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Showing blog posts tagged with retirement security

Winners and Losers of the Week

Photo courtesy James Willamor

In our new regular weekly feature, we'll be taking a look at the winners and losers of the week in the struggle for the rights of working families. The winner will be the person or organization that goes above and beyond to expand or protect the rights of working families, while the loser will be whoever went above and beyond to limit or deny those rights.

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The 5 Things We Want to Hear in President Obama's State of the Union Speech

The 5 Things We Want to Hear in President Obama's State of the Union Speech

President Barack Obama will give his annual State of the Union address to the American people next week. But what is the state of our union? The vast majority of America's working families have experienced a raw deal in recent decades. Wages are falling, the gulf between the rich and everybody else is growing larger, we have a shrinking middle class and too many working families with no access to the American Dream. 

What's the state of your union? Share your ideas with us to be featured in the blog by texting SOTU to 235246 (standard data & message rates may apply).

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Here's a Jaw-Dropping Statistic on the Retirement Security of Black and Latino Workers

Photo of National Committee to Preserve Social Security and Medicare (NCPSSM) Activists.

We've heard of the looming retirement security crisis, but this statistic is extremely sobering: The majority of black and Latino workers (62% and 69%, respectively) do not own assets in a retirement account. This is from a new report by the National Institute on Retirement Security released this week.

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Warren: There IS a Retirement Crisis

Contrary to what The Washington Post and the billionaires who are trying to cut Social Security by pitting young people against seniors say, the nation does face a retirement crisis and Social Security doesn’t need to be cut. It must be—and can be—strengthened, said Sen. Elizabeth Warren (D-Mass.) in a powerful speech on the Senate floor Monday.

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So, About That 401(k)? It's Probably Not Going to Be Enough

Photo courtesy 401k 2013

One of the top targets of the 1% has been retirement security for America's working families. In addition to near constant congressional attacks on Social Security and companies attempting to reduce or get out of pension obligations, a widespread and growing tactic is to force employees to shift from defined-benefit plans that pay them a fixed amount each month in retirement, to defined-contribution plans, where the amount paid in is fixed, but payouts in retirement can change over time. This switch to defined-contribution plans, such as 401(k) plans, almost universally means less money to live on for retirees. 

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House Bill Would Block DOL Rule to Protect Workers’ Retirement Savings

Photo via Alliance for Retired Americans.

A bill (H.R. 2374) set for a vote in the House Tuesday would delay and could ultimately thwart the Department of Labor’s effort to protect workers’ retirement security. The DOL wants to close loopholes and update the rule that protects workers from deceptive or abusive practices whenever they seek investment advice about their retirement savings

Call Congress at 1-888-912-5898, ask for your representative’s office, and urge him or her to protect workers’ retirement security and oppose H.R. 2374.

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AFL-CIO Commits to Reforming Bankruptcy Laws and Ensuring Retirement Security for All

Young activist attends Patriot Coal rally.

Bankruptcy laws are rigged against working people. Employers, corporations and lenders often exploit these laws to weaken our retirement security, cut health care and leave young workers saddled with student loan debt, without the prospect of a good job or the ability to discharge the debt through bankruptcy. 

Today, the AFL-CIO passed a convention resolution addressing the need to reform our country's bankruptcy laws to better shield workers from harm in the form of broken pension and health care promises and to diminish economic hardship that comes from these bankruptcies. 

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5 Facts About Attack on Cincinnati Workers’ Retirement Security

Cincinnati voters will decide this fall on a ballot measure to eliminate pensions for city workers that was written by an extremist right-wing think tank, funded by unnamed out-of-state interests and promoted by tea party activists.

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Retirement Savings in U.S. Face Staggering Deficit

Retirement Savings in U.S. Face Staggering Deficit

A new report from the National Institute on Retirement Security (NIRS) concludes that the United States faces a staggering retirement savings deficit. America's families are between $6.8 trillion and $14 trillion short of recommended retirement savings targets, it says, according to financial services firms. The Retirement Savings Crisis: Is It Worse Than We Think? finds the typical American family has only a few thousand dollars saved for retirement. Some 80% of working families have retirement savings totaling less than their annual income.

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Strong Grassroots Actions Block Mass. Pension Scheme

Union members in Swampscott, Mass., this week showed just how grassroots democracy works when a coalition of unions from the North Shore Labor Council mobilized to turn back an attack on public employees’ health care and retirement security.

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