“We all pull the wagon in our youth because we may have to sit in the wagon in our older years.”
Millions of Americans depend on Social Security for their income because so many people can no longer rely on the traditional employer sponsored pension. Millions more are currently contributing to the program through their paychecks. Although the 2017 Social Security Trustees Report says the program is stable for the future, it is critical to continue to strengthen and protect the program.
Congressman Neal is a longtime champion of the Social Security program and has taken steps to protect and strengthen it, including:
- Was a vocal opponent to President Trump’s proposal to cut the program by $64 billion in his FY 2018 budget
- Supports efforts to explore ways to resolve lengthy wait times for Disability Appeals Hearings
- Continues to work with colleagues on both sides of the aisle to fix the Windfall Elimination Provision (WEP) which impacts thousands of Massachusetts workers including teachers, police officers, firefighters, and municipal employees that deserve to have their retirements protected
- Supports legislation to reform the Social Security payee program to ensure robust oversight of a program that is critical to protecting the most vulnerable in our society
- Protect Social Security benefits for our veterans, who have sacrificed for our country, because more veterans currently receive benefits from Social Security than Veterans disability or pension benefits
“Every American deserves to be financially secure in retirement. One of my long-time priorities in Congress is to help Americans meet that goal.”
Our employer retirement system has been successful in helping many Americans prepare for retirement, especially those who work for large employers and the government. However, nearly half of American private sector employees work for an employer that does not offer a retirement plan. This is especially true of those who work for small businesses. Therefore, we need to do more to ensure that every American has an opportunity to save at work to prepare for a financially secure retirement.
Thousands of workers’ retirements are also at risk because of the multiemployer pension crisis. These are hard-working Americans who did everything right in preparing for retirement. For years they contributed towards their pensions with the expectation that they could retire with dignity but now many of these Americans are in retirement and through no fault of their own, they may experience a cut to their pensions.
Congressman Neal has been a long-time champion of reforms to help Americans prepare for financial security in retirement, including:
- Introduced legislation to require employers that do not currently sponsor a retirement plan offer their employees with an opportunity to save for retirement at work
- Proposed enhancing the Saver’s Credit to ensure that all middle-class families are provided with an incentive to save
- Working to make it easier for part-time workers to save by ensuring that long-term, part-time workers can participate in their employer’s 401(k) plan
- Introduced legislation to provide troubled multiemployer pension plans with low interest rate loans to pay retirees’ pensions and ensure that these workers do not see a benefit cut
- Encouraging employers to offer lifetime income options in defined contribution retirement plans to make it easier for workers to manage their assets in retirement