SENATE CONCURRENT RESOLUTION NO. 6
(By Senator Foster)
Requesting the Joint Committee on Government and Finance study the
benefits, costs and feasibility of establishing a West
Virginia Universal Voluntary Accounts Program to assist
private employers in offering employees an optional retirement
plan.
Whereas, Approximately 60 percent of West Virginia workers are
not covered by retirement plans at work; and
Whereas, A substantial number of West Virginia workers reach
retirement age without retirement funds or personal savings in an
amount, when added to Social Security income, sufficient to
maintain a healthy, comfortable and secure retirement; and
Whereas, Pension benefits to augment Social Security payments
are critical for the long-term well-being of West Virginia's senior
citizens and to protect the state from the burden of caring for
seniors with inadequate incomes; and
Whereas, Administrative and cost hurdles discourage many small
businesses from offering pension benefits to employees; and
Whereas, The provision of a low-cost, convenient and portable
pension plan offering easy participation by small business owners
provides workers a convenient way to invest in their own retirement
security; and
Whereas, A system of defined contribution accounts
administered by the state, but funded entirely by voluntary
employee and employer contributions, will encourage employees to
save for their retirement and encourage employers to offer the
benefit; and
Whereas, Other states are studying state-administered
universal voluntary accounts as a means of providing low-cost plans
that offer portability between jobs and immediate and convenient
access with no vesting period; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study the benefits, costs and feasibility of
establishing a West Virginia Universal Voluntary Accounts Program
to assist private employers in offering employees an optional
retirement plan; and, be it
Further Resolved,
That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2009, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be
paid from legislative appropriations to the Joint Committee on
Government and Finance.