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New York, December 23, 2005-- With the backdrop of pension benefits as the sticking point in the most recent New York City Transit strike, Congressman Ed Towns (D-NY 10) is calling upon Congress to continue the dialogue regarding protecting workers’ pension benefits.
“We are at a watershed moment as it relates to pension benefits in the United States,” stated Congressman Towns. “Through defined pension benefit plans, workers have trusted employers to set aside money for their retirement based on a paradigm developed in the 1960s and ‘70s, and in 2005, they are suddenly faced with eroding benefits or none at all. We shouldn’t have to wait for a crisis to develop plans to safeguard workers’ pensions. Government officials should continue to sit down with workers and other stakeholders to create a framework to resolve this issue.”
The evidence is clear, there is a battle being waged against traditional retirement benefits. We see it on the Social Security front and now it is playing out in the private sector on the defined benefit pension landscape and the American worker is caught in the middle.
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