Retirement Security
Fewer employers today provide defined-benefit pensions for their workers—and among those that do, many are offering “defined-contribution” (like 401[k]s) rather than traditional “defined-benefit” pension plans.
That’s why Social Security insurance is essential for millions of retirees. Nearly two-thirds of retirees count on Social Security for half or more of their retirement income and for more than three in 10, Social Security is 90 percent or more of their income. It is a safety net that keeps retirees out of poverty.
It’s also important to figure out what you will need to retire. Talking a look at how much Social Security will provide, whether you have another form of pension and how much you spend are all components in determining when you can retire.
For decades, workers achieved retirement security because their retirement income flowed from a combination of employer-provided pensions, Social Security and personal savings. But the recession has exposed the severe deficiencies in our retirement system. We need to develop a new way to provide workers with lifetime retirement security beyond Social Security.
More about this issue:
Workers at a warehouse in Bessemer, Alabama, will vote next month on whether to unionize. The largest, most viable effort to unionize Amazon in many years began last summer at a Fairfield Inn outside of Birmingham in the right-to-work state.
Local 802 is helping to organize a national campaign with all fellow AFM locals around the country to save the multi-employer pension system that musicians and other workers rely on. Any union worker who is in a multi-employer pension fund in need of relief may join Local 802's campaign.
Testimony of the New York City Central Labor Council, AFL-CIO, before the New York City Council Committee on Civil Service & Labor
Wednesday, January 27, 2021
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