DELAWARE STATE SENATE

152nd GENERAL ASSEMBLY

SENATE CONCURRENT RESOLUTION NO. 134

RECOGNIZING THE WEEK OF APRIL 7 - 13, 2024 AS DELAWARE SAVES WEEK 2024.

WHEREAS, it is essential for Delawareans to have adequate personal and household savings for necessary expenses like college, home buying, retirement, and unforeseen emergencies; and

WHEREAS, nearly half of all American families do not have a retirement account, and 64% of Americans do not feel that they are on track to save enough for retirement; and

WHEREAS, the State of Delaware supplements its pension plan with voluntary 457(b) & 403(b) savings plans that allow State employees to save more for retirement; and

WHEREAS, employees who participate in the plans are 30% more likely to feel secure about their retirement; and

WHEREAS, the State of Delaware will be launching the Delaware EARNS program later this year to allow nearly all Delaware workers to save for retirement through their workplace, even if their employer does not sponsor a plan; and

WHEREAS, American parents struggle to pay for the high cost of college for their children, and 73% of parents worry about having enough money to cover college expenses; and

WHEREAS, the State of Delaware offers the DE529 Education Savings Plan which provides thousands of Delaware parents with the ability to save and invest for their children’s college educations in a secure, tax-advantaged account; and

WHEREAS, Americans with disabilities face unique challenges in saving for the future, especially as the accumulation of savings can threaten their disability benefits; and

WHEREAS, the State offers the DEPENDABLE plan to Delawareans with disabilities, allowing them to save money in a tax-advantaged account without losing their benefits; and

WHEREAS, America Saves is a national campaign that encourages, supports, and motivates Americans to improve their financial stability by budgeting their money, accumulating savings, opening and contributing to retirement accounts, building wealth, and reducing debt; and

WHEREAS, the Office of the State Treasurer partners with the America Saves Week movement and administers State government’s 457(b) & 403(b) plans, the EARNS Program, the DE529 Education Savings Plan, and the DEPENDABLE plan to help Delawareans save for their futures.

NOW, THEREFORE:

BE IT RESOLVED by the Senate of the 152 ^nd General Assembly of the State of Delaware, the House of Representatives concurring therein, that the State of Delaware hereby proclaims the week of April 7 - 13 as Delaware Saves Week.

BE IT FURTHER RESOLVED that the General Assembly urges Delawareans to open a retirement account and/or savings account, put away money for retirement, build up an emergency fund, create a personal budget, set savings goals, pay down debt, and take other steps to increase one’s personal financial security during Delaware Saves Week, and pledge to sustain that action throughout the coming year.

BE IT FURTHER RESOLVED that the General Assembly encourages State employees to participate in the State’s 457(b) or 403(b) plan so that they can save, invest, and grow their retirement savings, and make their future retirement more secure, comfortable, and stress-free.

BE IT FURTHER RESOLVED that the General Assembly encourages employers who do not currently sponsor a retirement plan to learn more about Delaware EARNS and how they can help facilitate their employees’ participation in the program. The General Assembly further encourages Delaware workers to consider enrolling in EARNS if they do not already have a retirement account, so that they can securely and easily save and invest for retirement.

BE IT FURTHER RESOLVED that the General Assembly encourages parents to open and contribute to a DE529 account. The General Assembly emphasizes that when it comes to opening a 529 account, earlier is better. Parents who fund a 529 account when their children are very young usually enjoy greater returns and ultimately save more money for college.

BE IT FURTHER RESOLVED that the General Assembly encourages Delawareans with disabilities to open a DEPENDABLE account to securely save for the future. The General Assembly further encourages Delawareans who have a family member with a disability to open and contribute to a DEPENDABLE account on behalf of their loved one to help them achieve financial security and stability.

BE IT FURTHER RESOLVED that the General Assembly commits to supporting policies, initiatives, and solutions that incentivize Delawareans to save more for their future; expand access to savings plans and accounts; supplement Delawareans’ contributions to their savings accounts; and otherwise assist Delawareans with saving for retirement, higher education, homebuying, disability-related expenses, emergencies, and other needs.

SYNOPSIS

This resolution recognizes the week of April 7 - 13, 2024 as Delaware Saves Week.

Author: Senator Poore