sent to Local & Consent Calendar [HR1439 Detail]
Download: Texas-2019-HR1439-Introduced.html
86R28364 KSM-D | ||
By: Farrar | H.R. No. 1439 |
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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. |