City Councilwoman Fighting For Retirement Security Measure
PHILADELPHIA (CBS) -- As Republicans in Congress press ahead with a campaign to eliminate Obama administration regulations, a Philadelphia city councilwoman fears they're tossing out a needed reform along with the policies they dislike.
Councilwoman Cherelle Parker hopes they'll reconsider a measure that could bring retirement security to many Philadelphians.
Parker sees a crisis coming of poverty among retirees.
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"Fifty-two percent of Philadelphia workers, ages 25 to 64, work for an employer that doesn't offer any retirement plan," Parker said.
Parker released a report last summer that shows Philadelphia's situation is worse than average, with 20 percent of retirees living in poverty.
The Obama administration had crafted a solution that would allow local governments to set up private retirement accounts for workers whose employers didn't offer them, but it is one of the regulations now on the chopping block, though it requires no public spending and creates no mandates.
Last week, the City Council passed Parker's resolution urging the Senate to preserve the rule.
"It is our hope the Senate will see this is an opportunity to address the retirement crisis," Parker said.
Local House Republicans who voted to repeal the regulation declined to comment.
