MS SC531

80% of households with adults aged 60 and older were financially struggling or at risk of economic insecurity according to 2020 research by the National Council on Aging and University of Massachusetts Boston

Contributing factors include increasing life expectancy and rising healthcare costs, with projections that elderly households in economic insecurity will grow over time

Encourages public and private employers to include lifetime income investment solutions in defined contribution and deferred compensation retirement plans, following a 2025 National Council of Insurance Legislators resolution

Calls for increased financial education initiatives by retirement systems and employers to help workers plan effectively for retirement

Directs transmission of the resolution to the Public Employees' Retirement System Board of Trustees and the Governor