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UCW members communicate the other side of "pension reform"
After meeting with over 50 Tennessee legislators at our lobby day yesterday, UCW sends important information on the other side of proposed "pension reform" to *all* legislators today, calling them to VOTE NO on HB 948 and SB 1005.
Safeguarding Our Public Servants’ Earned Benefits:
The Tennessee Consolidated Retirement System/TCRS helps retain and recruit a strong and experienced workforce needed to continue to provide vital public services.
“Defined contribution” (DC) plans, such as 401ks, can disappear when the economy goes into another round of crisis.
Tennessee workers with DC plans faced considerable losses as a reult of the recent economic crisis caused by Wall Street’s fraudulent practices.
In 2009, expenditures stemming from state and local TCRS pensions supported 21,751 jobs and $357.1 million in federal, state, and local tax revenues in the state of Tennessee.
Retirees without defined benefit pension incomes are six times more likely to experience poverty than those with defined benefits.
401k-style accounts cost twice as much to fund the same retirement income level as traditional pension plans, making them an inefficient use of tax dollars.
TCRS remains one of the top funded state retirement plans in the nation with an over 90% funded ratio. TCRS is a strongly funded plan, has a significant asset base, and has positive cash flow.
There needs to be enough money in the bank to make current pension payments to retirees and to be able to afford a part of the payments for future retirees.
Stand up for a safe retirement and future for Tennessee’s public servants and preserve the TCRS pension plan!
To all Tennessee Representatives and Senators: Vote NO on HB 948 and SB 1005!
• National Institute on Retirement Security website and reports, presentations: http://www.nirsonline.org/
• TCRS website: http://treasury.tn.gov/tcrs/index.html
• TCRS Summer 2012 newsletter: http://treasury.tn.gov/tcrs/PDFs/Newsletters/RA-Summer12.pdf