IN HR0016

Urges the Indiana Legislative Council to assign a study committee to examine financial security in retirement for Hoosiers

47.7% of Indiana private sector workers are employed by businesses that do not offer retirement plans, leaving more than one million workers without workplace retirement savings options

Social Security benefits for Indiana residents average only $1,308 per month, and 3 in 10 Indiana residents over age 65 rely on Social Security as their only income source

Study committee would examine reducing regulatory burdens on small businesses to promote payroll deduction retirement savings, assessing Hoosiers' retirement preparedness, and evaluating the need for a statewide financial literacy strategy

Research cited estimates Indiana taxpayers would save $55.9 million on public assistance programs between 2018-2032 if lower-income retirees increased retirement income by $1,000 per year