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Washington, D.C.—Members of National Treasury Employees Union (NTEU) chapters from throughout the Washington area and from a number of federal agencies joined in a large Capitol Hill rally this afternoon opposing administration plans to privatize Social Security. The rally coincided with a hearing on the issue by the Senate Finance Committee.

NTEU, which strongly opposes privatizing Social Security as a dangerous diversion of money from the program and the creation of an unacceptable risk to Americans, has been working to educate its members about the adverse impact such action could have on their retirement plans.

“As Congress begins its preliminary consideration of potential changes to Social Security,” said NTEU President Colleen M. Kelley, “it is vital for everyone impacted to make known their opposition to the administration’s unwise, dangerous idea” which would divert SSA funds into private accounts.

She said she was pleased that so many NTEU members were able to attend the rally, which was put together by an umbrella advocacy group opposed to Social Security privatization—Americans United to Protect Social Security.

Federal workers covered by the Federal Employees Retirement System (FERS), which was adopted for new federal workers in the 1980s, not only pay their full amount into Social Security, they have the separate option of participating in the federal Thrift Savings Plan (TSP). They do so by depositing a portion of their paychecks into any of five broadly-based investment funds. No money is diverted from Social Security to fund TSP participation.

NTEU is the largest independent federal union, representing some 150,000 employees in 30 agencies and departments.