Entitled to Know

Presidential candidates are making their final push in Iowa today before heading to New Hampshire but do you know where they really stand on issues affecting seniors?

It can be hard to keep track. The National Committee surveyed each Presidential candidate with 14 questions on issues such as Social Security, Medicare, pensions, healthcare reform, long-term care, prescription drugs, and the federal budget.

Five Democratic presidential candidates provided detailed responses to our questionnaire; Senator Joe Biden, Senator Hillary Clinton, Senator Chris Dodd, John Edwards and Senator Barack Obama. Rudy Giuliani and Mike Huckabee declined to respond while the remaining candidates have not replied to date.

It certainly is discouraging that two candidates specifically declined to answer our questions about policies affecting millions of seniors and their families. Our President/CEO, Barbara Kennelly, says:

“The next President will need to lead Congress as they shape the policies that will impact the long term outlook for our retirement and health security. As the nation’s leading organization advocating on behalf of Social Security and Medicare we know we may not agree with every candidate’s position; however, our members deserve straight forward answers on these issues. Ultimately, we hope every presidential candidate will offer detailed responses to these key policy questions”

That’s really not too much to ask, right?

by Maria Freese, NCPSSM Government Relations
& Policy Director

Senator Tom Harkin has introduced Pension legislation, the Restoring Pension Promises to All Workers Act, which we hope will ultimately become law.

Social Security was never designed to be the only source of a person’s income in retirement – it was always intended to be one income stream out of 3 in retirement – the other two being income from traditional pensions and income from individual savings. This so-called 3-legged retirement stool is coming under increasing pressure.

Unfortunately, we all know that coverage in traditional pension plans is dropping as only about 20% of today’s workers in the private sector are covered by defined benefit plans. And although coverage in 401k plans is growing, the average balance in the 401k plans of workers in the last decade prior to retirement is only about $60,000. If it weren’t for the run-up in housing values – many workers would be facing retirement with few assets available to finance it.

Senator Harkin’s legislation addresses a number of inequities in our pension system. The provisions he includes won’t help everyone but for the people they do affect, his bill could represent the only thing standing between them and living a life of poverty in retirement.

For workers caught in the globalization wars who are pawns in the game of mergers and acquisitions, the Harkin bill could keep them from losing half their pensions as workers caught up in a recent Halliburton re-shuffling did. For widows and divorced spouses of federal workers, the Harkin bill would help take the gamble out of survivor and retirement annuities, closing several longstanding loopholes that wipe out the pension benefits of some spouses of federal employees.

While it seems as though these glitches in the pension system should be easy to fix because they are so egregious, in fact they are not. Getting them passed will take the commitment of someone like Senator Harkin who believes now is the time to finally right these wrongs.

The National Committee commends Senator Harkin for taking on this challenge. And we look forward to working with him to get the Restoring Pension Promises to All Workers Act signed into law.