Private retirement plans are not working. So says four organizations that launched Retirement USA, an initiative aimed at rebuilding America’s retirement system, yesterday.
“America’s promise of a secure retirement is central to our nation’s ideals,” says Karen Ferguson, director of the Pension Rights Center, one of the organizations involved in the new initiative. “But for too many Americans, that promise is unfulfilled. While we need to maintain and improve the pension and retirement savings plans that we have today, we need to do more. We need a new system for the future.”
In addition to the Pension Rights Center, Retirement USA is supported by the Economic Policy Institute, the National Committee to Preserve Social Security and Medicare, and the Service Employees International Union (SEIU).
The groups presented a set of principles yesterday that dictate what an ideal retirement system embodies. Paramount are universal coverage, and secure and adequate income for retirement.