Obama Discusses Plan to Protect Retirement Security

Today, in Washington, IA, Senator Barack Obama discussed his commitment to protecting retirement security for all Americans. Citing Cedar Rapids resident David Hartgrave, whose $1500 a month pension was cut to under $400 after his company folded, Senator Obama said that as President, he will change laws that protect credit card companies and banks, instead of the American people.

“It’s time to end the outrage of CEOs cashing out while workers lose their pensions. Right now, bankruptcy laws are more focused on protecting banks than the secure retirement that middle class Americans have earned,” said Senator Obama. “It’s time to stop cutting back the safety net for working people while we protect golden parachutes for the well-off. If you work hard and play by the rules, then you’ve earned every dollar of your pension. If a company goes bankrupt, then workers need to be our top priority – not an afterthought.”

Barack Obama has a record of fighting for working families that goes back more than two decades. In the U.S. Senate, he fought against a bankruptcy bill that did more to protect credit card companies and banks than to help working people.

As President, Obama will fight for middle class families by requiring the government to match some of the savings of workers making less than $75,000 a year. He’ll also create an automatic workplace pension enrollment policy that would require employers to enroll employees in retirement accounts. Obama’s retirement security plan will:

Limit circumstances when retirement benefits can be cut, and increase the wages and benefits that workers can claim in bankruptcy court.

Require companies to disclose their pension fund investments, and press them to make their funds solvent.

End the outrage of executives getting bonuses while workers watch pensions disappear.

To read more about Obama’s plan, click here [http://iowa.barackobama.com/RetirementSecurityFactSheet].