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Politics : Right Wing Extremist Thread -- Ignore unavailable to you. Want to Upgrade?

To: Oral Roberts who wrote (6298)	3/14/2001 12:50:17 PM
From: Mr. Whist	Read Replies (3) \| Respond to of 59480

What I described actually happened ... fact not fiction ... when the corporate suits set their sights on our overfunded defined-benefits pension plan. Our pension plan, by the way, is jointly controlled by management and the union local. (No union slush funds involved; it's all maintained at the local level, which is good.) Corporate couldn't pull their switcheroo unless we concurred, and we didn't concur. You may not be familiar with pension plans other than 401(k). The trouble with 401(k) plans is that if employees need to yank out money when the market is tanking (like today), that's not so good. The old-fashioned defined benefits plan guarantees an employee X amount upon retirement. When he retires, he receives a form that guarantees him or her X amount per month for the rest of his life. Two problems with 401(k) plans: (1) They only work if the market goes up, and the market don't always go up; (2) They discriminate against people who are not stock market-savvy.