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.
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Each and every day of this crisis, union members on the frontlines of the COVID-19 outbreak are bravely going to work, putting their health and lives on the line for their fellow New Yorkers.
On behalf of the New York City labor movement at the epicenter of the COVID-19 crisis, I’d like to extend thanks to United States Senator Charles Schumer for his tireless work on the stimulus bill.
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The TWU Local 100 Executive Board, comprised of elected union officers from all divisions, yesterday voted 42-4 in favor of an agreement reached after months of negotiations with the MTA.
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As we prepare to celebrate the 125th anniversary of Labor Day as a federal holiday, it's important to reflect on who we are as working people, what we’ve achieved together, and the challenges that lie ahead.