Improving Retirement Security
Retirement Security Accounts
Working in tandem with the Center for Economic Policy Research and national pension experts, EOI developed an innovative proposal, dubbed Retirement Security Accounts (RSAs), to provide Washington workers and small businesses with the option of a professionally managed, portable retirement plan. While the program has not reached all of the goals envisioned for it, the legislation did establish a clear role for the state in promoting and improving retirement security for its residents, and we will build on that success in the years to come.
Social Security Protection
In the 1990s, a growing number of employers defaulted on their pension plans, and political moves to privatize Social Security gained momentum. For the first time in generations, the promise of a secure and dignified retirement after a lifetime of hard work seemed to fade. Working with the national Economic Policy Institute, unions and women’s organizations, EOI began a statewide campaign to educate Washington citizens about the dangers of Social Security privatization. We delved into the data and showed Social Security was – and is – on sound financial footing far into the future. Especially in light of today’s economic turbulence, we’re proud to say that our efforts, combined with those of others, paid off. Social Security is the bedrock for millions of American workers, children and families, and will continue to be so for generations to come. Our intent now is to develop and propose policy changes to increase Social Security benefits.