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Second Regular Session

Sixty-first General Assembly

LLS NO. R98­0239.01 MN

STATE OF COLORADO

BY REPRESENTATIVES Owen, Anderson, G. Berry, Grampsas, May, Pfiffner, and T. Williams;

also SENATOR Lacy.

HOUSE JOINT RESOLUTION 98-1009

WHEREAS, Social Security is a federal program that does not recognize the individual retirement needs of many Americans; and

WHEREAS, Social Security tax revenues alone will be insufficient to pay current benefits as early as the year 2012; and

WHEREAS, The Social Security Trust Fund may be completely exhausted by the year 2029; and

WHEREAS, The investment return on contributions made to the Social Security system is significantly below that available from other sources; and

WHEREAS, Colorado workers deserve the opportunity to invest more productively for their own retirements; and

WHEREAS, More retirement investment alternatives might dramatically increase the savings rates of Coloradans; and

WHEREAS, The federal government has recognized Colorado's ability to develop successful alternatives for managing programs at the state level through waivers for a managed care system in the state's medical assistance program; now, therefore,

Be It Resolved by the House of Representatives of the Sixty­first General Assembly of the State of Colorado, the Senate concurring herein:

That the Congress of the United States is urged to enact legislation amending the federal "Social Security Act" to authorize the issuance of waivers to the states that would permit the design and implementation of alternatives to the Social Security system.

Be It Further Resolved, That a copy of this Resolution be sent to each member of Congress from the State of Colorado.