SC 531

MISSISSIPPI LEGISLATURE
2026 Regular Session
To: Rules
By: Senator(s) Michel, Frazier, Thomas
Senate Concurrent Resolution 531
(As Adopted by Senate and House)
A CONCURRENT RESOLUTION TO RECOGNIZE THE GROWING RETIREMENT
SECURITY CONCERN FACING AMERICAN WORKERS, TO HIGHLIGHT ITS CONTRIBUTING FACTORS
AND CONSEQUENCES, AND TO URGE EFFORTS TO IMPROVE RETIREMENT SECURITY FOR ALL
CITIZENS.
���� WHEREAS, according to the National
Council on Aging (NCOA), there is a growing retirement security concern for
American workers, including state employees; and
���� WHEREAS, the term
"retirement security concern" refers to a situation in which a
significant number of workers are struggling to save or accumulate enough
wealth for their retirement, resulting in growing financial insecurity among
older adults; and
���� WHEREAS, in 2020,
researchers with NCOA and the LeadingAge Long-Term Services and Supports (LTSS)
Center at the University of Massachusetts Boston found that 80% of households
with adults aged 60 and older were financially struggling or were at risk of
falling into economic insecurity as the adults aged, and based on the data, the
number of elderly households in economic insecurity would likely grow over
time; and
���� WHEREAS, a convergence of
demographic, economic, and policy factors, such as increasing life expectancy
and rising healthcare costs, have contributed to the deepening retirement
security concern; and
���� WHEREAS, focusing on
addressing the concern with a strategy to increase lifetime income, in 2025,
the National Council of Insurance Legislators (NCOIL) unanimously adopted a
resolution in favor of encouraging the redesign and inclusion of in-plan
lifetime income as part of the available investment options in defined
contribution or deferred compensation retirement plans; and
���� WHEREAS, NCOIL's resolution
further encourages both public and private employers to include lifetime income
investment solutions for their employees and to educate, encourage, and
facilitate the use of those solutions by their employees; and
���� WHEREAS, the economic and
social implications of this concern extend beyond individual households and
represent a growing concern for national and state policymakers; and
���� WHEREAS, to help workers
gain access to an adequate amount of lifetime income, federal and state policymakers
should encourage awareness of this dangerous trend and promote policies that
provide advice and guidance services, tools, and solutions to workers to ensure
they are on track for a dignified and secure retirement:
���� NOW, THEREFORE, BE IT
RESOLVED BY THE SENATE OF THE STATE OF MISSISSIPPI, THE HOUSE OF
REPRESENTATIVES CONCURRING THEREIN, That the Legislature of Mississippi does
hereby recognize the severity and urgency of the retirement concern facing
American workers, acknowledges its root causes and harmful consequences, and
urges federal and state leaders to pursue policy solutions aimed at ensuring a
secure and dignified retirement for all citizens.
���� BE IT FURTHER RESOLVED, That
the Senate and House of Representatives encourage increased public awareness
and financial education initiatives by all retirement systems and employers to
empower workers with the knowledge necessary to plan effectively for their
retirement.
���� BE IT FURTHER RESOLVED, That
this resolution be transmitted to the Board of Trustees of the Public
Employees' Retirement System and the Governor, and made available to the
Capitol Press Corps.