WASHINGTON \u2014 Working Americans who do not have access to retirement accounts through their employer would have comprehensive retirement coverage under a new bill Sen. Bernie Sanders, I-Vt., introduced Thursday. The Pensions for All Act would guarantee retirement benefits to tens of millions of Americans who currently do not have access through their workplace.<\/p>\n
What You Need To Know<\/p>\n
Working Americans who do not have access to retirement accounts through their employer would have comprehensive retirement coverage under a new bill Sen. Bernie Sanders, I-Vt., introduced Thursday
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The Pensions for All Act would guarantee retirement benefits to tens of millions of Americans who currently don\u2019t have access through their workplace
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\u201cIf we are serious about addressing the retirement crisis in America, corporations must be required to offer all of their workers a traditional pension plan that guarantees a monthly income in retirement,\u201d Sanders said in a statement
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About 20% of Americans aged 50 and older have no retirement savings, according to the American Assn. of Retired Persons<\/p>\n
\u201cWe can no longer tolerate a rigged retirement system that allows the CEOs of large corporations to receive massive golden parachutes for themselves while denying workers a pension after a lifetime of work,\u201d Sanders said in a statement.<\/p>\n
\u201cIf we are serious about addressing the retirement crisis in America, corporations must be required to offer all of their workers a traditional pension plan that guarantees a monthly income in retirement.\u201d<\/p>\n
If a corporation refuses to offer such a plan, Sanders insists their workers be allowed to receive the same kind of guaranteed pensions as Congress members.<\/p>\n
Members of Congress are guaranteed a pension through the Federal Employees Retirement System, which provides benefits based on years of service and an average of their highest three years of salary.<\/p>\n
The Pensions for All Act would reduce the contribution requirements for self-employed workers and small businesses.<\/p>\n
In a statement, Sanders\u2019 office said the legislation is intended to build on his Social Security Expansion Act, which would apply the Social Security payroll tax on incomes above $250,000 to fully fund the program through the end of the century and increase benefits by $2,400 a year.<\/p>\n
About 20% of Americans aged 50 and older have no retirement savings, according to the American Association of Retired Persons. According to the Social Security Administration, 12% of men and 15% of women rely on their Social Security benefits for at least 90% of their income.<\/p>\n
\u201cWe\u2019ve gone from being a country that promised security and dignity in old age to being a country that forces people to work until they\u2019re in the grave,” United Auto Workers President Shawn Fain said in a statement of support for the bill shortly after its introduction. “After a lifetime of hard work, every American deserves the promise of a secure, dignified retirement\u2014not a future filled with fear, uncertainty, and poverty.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"WASHINGTON \u2014 Working Americans who do not have access to retirement accounts through their employer would have comprehensive…\n","protected":false},"author":2,"featured_media":3845,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[4725,4727,4726,3550,45,49,48,133,44,4729,131,132,714,4728,39],"class_list":["post-3844","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-all-markets-rank-everywhere","tag-app-for-your-consideration","tag-app-national-politics","tag-app-top-stories","tag-business","tag-ca","tag-canada","tag-finance","tag-news","tag-nnt","tag-personal-finance","tag-personalfinance","tag-politics","tag-susan-carpenter","tag-top-stories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/3844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=3844"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/3844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/3845"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=3844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=3844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=3844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}