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:
Charter/Spectrum workers continue to walk the picket line this week. Approximately 1,800 workers walked off the job on March 28 after Charter Communications refused to bargain in good faith, attempting to slash benefits by halting their contributions to workers’ pension and medical plans.
On Wednesday, the New York State AFL-CIO facilitated a training for union members, officers, and staff on Labor’s opposition to a Constitutional Convention.
Every twenty years, New York State is required to give voters the option, via a ballot question, of opening up the State’s constitution in a convention.
As of Tuesday morning, 1,800 Local #3 IBEW members at Charter/Spectrum Communications are out on strike.
This week, the National AFL-CIO announced the start of a new comprehensive campaign to help protect union jobs.
March is Women's History Month, and we would like to honor women in union leadership.
Workers at the Sims Municipal Recycling plant in Brooklyn have vote to join Teamsters Local 210.
Vincent Alvarez, President of the New York City Central Labor Council, AFL-CIO, released the following statement regarding Transport Workers Union Local 100's tentative contract agreement: