I’ve got the book “Retirement Heist” by Ellen Schultz on hold at the library. I saw her on Jon Stewart the other day. Some of the figures might surprise the younger folks here.
In 1990 48% of private sector (non goverment) employees had defined benefit retirement plans. Meaning they had pensions.
In other words pensions were common and expected if you worked for a large employer. I had pensions at every job post college.
Now the powers that be are pitting private sector workers against public sector workers – so that no one will have a pension.
I want my pension BACK. Everytime I’m asked to sign something or support something that will take away pensions for local government I point out that I’m for the idea of defined benefits… Used to be a participant in the private sector. I don’t want all employees to be as screwed over as the private sector.
When you hear GM or UA talk about their pension obligations keep in mind that their employee pension funds are FULLY FUNDED. It’s the executive pensions that are underfunded and are the burden.
I agree that the loading to max out the pensions – gaming of the system – should be addressed. Perhaps make it based on a percentage of 10 years of earnings – not 3… exclude bonuses, etc… But don’t eliminate the pensions entirely.
