Working people such as child care provider and SEIU Local 521 member Nancy Harvey, elected officials and The New York Times editorial board, spoke out against resolutions passed by the U.S. House of Representatives that will make it harder for Americans to save for retirement. The resolutions, backed by the financial services industry, will rollback U.S. Department of Labor guidelines for state and municipal-based plans, such as the California Secure Choice retirement savings program.
SEIU International President Mary Kay Henry, and SEIU Retirement Security Committee Chair and SEIU Local 1000 President Yvonne Walker spoke out following the vote about the importance of expanding retirement options for low- and middle-income families.
“Working families are fed up with working longer and harder, but never being able to get ahead. Over 50 million working Americans are on the road to retirement poverty simply because they do not have access to a retirement savings plan at work. Lawmakers should be making it easier for working families to save for retirement; not continue to rig the rules against low- and middle-income families,” Henry said.
“Many of the financial institutions that have pushed for these resolutions have ignored the retirement needs of low-income families and small businesses that can’t afford their products,” Walker said. “This is one of many reasons why state-based retirement plans like the California Secure Choice Retirement Savings Program have garnered support from working families and small business owners around the country.”