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Retirement Security Is Matter of Dignity |
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For more than 70 years, the three-legged stool of Social Security, pensions and personal savings have guaranteed retirement security for millions of retirees. It ensured that the promise of America—-if you work hard and play by the rules you will live in a comfortable and secure retirement—is fulfilled.
But now that stool is broken and many retirees are suffering from the fall. Once guaranteed pensions are being tossed aside for insecure 401(k) plans or junked altogether.
Today, the AFL-CIO Convention adopted a resolution reaffirming the federation’s commitment to strengthen and improve existing public and private defined-benefit pension plans and 401(k)s.
Pennsylvania AFL-CIO President Bill George summed up the issue this way:
We need to develop a bold new initiative for those without pensions, based upon the principle of mutual responsibility—with government, employers and individuals all contributing. This, together with Social Security, must provide a universal, secure and adequate income for retirees in the 21st century.
Machinists (IAM) Vice President Robert Roach said during the debate on the resolution that the federal agency that insures pension, the Pension Benefit Guaranty Corp., is seriously underfunded and that we must push for a major infusion of funds to keep the fund stable.
United Steelworkers (USW) Vice President Tom Conway said cutting pensions is a key topic in every contract negotiation and that the pension system must be changed to ensure that workers can enjoy their retirements.
Said Conway:
It’s a matter of dignity that workers can retire in comfort.
Barbara Easterling, president of the Alliance for Retired Americans, pointed out that the pension crisis affects every generation and is tied to the overall economic mess.
We need fundamental change in the way the economy works to better prepare workers for retirement.
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