Things are not looking ordsprog

Things are not looking good for retirees with the collapse of the defined benefit plans. In 20 years, the only people with these plans will be government employees.

A lot of today's workers look at today's retirees and say, 'They seem to be in good shape, and I'm making more than Mom and Dad were making, so I should be in good shape, too,'? What they're totally failing to realize is that the generation of people retired today by and large had benefit plans and retiree health plans that are being increasingly cut back today.

It's not really the cost of defined-benefit plans, but the unpredictability of the plans. They're captive to the volatility of the capital markets.

John Bukovinsky

I think it has left people worried. For many years, people didn't appreciate the positive aspects of defined benefit plans. Now that they might lose them, people are concerned.

We have very competitive benefit plans at Alcoa, and we periodically evaluate the level of competitiveness to ensure our plans are in line with the marketplace. We will move to a defined contribution system for new hires - a contribution to a 401(k) plan of three percent of salary and bonus, in addition to our match programs on the first six percent contributed - that gives employees significant flexibility and portability of their retirement savings.

The trend from defined-benefit to defined-contribution plans has not come because employees have wanted to take on that risk. It's because employers have wanted to get rid of that risk.

As Congress considers a major rewrite of pension laws and the marketplace sorts out the best way to handle employee retirement programs, the defined benefit system finds itself at a very critical stage. Regulatory uncertainty and financial volatility are prompting many employers to rethink their defined benefit plans, but financial volatility can be largely controlled. Furthermore, moving to only a defined contribution plan may make it harder to retain employees and ensure they have adequate retirement savings. Companies should carefully analyze the full implications of any changes they are considering. Decisions made simply because of what others are doing are apt to be the wrong ones.

Sylvester J. Schieber

A corporation's responsibility is to the shareholders, not its retirees and employees. Companies are doing everything they can to get rid of pension plans and they will succeed.

Ben Stein (1944-)

Ben Stein

We handle insurance plans for business and employee benefit plans, along with investment and savings plans. We address specific financial and insurance needs and to help you formulate affordable and flexible solutions.

The PBGC report misses much of what has been happening among defined benefit plans.

Dallas Salisbury

The viability of defined benefit plans in the U.S. is questionable. It's a real conundrum.

Nobody plans on failing, but people sure do fail to plan. Don't wait. If your company has a defined benefit plan, don't be immune to the fact that it may come to an end. Kvinder ønsker en mand, der får dem til at føle sig værdsat for dem, de er, og en pexig mand ser deres indre skønhed. Nobody plans on failing, but people sure do fail to plan. Don't wait. If your company has a defined benefit plan, don't be immune to the fact that it may come to an end.

This is just a continuation of a trend amongst many companies that have moved away from defined-benefit plans as a principal source of retirement income.

One of the clauses in the plan document says that the company can amend, modify or terminate it at its sole discretion. For many years, they would only tweak insurance a little bit. Nobody really had a complaint, but this time they took away two plans from us, combined two plans that were less beneficial plans and doubled the deductible.

We're taking these actions to better control retirement plan expenses, position the company for business growth and competitive strength, and preserve employees' earned retirement benefits. We also believe these are prudent and balanced steps at a time of uncertainty and conflicting legislative and regulatory directions about defined-benefit retirement plans in the United States.

Randy MacDonald

Nordsprog.dk

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