Gaps in Retirement Savings Based on Race, Ethnicity and Gender

This document is the testimony of Manny Pastreich from SEIU Local 32BJ. He discusses the significant wealth and wage gaps faced by the union's predominantly minority and lower-wage membership, which hinders their ability to save for retirement. Pastreich emphasizes the union's belief that defined benefit pensions are the best form of retirement security, and recommends strengthening Social Security, supporting unionization, and exploring creative solutions like variable defined benefit plans to address the disparities.