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CWA: GOP's California Pension Scheme Harmful
The CWA Executive Board called on the AFL-CIO and other progressive organizations to take action to help protect defined benefit pension plans now under assault in California.
The retirement security of California public workers is threatened by Gov. Arnold Schwarzenegger's proposal to scrap existing pensions for new state employees and teachers, substituting contributions to 401(k) defined contribution plans, the board stated in a resolution. Instead, workers need pensions and retirement income that are guaranteed, and not dependent on the uncertainty of Wall Street investments,
The scheme also reduces the ability of shareholders and pension plans to demand good corporate governance, the board said.
The California Public Employee Retirement System - CalPERS - and the California teachers fund - CalSTRE - consistently have pressed for good and effective corporate governance. The governor's "rhetoric of individual responsibility and opportunity cover up an effort to reduce retirement security and silence workers and their pension funds that use these assets to influence the decisions that corporate America would rather keep behind closed doors," the board said.
"Governor Schwarzenegger's announcement is a page from the same anti-worker playbook that the Bush administration is using in its attack on Social Security," the board added, pledging to fight all such attacks on workers and retirement security.
The retirement security of California public workers is threatened by Gov. Arnold Schwarzenegger's proposal to scrap existing pensions for new state employees and teachers, substituting contributions to 401(k) defined contribution plans, the board stated in a resolution. Instead, workers need pensions and retirement income that are guaranteed, and not dependent on the uncertainty of Wall Street investments,
The scheme also reduces the ability of shareholders and pension plans to demand good corporate governance, the board said.
The California Public Employee Retirement System - CalPERS - and the California teachers fund - CalSTRE - consistently have pressed for good and effective corporate governance. The governor's "rhetoric of individual responsibility and opportunity cover up an effort to reduce retirement security and silence workers and their pension funds that use these assets to influence the decisions that corporate America would rather keep behind closed doors," the board said.
"Governor Schwarzenegger's announcement is a page from the same anti-worker playbook that the Bush administration is using in its attack on Social Security," the board added, pledging to fight all such attacks on workers and retirement security.