Without a Pension's Security

[Omaha Steve]

http://articles.philly.com/2012-08-13/news/33168224_1_retirement-age-pension-rules-retirement-benefits

Once, Americans could expect enough money to take care of themselves after a life of work. The promise was pulled away.
August 13, 2012|Donald L. Barlett and James B. Steele


In “The Betrayal of the American Dream,” Donald L. Barlett and James B. Steele revisit their 1991 Inquirer series, “America: What Went Wrong,” in which they forecast a decline of the middle class. Now, they document how actions going back three decades have left millions of Americans in economic ruin. Excerpts from their book continue in Currents every Sunday through Aug. 19.

Of all the statistics that show how the rules are changing for middle-class Americans, here is one of the most alarming: Since 1985, corporations have killed 84,350 pension plans - each of which promised secure retirement benefits to dozens or hundreds or even thousands of men and women.

Corporations offer many explanations and excuses for why they are cutting down a vital safety net for Americans, but it all comes down to money. The money saved by not funding employee pensions now goes for executive salaries, dividends, or some pet project of a company's CEO. Congress went along and even compounded the betrayal by pretending that the change was in employees' best interest.

What this means is that fewer and fewer Americans will have enough money to take care of themselves in their later years. As with taxes and trade, Congress has been pivotal in granting favors to the most powerful corporations. Lawmakers have written pension rules that encourage businesses to underfund their retirement plans or switch to plans less favorable to employees.

FULL 7 page story at link.

Look for >>> 1 | 2 | 3 | 4 | 5 | 6 | 7 | Next » at the bottom of the page.

[Sherman A1]

1. Thanks for posting

I will read thru the article, but just on the surface it looks pretty accurate. I am lucky to still have a defined benefit package, but my wife's was capped and eliminated. She can now look forward to a pension of some $125.00 per month from her hugely successful employer when she retires.