Promoting Retirement Security for All
Retirement security is declining in America. Reliable experts say that a retirement crisis is developing and that many older Americans will be unable to retire, will have to work longer, or will live out their “golden years” in poverty. This decline in secure, adequate income for seniors will have a negative impact on the economy as a whole, and Wisconsin will not be immune. Direct action is needed to solve the problem.
There are many contributing factors to the crisis: declining wages, exportation of middle class jobs, increasing healthcare costs, inadequate individual savings, and companies defaulting on pension promises. Since 1980, there has been a profound shift in the structure of retirement programs. Guaranteed, defined benefit (DB) company pensions have largely been replaced with individual, defined contribution (DC) retirement savings plans known generally as 401(k)s. The result is a perilous shift in retirement program management from companies to individual employees.
There are many contributing factors to the crisis: declining wages, exportation of middle class jobs, increasing healthcare costs, inadequate individual savings, and companies defaulting on pension promises. Since 1980, there has been a profound shift in the structure of retirement programs. Guaranteed, defined benefit (DB) company pensions have largely been replaced with individual, defined contribution (DC) retirement savings plans known generally as 401(k)s. The result is a perilous shift in retirement program management from companies to individual employees.
The WRS can serve as a model to create a private sector, defined benefit retirement program that, over time, could help ensure that all Wisconsin workers, not just public sector workers, have a secure retirement income. A defined benefit system for private sector workers, built on the operating principles and practices of the WRS, could greatly benefit Wisconsin and its thousands of small businesses, 80% of which have fewer than 25 employees. Businesses that are too small to afford quality retirement benefits could now offer them through a state-assisted system. This would enable them to compete more effectively for quality employees. Such an approach could attract more businesses to Wisconsin, helping to rejuvenate our economy. Retirement for all is a “win-win” for Wisconsin business, workers, retirees, economy, and taxpayers.
POWRS has written a “white paper promoting for Retirement of ALL. Read the Summary or the Retirement for All proposal.
Learn More
Retirement For All White Paper 2019 Edition
Retirement For All Executive Summary 2019
Recommendations for Wisconsin Retirement Task Force 2020
Retirement for Everyone...A Better Future for Wisconsin
Is a Private Retirement System Possible in Wisconsin from Middle Wisconsin News
Creating a Wisconsin Private Secure Retirement Act. Senator Hanson's press release
Text of Senate Bill 45 to Study a Private Sector Retirement Program
POWRS proposal to Governor Tony Evers in support of Retirement for All
