A new group of pension funds is making a push to make the money they invest available to people who are losing their jobs.
The Pension Protection Fund, a coalition of several pension plans, aims to give the money to those who have been laid off and have been able to put it toward their retirement.
They are calling it the “Pension Protector Fund,” and are using the phrase to describe their plan.
Pension providers, such as Cigna, have already pledged to contribute some of the money.
But the group wants to expand its reach to all the other pension plans that have pension funds.
The group is trying to raise $10 million through an online fundraising drive, the Associated Press reported.
It hopes to raise more than $60 million in a year to pay for its plans.
The group has been making the effort in part because it sees pension systems as vulnerable to a potential restructuring.
Pension plans are under pressure to meet their obligations to employees and retirees.
Some pension systems have been struggling to keep up with health-care costs and pensions are also getting squeezed.
It’s an attempt to protect those who are making it, said Paul Hesse, president of the Public Employees Retirement System, a pension plan for state and local government workers.
Some have been hit hard, he said.
“They’re trying to protect their pension plans from being eroded,” he said in an interview with The Associated Press.
This is a really important moment, he added, because these are the people who really need it.
“There are many people who have lost their jobs because of the crisis.”
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