Resolution - CHANGE RETIREMENT POLICIES.
WHEREAS, the League of United Latin American Citizens is this nation’s oldest and largest Latino organization, founded in Corpus Christi, Texas on February 24, 1929; and
WHEREAS, Traditional sources of retirement income such as pensions, Social Security, and employer-based plans will not be enough for many Americans to provide for themselves and their loved ones during their retirement years; and
WHEREAS, Longer life spans, historically low savings rates and shifting work patterns in the economy have changed traditional approaches to retirement; and
WHEREAS, Recent market changes has reiterated the importance to effectively manage retirement savings; and
WHEREAS, On average, Hispanics in the US have lower levels of educational attainment, less earning power, and a lower level of savings than non-Hispanics; and
WHEREAS, Hispanics in the United States are less than non-Hispanics to have an employer-sponsored retirement plan, which puts them at a disadvantage for accumulating retirement income; and
WHEREAS, A significant number of Hispanics in the U.S. work in service jobs or small businesses that do not provide retirement plan options to their employees; and
WHEREAS, Many Hispanics in America still lack the financial literacy needed to effectively plan for retirement; and
WHEREAS, Hispanics work in all sectors of the economy, they are more heavily concentrated in jobs that lack traditional retirement options and typically earn a lower income, affecting their ability to save for retirement.
THEREFORE BE IT RESOLVED, that the League of United Latin American Citizens will continue to fully and actively support that there is need to:
• Acknowledge the need to support retirement policies that make it easier for Americans to have guaranteed lifetime income sources that help them better manage their savings in retirement.
• Acknowledge the need for the US Congress to act now to ensure secure retirement as the first of the 77 million baby boomers begin to retire soon.
• Support passing S 1297, the Retirement Security for Life Act introduced in the Senate and H.R. 2748, the Retirement Security Needs Lifetime Pay Act introduced in the House, which will help Americans secure a steady stream of income in retirement so their standard of living does not decline.
Approved this 17th day of July 2010.
LULAC National President