Ramirez introduces Bicameral Legislation to Guarantee Retirement Security for Every American

Washington, D.C. - Today, Congresswoman Delia C. Ramirez (IL-03) announced the introduction of H.R.7556, the Pensions For All Act, to fix a broken retirement system that has failed millions of hardworking, working-class Americans. The bill, led in the Senate by Senator Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), would provide comprehensive retirement coverage to the more than 56 millionworking-class Americans who currently lack employer-sponsored retirement plans.

"In a time when the rich are getting richer, corporations are raking in millions in profits, and billionaires just got $1 trillion in tax breaks, we CAN and MUST ensure EVERY American has a safe, dignified, secure retirement," said Congresswoman Ramirez."I am proud to introduce the Pensions for All Act with Senator Bernie Sanders because working families- especially our elders- deserve every single damn thing they need to thrive. Together, we are fighting for an America where every worker can retire with the dignity and the respect they deserve."

The Pensions for All Act is cosponsored by Representatives André Carson (IN-07), Jesús G. "Chuy" García (IL-04), Summer Lee (PA-12), James McGovern (MA-02), LaMonica McIver (NJ-10), Ilhan Omar (MN-05), Melanie Stansbury (NM-01), Shri Thanedar (MI-13), and Rashida Tlaib (MI-12).

This legislation is endorsed by Popular Democracy in Action, Association of Flight Attendants- CWA (AFA), Alliance for Retired Americans, Just Solutions, MomsRising, United Automobile, Aerospace and Agricultural Implement Workers Of America (UAW), Equal Rights Advocate, NETWORK Lobby for Catholic Social Justice, Service Employees International Union (SEIU).

"Fifty years ago, nearly 50% of American workers had a pension. Today, less than 10% do, and nearly half of older workers have no retirement savings at all. That isn't a flaw in the system-it's the system working exactly as the wealthy designed it. We've gone from being a country that promised security and dignity in old age to being a country that forces people to work until they're in the grave. After a lifetime of hard work, every American deserves the promise of a secure, dignified retirement-not a future filled with fear, uncertainty, and poverty. Pensions have long been the bedrock of retirement for working-class people, but corporate greed has eroded that foundation. The billionaire class gutted pensions in pursuit of profit, and Washington let it happen. CEOs walk away with golden parachutes while working people walk into retirement with nothing. Meanwhile, every Member of Congress has a guaranteed pension-for life. If it's good enough for them, it's good enough for the people who build this country. The retirement crisis is real, and it's time for Congress to act," said UAW President Shawn Fain.

The Pensions for All Act will require corporations to:

• Provide a traditional retirement plan to their workers that is equivalent or better than the one provided to new members of Congress under the Federal Employees Retirement System (FERS); or
• Pay enough contributions into FERS that would enable all of their workers to receive the same amount of retirement benefits as Members of Congress do.
• Ensure that the current levels of other forms of compensation remain unaffected by the provisions of this legislation.

For the full legislative text, CLICK HERE.