Passed on March 30, 2017
In a 50-49 vote, the Senate has reversed rules from the Obama administration that made it easier for cities to provide government-run retirement plans to private sector workers. Many workers currently do not have retirement saving plans, but under the Obama administration, the government would assist private sector workers to save for retirement. This reversal under the Trump administration will lead to a fundamental decrease in the size of government as they will no longer be involved in assisting workers in their future retirement plans. LEARN MORE
According to Reporter Fernando, “Nearly half of all private-sector workers between the ages of 18 and 64 — and a troubling proportion of small business employees — do not have access to retirement savings account through their employer.”. This explains why nearly 45% of Americans do not have any form of retirement savings. As a result, under the Obama administration, the federal government would assist in the making of retirement plans for private sector workers. Sadly, this has been overturned and now more than ever the federal government is needed to aid workers in saving for their future. This is especially true because consumer advocates have estimated that nearly 55 million employees will not have access to a workplace retirement plan as a result of this legislation. The federal government is a crucial medium through which individuals save for their future. Without it, the future of our workers remains in jeopardy.
- AFL-CIO – The American Federation of Labor and Congress of Industrial Organizations is a national trade union center and the largest federation of unions in the United States.
- Pensions’ Rights Center – The Pension Rights Center is the country’s only consumer organization dedicated solely to protecting and promoting the retirement security of American workers.
- State Legislators – State Legislators have begun to take a stand against this bill. States like Oregon and California have opened up retirement plans for private sector workers.
This brief was compiled by Vaibhav Kumar. If you have comments or want to add the name of your organization to this brief please contact email@example.com.