WASHINGTON, D.C.— Service Employees International Union Local 1000 President Yvonne Walker and 32BJ SEIU Vice President Gabe Morgan spoke out Thursday after members of the U.S. Senate voted to roll back Department of Labor guidelines for municipal retirement plans such as those being explored in Seattle, New York City and Philadelphia.
At a time when our economic and political systems have been rigged to favor corporations over working people, these plans would take a strong step in addressing our nation's retirement crisis. Working families who are fed up with our broken system are working harder and longer but still are facing the threat of retiring into poverty. Since California's landmark legislation was passed in 2012, nearly half of all states and several major cities have explored legislation to create new retirement plans for private-sector workers who don't have access to a plan at work. These bills have repeatedly been met with opposition from groups representing large financial institutions and insurance companies who view these plans as competition.