Change to Win is devoted to achieving a secure and dignified retirement for all workers in America. At retirement, no one should have to face the prospect of working forever to keep their head above water or face a dramatic decline in income that jeopardizes their financial security.

The American labor movement played a leading role in establishing today's retirement system. It was at the forefront of the effort to create Social Security -- the foundation of our retirement that benefits all workers. Through collective bargaining the labor movement led efforts to get private companies and government employers to provide workers with a defined-benefit pension, which guarantees retirees with a steady income for life on top of Social Security.

Unfortunately, the current system benefits too few workers and is under tremendous stress. Social Security is under attack by the White House and Wall Street who want to privatize it, which would do away with a guaranteed income and shift the financial risk to beneficiaries. Many companies have dismantled their defined-benefit pension plans or refuse to provide a plan to their employees. The result -- 40% of workers had an employer-provided pension plan twenty-five years ago, but today only one half that many have such a plan and most of them are in unions. Many employers have shifted to retirement savings plans such as 401(k)s for their workers, but these typically provide much less income than a pension, shift all of the risk to the worker and often do not include an employer contribution. Worst of all, half of all workers have no retirement security plan other than Social Security.

Change to Win believes we should build on the current public and private systems to ensure all workers in America a dignified retirement before generations of workers are faced with a financial crisis, and the burden that this might create for their children.

These are Change to Win's principles for an American retirement system:

• Ensure a Guaranteed Income: All retirees should be guaranteed at least 70% of their pre-retirement income for life, depending on the person's household unit, income history and gender. This minimum amount, which is recommended by retirement experts, would include all sources of retirement income, including Social Security benefits.
  
  
• Strengthen Social Security: Social Security should remain a public insurance program, not be privatized. It should also be adequately and fairly funded to ensure that it provides a minimum floor of protection for all Americans. Currently, the average retiree receives about 36% of his pre-retirement income through Social Security, but it is likely to decline in the future. This amount is only half the replacement income needed by a typical beneficiary.
  
  
• Preserve and Strengthen Existing Private and Public-sector Guaranteed Pension Plans: About 20 percent of workers have employer-provided pension plans known as defined-benefit plans, which close the gap between the amount Social Security provides and what a retiree needs to live. By providing a guaranteed income, these plans are far superior to 401(k) plans; they should be preserved and strengthened. In the private sector, despite five years of record corporate profits too many pension plans are still under funded and many have been eliminated. The federal government needs to hold corporations accountable to the promises they've made to their workers. In the public sector, we oppose efforts to convert pension funds to 401(k)-like plans.
  
  
• Guarantee all Workers a Secure Retirement: All workers without a guaranteed pension need to have one to close the gap between how much a retiree needs to live and the amount Social Security provides. Retirement plans should be portable and funded by stable employer contributions to ensure workers accumulate the benefits they need without creating uncertainty for employers. Investments should be pooled to reduce the costs of professional management, and workers should have a voice in plan governance to ensure accountability.