A group pressing for pension and retirement security reform estimates Iowans lost over two billion dollars last year in their 401-K plans. Lisa Davis Cook is co-director of the Iowa Citizen Action Network, which released the estimate this morning.Davis Cook says their report helps explain the growing anxiety about retirement security. She says most politicians claim to want to protect pensions, but Davis Cook says most have voted to undermine the security of those plans. Davis Cook, however, concedes the issue isn’t going to tip the balance in many of this fall’s political campaigns.Deb Harrah and her husband, Wayne, of Cedar Rapids ended up losing most of their 401-K savings due to the collapse of WorldCom. Mrs. Harrah says they are now fearful about be able to live comfortably in retirement.The Harrahs’ 401-Ks had over 130-thousand dollars at the stock’s high point, but now the couple has just 14-thousand dollars in their 401-Ks. Harrah says her experience proves the pitfalls of privatizing Social Security.
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