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:
Comptroller Scott Stringer Announces Creation of Advisory Council to Examine Retirement Security Options
Visit to view the #RetireNYC video.
Are you aware that 41% of New Yorkers have no set retirement plan? This number increases to 57% and 59%, respectively for Blacks and Latinos, and it's even higher for low-wage workers, at 74%. Now is the time to address this important issue that affects all of us.
As we continue to recover from the effects of the recession, New York City and the United States are in the midst of a retirement crisis. Currently, 59% of New Yorkers lack access to a retirement plan. Of those who have a policy—either a defined contribution or a defined benefit plan—the majori
Yesterday, in an overwhelming show of approval for their new agreement, the rank-and-file members of TWU Local 100 have ratified their new contract. 82% of the Local 100
We invite you to join the NYC Central Labor Council, AFL-CIO & the Schwartz Center for Economic Policy Analysis on Tuesday, June 17th, from 8:00 am until 12:30 pm, for a conference on retirement security.
Friday, May 9 – Monday, May 19
The Workers Unite Film Festival is a celebration of Labor through film.
Please click here for more information and to view the full schedule of screenings.
Yesterday, thousands of union members and community groups converged on City Hall Park to speak out for fair wages and contracts, safe jobs and comprehensive immigration reform.
"May Day is about all workers,” said Vincent Alvarez, president of the New York City Central Labor Council, AFL-CIO.