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U.S. GOVERNMENT
INFORMATION
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                     105TH CONGRESS                                          REPORT
                        1st Session    HOUSE OF REPRESENTATIVES              105-104






                     SAVINGS ARE VITAL TO EVERYONE'S RETIREMENT ACT OF
                                                     1997




                      MAY 20, 1997.-Committed to the Committee of the Whole House on the State of
                                        the Union and ordered to be printed



                          Mr. GOODLING, from the Committee on Education and the
                                     Workforce, submitted the following


                                                REPORT

                                                together with

                                            ADDITIONAL VIEWS

                                            [To accompany H.R. 1377]

                               [Including cost estimate of the Congressional Budget Office]

                       The Committee on Education and the Workforce, to whom was
                     referred the bill (H.R. 1377) to amend title I of the Employee Re-
                     tirement Income Security Act of 1974 to encourage retirement in-
                     come savings, having considered the same, report favorably thereon
                     with an amendment and recommend that the bill as amended do
                     pass.
                       The amendment is as follows:
                       Strike out all after the enacting clause and insert in lieu thereof
                     the following:
                     SECTION 1. SHORT TITLE.
                     This Act may be cited as the Savings Are Vital to Everyone's Retirement Act of
                     1997.
                     SEC. 2. FINDINGS AND PURPOSE.
                     (a) FINDINGS.-The Congress finds as follows:
                          (1) The impending retirement of the baby boom generation will severely
                        strain our already overburdened entitlement system, necessitating increased re-
                        liance on pension and other personal savings.
                          (2) Studies have found that less than a third of Americans have even tried
                        to calculate how much they will need to have saved by retirement, and that less
                        than 20 percent are very confident they will have enough money to live com-
                        fortably throughout their retirement.
                          (3) A leading obstacle to expanding retirement savings is the simple fact that
                        far too many Americans-particularly the young-are either unaware of, or
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