Policy Resolution LMV-15-10
WHEREAS, for too long, America’s national retirement security discussion has been about everything but the interest of workers and retirees that, workers and retirees must do with less and bear more risk;
WHEREAS, more than half of households are at risk of being unable to maintain their standard of living in retirement, up from fewer than one in three in 1983;
WHEREAS, two-thirds of Social Security beneficiaries 65 and older rely on its modest benefits for half or more of their income, and the number of workers fortunate enough to have a traditional pension continues to drop with just 14 percent of private-sector workers having one today, compared to 45 percent in 1975:
WHEREAS, while the now-dominant individual retirement savings accounts are touted as superior substitutes for pensions, just three in five of those closest to, or just into, retirement have been able to save anything at all, and the typical balance is $100,000, which translates into just over $330 in monthly retirement income;
WHEREAS, retirement security for all begins with Social Security, as it provides a fundamental base of financial security and dignity for Americans in retirement, those unable to work due to a disability, and to young children when a working parent dies;
WHEREAS, the Strengthening Social Security Act, would improve the solvency of the Social Security Trust Funds and, at the same time, improve the benefit calculations and annual cost-of-living adjustments (COLA) for all Social Security programs;
WHEREAS, the Strengthening Social Security Act would provide benefit improvements and ensure Social Security solvency by raising and ultimately removing the cap on earnings subject to Social Security contributions, currently capped at $117,000, over a five-year period;
WHEREAS, in addition to improving Social Security Benefits defined-benefit pensions are the cornerstone of our retirement system outside of Social Security and should be preserved;
WHEREAS despite their record as sound, cost-effective vehicles for building and safeguarding retirement income security, traditional pensions continue to come under unwarranted political fire; and
WHEREAS, protecting what remains of the pension system will not be enough to achieve retirement security for all, because too few workers even have a pension or a retirement savings plan that will produce enough for decent retirement.
THEREFORE BE IT RESOLVED, the National Black Caucus of State Legislators (NBCSL) calls on lawmakers to increase Social Security benefit levels across the board;
BE IT FURTHER RESOLVED, that NBCSL urges the raising of Social Security’s cost-of-living (COLA) adjustments to reflect the larger share of seniors’ incomes that goes to health care and housing;
BE IT FURTHER RESOLVED, NBCSL will continue to fight against employers’ illegitimate use of bankruptcy law and use of restructuring to escape their benefit obligations to workers and retirees;
BE IT FURTHER RESOLVED, NBCSL supports legislation that would improve the solvency of Social Security Trust Funds and, at the same time, improve the benefit calculations and annual cost-of-living adjustments (COLA) for all Social Security programs, and urges Members of Congress to co-sponsor the legislation and secure its passage;
BE IT FURTHER RESOLVED, NBCSL will continue its work to ensure that pension plans are operated in the interest of workers and retirees with benefits focused on delivering retirement income that is secure and lasts throughout retirement, with provision for survivor benefits;
BE IT FURTHER RESOLVED, NBCSL will continue to support legislation to strengthen and preserve existing pension plans; and
BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the United States, members of the United States House of Representatives and the United States Senate, and other federal and state government officials as appropriate.
- SPONSORS: Representative Barbara Cooper (TN) and Representative Raumesh Akbari (TN)
- Committee of Jurisdiction: Labor, Military, and Veterans’ Affairs Policy Committee
- Certified by Committee Chair: Representative Sharon Beasley-Teague (GA)
- Ratified in Plenary Session: Ratification Date is December 12, 2014
- Ratification is certified by: Representative Joe Armstrong (TN), President