Illinois General Assembly - Full Text of SR0113

SR0113 LRB104 11884 ECR 21975 r

SENATE RESOLUTION

WHEREAS, The State of Illinois is home to a diverse and vibrant workforce that contributes significantly to the economic success and growth of our State; and

WHEREAS, As our population continues to age, the importance of securing financial stability and independence in retirement becomes increasingly evident for individuals of all socioeconomic backgrounds; and

WHEREAS, It is universally recognized that retirement savings are essential for maintaining financial well-being in later years as well as for promoting dignity, security, and a high quality of life; and

WHEREAS, Despite the importance of preparing for retirement, many workers across Illinois lack access to retirement savings options or face barriers to participation in employer-sponsored retirement plans, which can lead to financial insecurity in their later years; and

WHEREAS, Employers, as key partners in the workforce, have an ethical obligation to provide their employees with access to retirement savings options as part of their responsibility to support their employees' long-term financial health and security; and

WHEREAS, Offering retirement options, such as 401(k) plans, IRAs, or other retirement savings programs, not only benefits employees but also strengthens our State's economy by ensuring that workers can retire with confidence and continue to contribute to the State's consumer spending and economic growth; and

WHEREAS, The retirement community is a critical segment of the Illinois economy whose members drive demand for goods and services and create jobs across various industries, including healthcare, housing, and entertainment, all of which enhance the quality of life for Illinois residents; and

WHEREAS, Employers who provide retirement plans demonstrate a commitment to the long-term well-being of their employees, fostering loyalty, improving employee morale, and helping to retain a talented workforce; therefore, be it

RESOLVED, BY THE SENATE OF THE ONE HUNDRED FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we recognize the moral responsibility of all employers to ensure their valued employees have a path to secure retirement, and as such, we urge employers across the State to provide quality retirement savings options for their employees in recognition of the importance of securing financial independence in retirement and the positive impact that it will have on the well-being of both individual employees and the State's economy as a whole.