January 22, 2018
Texans Need a Retirement Savings Plan
During the Texas AFL-CIO political convention, three strong women presented a plan to help all Texas workers save for retirement.
Under the plan, the State of Texas would sponsor a retirement savings plan for all Texas workers. Employers would be required to allow their employees to volunteer their savings. As people change jobs, their savings plan would go with them to the next employer.
The women made the point that pensions are quickly disappearing, especially for private-sector workers. Politicians are also making attacks against the pensions of public sector workers. Traditionally, retirees count on pensions, Social Security, and their savings. But fewer and fewer Texas workers have adequate savings, and Social Security is not enough. The trend toward lower retirement savings is especially alarming!
The state of Oregon has already put a similar plan in place, and other states are in different stages of development. If Texas workers and retirees decide to get behind this plan, we may be able to get it in Texas.
-–Gene Lantz, Secretary
Texas Alliance for Retired Americans Educational Fund
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