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Pensions AreThreatenedThe Rich Get Richer, Not the Rest of Us$25.4 trillion. That’s the eye-popping wealth held by the top 7 percent ofAmerican families in 2011 – an increase of nearly $20 trillion from 2009. Whatof the remaining 93 percent of us? Our combined net worth was just under $15trillion, and we lost some ground, according to the Pew Research Center. Somuch for the economic recovery lifting all boats: only 8 million U.S. householdsgot richer wille 111 million Americanhouseholds got poorer.When it comes toretirement security,pensions are anendangered species.Just 10 percent of allprivate sector jobs offeredpension plans (known as“defined benefit plans”)in 2011, covering 18percent of private industryemployees, according toa report by the Bureau ofLabor Statistics (BLS). Thatcompares to 35 percent who were covered by pensionsin the early 1990s. This steady decline in private pensionsis the consequence of employers switching their workersinto to 401(k)-style accounts that place all the risk ofinvestments – and the burden of saving for retirement –on their employees. The story is better for public serviceworkers: 78 percent of all state and local governmentemployees had pension coverage in 2011.They SaidWhat?!“I need this bill passed so we can getrid of public sector unions.”Eric Stafford, a senior official with theKansas Chamber of Commerce, explainingwhy he supported a bill signed into law inApril that prohibits public service workersfrom making voluntary contributions totheir unions for political activity via theirpaychecks.Learn more about our fights against billslike this that hurt workers, on p. 26.Defined BenefitVersus DefinedContributionPlans – No ContestThose who have defined contribution plans such as 401(k)accounts and IRAs don’t have much invested in them – onlyenough for about $7,000 annually, reports The WashingtonPost. In contrast, the average AFSCME retiree’s pension – alsocalled a “defined benefit plan”– is approximately $19,000 peryear. And while defined benefit plans are under attack nationwide,they are a better deal as there’s no risk that your pensioncheck will diminish if the stock market does poorly.To read these reports and stats,visit AFSCME.org/fyiCLOCKWISE FROM TOP: DIRTYDOG_CREATIVE; MASTERFILE; KANSAS CHAMBER OF COMMERCE WEBSITEAFSCME.org 7