A house RESOLUTION

 

to declare the month of April 2026 as "Teachers Insurance and Annuity Association of America (TIAA) Month" in the state of South carolina and to recognize the importance of financial literacy and retirement readiness for all south carolinians. 

 

Whereas, improving financial literacy among state employees, employers, and students is essential to strengthening financial well-being and retirement security; and

 

Whereas, April is nationally recognized as Financial Literacy Month, providing an annual opportunity to evaluate and strengthen financial education initiatives that support economic stability and long-term retirement outcomes; and

 

Whereas, the State of South Carolina has made significant progress in strengthening the financial stability of its retirement systems, by offering both defined benefit and defined contribution plans, including lifetime income options designed to help employees achieve adequate income replacement in retirement; and

 

Whereas, research indicates that financial capability among adults in the United States remains insufficient, with fewer than half of adults reporting at least three months of emergency savings and many households struggling to meet basic financial obligations; and

 

Whereas, analysis conducted by the TIAA Institute highlights the value of guaranteed lifetime income solutions and demonstrates how states can achieve an 80%-income replacement rate through defined benefit, defined contribution, or hybrid retirement plans, an income replacement benchmark widely recognized by retirement experts as supportive of maintaining quality of life in retirement; and

 

Whereas, financial literacy levels among high school students remain uneven nationwide, with international assessments indicating that a significant percentage of students do not reach baseline proficiency in personal finance, which may negatively affect long-term saving and money management behaviors; and

 

Whereas, studies consistently demonstrate a positive relationship between retirement fluency and retirement readiness, with financially knowledgeable workers more likely to save and plan effectively for retirement; and

 

Whereas, state government has both the opportunity and responsibility to lead by example by expanding financial education for state employees, encouraging employer-based financial wellness programs, and supporting personal finance instruction in K-12 education; and

 

Whereas, evidence from program evaluations shows that well-designed financial education initiatives, particularly when combined with structural retirement plan features such as automatic enrollment, automatic escalation, employer matching contributions where permitted, lifetime income investment options, and access to individualized financial counseling, can significantly improve retirement preparedness; and

 

Whereas, the members of the House encourage state agencies to develop or expand comprehensive employee financial wellness programs that include educational workshops, access to low or no-cost certified financial counseling, and clear, plain-language resources tailored to various career stages; private employers operating within the State to adopt similar workplace financial education initiatives and to publicize available resources to their employees; support for K-12 personal financial education through curriculum alignment, professional development for educators, and partnerships with community financial education providers; and the continued evaluation and implementation of evidence-based retirement plan features that strengthen long-term financial security; and

 

Whereas, the South Carolina House of Representatives recognizes the importance of promoting financial literacy and retirement readiness to ensure that citizens may retire with dignity and economic security.  Now, therefore,

 

Be it resolved by the House of Representatives:

 

That the members of the South Carolina House of Representatives, by this resolution, declare the month of April 2026 as "Teachers Insurance and Annuity Association of America (TIAA) Month"  in the State of South Carolina and recognize the importance of financial literacy and retirement readiness for all South Carolinians.

 

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