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Legislation #: 061201 Introduction Date: 10/26/2006
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER BROOKS
Title: Supporting “National Save for Retirement Week.”

Legislation History
DateMinutesDescription
10/26/2006 Filed by the Clerk's office
10/26/2006 Adopted

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061201.pdf Authenticated 51K Authenticated

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RESOLUTION NO. 061201

 

Supporting National Save for Retirement Week.

 

WHEREAS, the Senate of the United States recently passed Resolution 550 designating October 22 through October 28, 2006, as National Save for Retirement Week; and

 

WHEREAS, Senate Resolution 550 calls on municipalities to observe National Save for Retirement Week through appropriate programs and activities with the goal of increasing the retirement savings of all of the people of the United States; and

 

WHEREAS, the City acknowledges that its existing defined benefit plans will not, by themselves, provide many of its employees with sufficient benefits to adequately fund their retirement; and

 

WHEREAS, the City understands the importance of, and need for, employees saving for their own retirement; and

 

WHEREAS, the City has long sponsored the Deferred Compensation Plan as a tax-advantaged retirement savings vehicle to assist employees in saving for retirement; and

 

WHEREAS, currently only about 48% of eligible City employees elect to contribute to the Deferred Compensation Plan; and

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

That the Mayor and Council hereby express their support of National Save for Retirement Week including its objective of raising awareness about the importance of adequate retirement savings and the availability of employer-sponsored retirement plans, and implore employees to participate in the Deferred Compensation Plan as a means of supplementing their future pension benefits.

 

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