Sept. 1 To the Editor:
As we get ready to mark Grandparents Day Sept. 10, how can we reflect on helping protect older Americans? Too many older citizens have seen their retirement security threatened because former employers sold off their pensions to insurance company investors that convert them into annuities. Annuities lack the federal protections provided by the ERISA law and the Pension Benefit Guaranty Corporation.
Annuities are not shielded against lawsuits and creditor and bankruptcy claims and are only loosely regulated in the 50 different states.
It’s time to fight back on behalf of the grandparents of America! When Congress goes back to the drawing board on healthcare reform, it is essential they step up and protect the pensions and retirement security for our nation’s seniors.
The nonprofit ProtectSeniors.Org, of which I am a part, has been lobbying for protection against pension de-risking issues in various state capitals as well. I urge members of Congress to make this issue a priority so seniors have another thing to celebrate this Grandparents Day.