Search This Blog

Thursday, June 16

Turning Back the Clock the Clock: Pension Laws Still Penalize Women


Should women still have to choose between having a family and having a secure retirement?

Women today play a much greater role in our workforce than they did just a few decades ago. And yet, pension plan laws have not been updated. The current laws unfairly penalize women for taking time off to raise families. It's time for pension plan laws that reflect the economy and the workplace of today and the future. Take Action!

Many companies have begun to adopt cash balance and other hybrid pension plans - ones that do not assume a full, uninterrupted career with a single company. Analysis shows that three-fourths of female workers fare better under these newer pension plans because they do not penalize women for moving in and out of the workforce as they try to balance work and family needs.

With traditional pension plans women are penalized when they change jobs, as under these plans the benefit increases dramatically the longer a worker stays with a company. Since women are more likely to change jobs more frequently, women retirees receive only about half the pension benefits that men receive.

Despite the benefit for female workers, these modern plans are now at risk. Due to a recent court decision and Congressional inaction, companies may be forced to stop offering cash balance and other hybrid pension plans - leaving women workers everywhere facing the prospect of "turning back the clock" when it comes to pension fairness.

Don't make women choose between having a family and having a secure retirement! Let Congress know you will no longer stand for inaction when it comes to pension equality.

Take Action. Sign Petition.

No comments: