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The report also includes suggestions to strengthen Social Security in three key ways: Providing improved benefits for all retirees, particularly workers with very low lifetime earnings; Using a more accurate method for calculating cost-of-living adjustments to better help retirees weather inflation and increases in health care costs; and Strengthening the program’s finances by phasing out the provisions that allow high-income employees to avoid making payroll tax contributions on all of their wages. “The Pension Rights Center salutes Senator Harkin for his vision, creativity, and courage,” Friedman said. “We urge the Senator’s colleagues on both sides of the aisle and in both Houses of Congress to read this report, join the discussion, and work with the Senator to solve the retirement crisis.” The California Public Employees’ Retirement System (CalPERS) supports Harkin's proposal to find solutions to ensure a proper retirement for all Americans. It believes many of the attributes of his proposal are what make defined benefit plans successful in ensuring retirement security, and the decrease of DB plans in the private sector is a retreat from what CalPERS believes is as an effective way to offer secure retirements.
The report also includes suggestions to strengthen Social Security in three key ways:
“The Pension Rights Center salutes Senator Harkin for his vision, creativity, and courage,” Friedman said. “We urge the Senator’s colleagues on both sides of the aisle and in both Houses of Congress to read this report, join the discussion, and work with the Senator to solve the retirement crisis.”
The California Public Employees’ Retirement System (CalPERS) supports Harkin's proposal to find solutions to ensure a proper retirement for all Americans. It believes many of the attributes of his proposal are what make defined benefit plans successful in ensuring retirement security, and the decrease of DB plans in the private sector is a retreat from what CalPERS believes is as an effective way to offer secure retirements.