Real Retirement Security for All

Real Retirement Security for All

Leading for Safe Investments & Responsible Funding

Candidate For Lt. Governor Nancy Wyman Answered Council 400 Delegates' Questions About the Retirement Crisis at Our Union Hall in May 2010

There is no question that working Americans today face a real crisis in retirement security. The majority do not have a pension provided by their employer, have little or no savings, and plan to rely on Social Security to live out their "golden years."

Many of our retired Union members are concerned about the increasing efforts by politicians and pundits to score political points by turning voters against the gains they have made in retirement security. They worry that the defined benefit pension (DB) plans that many public employers, such as the State of Connecticut, offer will be replaced with risky defined contribution (DC) options, such as 401(k) type individual retirement savings accounts -- or none at all.

State public service workers have been arguing for wise and forward-thinking pension planning for years -- our members are concerned with what's best for taxpayers, the state budget, and for their families. The reality is that as a state and as a nation, we should strive to deliver retirement security to more people, not force more retirees into poverty.

When a commission created by Governor M. Jodi Rell to address unfunded liabilities for retiree healthcare coverage put forward reckless recommendations about the State employees pension fund, we spoke out. The majority of the governor's appointees on the task force rushed out a final report in the closing days of the 2010 General Election in a blatant attempt to influence its outcome.

Their political posturing does little to resolve issues with the State's "Tier I" plan, which was closed to new participants more than 20 years ago.