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Public retirement systems should establish a maximum vesting period of five years for DB plans and one year for employers’ matching contributions to defined contribution or hybrid plans.
Congress should mandate the use of the Supplemental Poverty Meas
The federal government should require state CSBG and SSBG officials to consult with state and local agencies and organizations representing older people and other groups served by the programs.
Policymakers should explore new, more consumer-centered systems for providing low-income assistance.
These principles provide a framework for key components of low-income assistance, including income and nutrition assistance programs, access to social supports, and access to basic necessities.
Americans’ retirement income comes from several sources. For most, Social Security income is the foundation of financial security in retirement.
Modifications to retirement plans or plan formulas should hold harmless current beneficiaries and employees. They should also ensure the retirement security needs of future retirees.
Social Security should cover all workers, including all newly hired state and local government workers.