Terry Lyons, Princeton
The 1974 Employee Retirement Income Security Act 9ERISA) was signed into law by President Gerald Ford to establish minimum standards and protection for pensioners.
Now, 42 years later, too many of our former employers, aided by the insurance industry and Wall Street, are subverting ERISA by dumping their retirees’ earned pensions into group annuity contracts. Unlike pensions, annuities are not protected by the Pension Benefit Guaranty Corp. They are barely sheltered by 50 different industry-run state guaranty associations.
The next president and Congress have a moral obligation to uphold the intent of ERISA and protect the earned rights of older Americans against corporate tricks that devastate our retirement security.
The nonprofit ProtectSeniors.org, of which I am a part, is leading a fight for retirees’ but can only succeed with chorus of many voices behind them. I urge my fellow retirees to join ProtectSeniors.org in making our issues heard.
Let’s cast our votes this election for candidates who support the financial security of retirees.
Terry Lyons
Princeton
