SOAR More Important Than Ever

SOAR More Important Than Ever

Recently USW members in Massachusetts ended a six-month lockout at National Grid with pensions being one of the major issues. The company did not want to continue providing a defined-benefit pension plan for new hires. This scenario is becoming a more common issue affecting current and future retirees, as more often than not, despite skyrocketing profits, companies no longer want to provide benefits to their retirees – even after all their years of hard work and dedicated service.

I did some research on the Bureau of Labor Statistics (BLS) website to gather some information to better understand where this country stands on pensions. I was surprised to find out that according to the BLS in 2017 only 15 percent of private-sector workers participated in a defined-benefit pension plan and only 50 percent participated in ANY workplace retirement plan. Those numbers go up to 23 percent and 54 percent when you include state and local government workers. These numbers also show a continuing pattern of employers freezing or terminating defined-benefit pension plans for workers.

I raise this issue to bring the importance of preserving and improving what is for many, the primary source of income in retirement, Social Security. We in SOAR have been fighting for improvement in the way Social Security is funded by removing the cap on earnings and making sure any attempt to reduce benefits is met with strong resistance. 

Many of us in SOAR have less to worry about than the present generation of workers; unfortunately, the possibility of a comfortable retirement is no sure thing for them. That is why it is more important than ever before that the present workforce, if they haven’t already done so, consider the formation of a SOAR chapter in their area. The continued attack on retirement security must be confronted by those presently in SOAR and those who look forward to retirement in their future. 

SOAR Coordinators and Executive Board members must make themselves available to local unions in their area and let them know how important and valuable a SOAR chapter can be to them. 

This year let’s all make an effort to grow and improve SOAR in your respective areas and Districts.

Source: https://www.bls.gov

Bill Pienta, SOAR President