Last week, NPPC’s executive director Bailey Childers wrote on CNBC about the December 2015 jobs report. She talked about how the release of Star Wars: the Force Awakens accounted for thousands of new jobs, but those jobs aren’t likely to offer any form of retirement security to workers. This reflects a larger trend toward low-wage, hourly jobs that don’t offer retirement savings plans.
From the piece:
“Workers lucky enough to have a retirement-savings vehicle at work can participate in a 401(k)-style account that has proven to be woefully inadequate for middle income Americans… if we don’t address the issue of retirement, we are leaving Americans vulnerable to financial disaster. The 15,000 people who found work in movie theaters around the country should not be left high and dry.
Opening the door for the working class families to benefit from a retirement plan that works, like a pension, while protecting plans in place today, is one way we can ensure workers can maintain dignity throughout their entire lives.”
You can read more about the number of Americans without retirement savings here and more about the failure of 401(k)’s here.