RECOGNIZING THE WEEK OF APRIL 6 - 12, 2025 AS DELAWARE SAVES WEEK 2025.

Legislation Document

SPONSOR:

Rep. Lambert & Sen. Poore

Rep. Hilovsky

HOUSE OF REPRESENTATIVES

153rd GENERAL ASSEMBLY

HOUSE CONCURRENT RESOLUTION NO. 30

RECOGNIZING THE WEEK OF APRIL 6 - 12, 2025 AS DELAWARE SAVES WEEK 2025.

WHEREAS, it is essential for Delawareans to have adequate personal and household savings for necessary

expenses like college, home buying, retirement, and unforeseen emergencies; and

WHEREAS, nearly half of all American families do not have a retirement account, and 57% of Americans do not

feel that they are on track to save enough for retirement; and

WHEREAS, the State of Delaware supplements its pension plan with voluntary 457(b) & 403(b) savings plans that allow State employees to save more for retirement; and

WHEREAS, employees who participate in the plans are 30% more likely to feel secure about their retirement; and

WHEREAS, the State of Delaware launched the Delaware EARNS program in 2024 to allow thousands

of Delaware workers to save for retirement through their workplace, even if their employer does not sponsor a plan; and

WHEREAS, American parents struggle to pay for the high cost of college for their children, and 70% of parents worry about having enough money to cover college expenses; and

WHEREAS, the State of Delaware offers the DE529 Education Savings Plan which provides thousands of

Delaware parents with the ability to save and invest for their children’s college educations in a secure, tax-advantaged account; and

WHEREAS, Americans with disabilities face unique challenges in saving for the future, especially as the

accumulation of savings can threaten their disability benefits; and

WHEREAS, the State offers the DEPENDABLE plan to Delawareans with disabilities, allowing them to save

money in a tax-advantaged account without losing their benefits; and

WHEREAS, America Saves is a national campaign that encourages, supports, and motivates Americans to

improve their financial stability by budgeting their money, accumulating savings, opening and contributing to retirement

accounts, building wealth, and reducing debt; and

WHEREAS, the Office of the State Treasurer partners with the America Saves Week movement and administers

State government’s 457(b) & 403(b) plans, the EARNS Program, the DE529 Education Savings Plan, and the DEPENDABLE plan to help Delawareans save for their futures.

NOW, THEREFORE:

BE IT RESOLVED by the House of Representatives of the 153rd General Assembly of the State of Delaware,

the Senate concurring therein, that the State of Delaware hereby proclaims the week of April 6 - 12 as Delaware Saves Week.

BE IT FURTHER RESOLVED that the General Assembly urges Delawareans to open a retirement account and/or savings account, put away money for retirement, build up an emergency fund, create a personal budget, set savings goals, pay down debt, and take other steps to increase one’s personal financial security during Delaware Saves Week, and pledge to sustain that action throughout the coming year.

BE IT FURTHER RESOLVED that the General Assembly encourages State employees to participate in the

State’s 457(b) or 403(b) plan so that they can save, invest, and grow their retirement savings, and make their future

retirement more secure, comfortable, and stress-free.

BE IT FURTHER RESOLVED that the General Assembly encourages employers who do not currently sponsor a

retirement plan to learn more about Delaware EARNS and how they can help facilitate their employees’ participation in the

program. The General Assembly further encourages Delaware workers to consider enrolling in EARNS if they do not

already have a retirement account, so that they can securely and easily save and invest for retirement.

BE IT FURTHER RESOLVED that the General Assembly encourages parents to open and contribute to a DE529

account. The General Assembly emphasizes that when it comes to opening a 529 account, earlier is better. Parents who

fund a 529 account when their children are very young usually enjoy greater returns and ultimately save more money for

college.

BE IT FURTHER RESOLVED that the General Assembly encourages Delawareans with disabilities to open a

DEPENDABLE account to securely save for the future. The General Assembly further encourages Delawareans who have

a family member with a disability to open and contribute to a DEPENDABLE account on behalf of their loved one to help

them achieve financial security and stability.

BE IT FURTHER RESOLVED that the General Assembly commits to supporting policies, initiatives, and

solutions that incentivize Delawareans to save more for their future; expand access to savings plans and accounts;

supplement Delawareans’ contributions to their savings accounts; and otherwise assist Delawareans with saving for

retirement, higher education, homebuying, disability-related expenses, emergencies, and other needs.

SYNOPSIS

This resolution recognizes the week of April 6 - 12, 2025 as Delaware Saves Week.