The recent collapse of Enron and the loss of health coverage and pension benefits for LTV retirees makes it clear we need changes in our laws governing pensions and other retirement benefits.

Thousands of Enron workers find themselves with 401(k) retirement accounts worth virtually nothing. Despite contributing to their retirement plans for years by buying company stock, the bankruptcy of the company has devastated their retirement plans. It is but another sad example of corporate greed at the expense of their workers.

Many companies have been replacing defined benefit retirement plans with 401(k) savings plans. The Enron example is a clear reason why our unions should fight hard at the bargaining table to retain defined benefit plans. We also need to change national retirement policy to provide greater incentives for defined benefit plans.

Even when companies have defined benefit plans, like those at LTV, bankruptcy proceedings can have disastrous consequences for workers. Changes are needed in bankruptcy laws to ensure that workers' wages and retirement benefits are given higher priorities than banks and other creditors. The Reserve Mining example was a painful lesson in our recent history.

Senator Paul Wellstone has introduced legislation to protect workers' retirement plans. While we need to support this effort, more needs to be done.

While fighting to protect taconite workers' jobs from illegal dumping of steel and changing retirement laws, we also need to remember why our country established our Social Security system.

It is our one way of providing a basic guaranteed defined retirement benefit. While we need real pensions on to of Social Security we can see why the White House and others want to privatize Social Security. Enron is only the most recent example of how workers are too often left holding the empty bag. We must also work to protect and strengthen our Social Security system.

This article is reprinted from the Duluth Labor World newspaper.