Threats to Retirement Security
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» Threats to Retirement Security |
Protecting the retirement security of SEIU members is one of the core responsibilities of SEIU pension fund trustees and a major goal of SEIU’s Capital Stewardship Program.
Our members’ retirement security is at risk. In the public sector the downturn in the financial markets and the budget crisis in state and local governments have combined to create a funding crisis at most public funds.
In the private sector, the weak economy, poor investment returns and outdate IRS rules have resulted in underfunded plans, withdrawal liability for employers and freezes and cuts in future benefit accruals.
In the public sector, these circumstances have nurtured attempts by the Right and certain investment firms to promote the conversion of defined benefit plans to defined contribution plans. We think these efforts threaten the retirement security of our members and weaken the ability of trustees to be effective capital stewards.
For workers in the private sector and some in the public sector, we also anticipate a renewed push by the Bush administration to privatize part or all of the Social Security system, our most comprehensive defined benefit plan which acts as a security net for all workers and a social insurance program with disability and death benefits.
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