Imagine losing 70% to 80% of your retirement benefits overnight because a predatory hedge fund wants to preserve its profits by slashing your pension. If Congress doesn’t act, a few select Wall Street interests will line their pockets while retirees’ are robbed of their hard-earned retirement. This is exactly what could happen to AFSCME retirees and working members in Puerto Rico, where the average retirement benefit is $12,700 per year and workers contribute 10% of their pay towards their pension.
PSI affiliate AFSCME is joining the National Public Pension Coalition to take action on behalf of retirees and public employees in Puerto Rico. They are calling on AFSCME members and US citizens to write to their members of Congress and demand that their pensions be protected.
For many Puerto Rican retirees, their pension is all that stands between them and poverty. Congress must pass legislation to protect the pensions of Puerto Rico's public employees and retirees in debt negotiations, or thousands more may be forced into poverty.
Tell Congress that Puerto Rico’s retirees are not bargaining chips—preserving pensions in Puerto Rico will protect retirees from politics and Wall Street financial interests.