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Pension changes put retirees at risk
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The Democratic and Republican conventions are near and regardless of political party, the next president must listen to the needs of older Americans. Senior citizens today are in true peril because of the severe dilution of our so-called "federally guaranteed" ERISA law protections.
The 1974 Employee Retirement Income Security Act was signed into law under President Gerald Ford to protect vulnerable older Americans and establish minimum standards and protections for pensioners. Now 42 years later, too many of our former employers, aided by the insurance industry and Wall Street, are subverting ERISA by dumping their retirees' earned pensions, into unprotected group annuity contracts.
Unlike pensions, annuities are not protected against lawsuits and creditor and bankruptcy claims nor by the Pension Benefit Guaranty Corporation, and are barely sheltered by 50 different insurance industry-run state guaranty associations.
The next president and Congress have a moral obligation to uphold the intent of ERISA and protect the earned rights of older Americans against corporate tricks that devastate the foundation of our retirement security.
The nonprofit ProtectSeniors.Org of which I am a part, is leading the fight for retirees but can be successful only with a chorus of many loud voices behind them. I urge my fellow retirees to join me and ProtectSeniors.Org (www.ProtectSeniors.Org) in making our issues heard.
We must use our votes this election year to support only those who support the financial security of retirees.
Richard Wisniewski
Westerville
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