retirement

Union Supports Legislation to Create Universal Savings Program for Private-Sector Workers

September 24, 2019 // 1 Comment

By GREGORY N. HEIRES DC 37 members joined elected officials, seniors and other activists in the rotunda of City Hall on September 23 to support proposed legislation to create a universal retirement savings program for the approximately 1.5 million private-sector workers in the city who lack access to a savings plan through their employer. “Retirement security should be a right and not a privilege,” DC 37 Assistant Associate Director Jahmila K. Edwards said. “New Yorkers are working harder than ever and they have nothing to show for it.” The event preceded a City Council hearing on the legislation, which is sponsored by members Ben Kallos and I. Daneek Miller. Mayor de Blasio spoke in favor of the proposal. “We have people who are working and don’t know whether they can retire,” de Blasio said. “This is not what we signed up for. This is not the American Dream.” He [More...]

The Retirement Divide

December 28, 2015 // 0 Comments

By GREGORY N. HEIRES As traditional pensions disappear and millions of Americans worry about being unable to enjoy a comfortable retirement, the typical CEO has a nest egg of nearly $49.3 million. The largest 100 CEO retirement packages were worth a total of $4.9 billion in 2014. That means the combined nest eggs of 100 individuals equal the retirement savings of 50 million families, or 41 percent of American families. The country’s growing retirement divide is the subject of a recent report by the Institute for Policy Studies and the Center for Effective Government. “The retirement divide is not the result of natural law, but rather the rules established that disproportionately reward company executives far more than ordinary workers,” according to the report, “A Tale of Two Retirements.” In other words, corporations have changed the rules to take care of their CEOs at the [More...]