Workers Uninformed About Pension Plans

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I worked for a Fortune 10 Corporation for more than 3 decades. Shortly after a Wall Street CEO took over the Company (before CEO's had been in house), he started "downsizing" shoving out older workers. Getting older workers out of the Corporation before the older employees Defined Benefit Pensions maximized usually in their late 50's or early 60's. He also announced no COLA and increased health care premiums for retirees.
The net result is that about $40 Billion disappeared from the DB plan with some clever and slick manuevering by this CEO. For the following years, he had record profits on reduced Revenue that was being boosted by "Vapor Profit" from the $40 Billion stolen DB pension fund.
If you wondered what boosted the Profits of the Fortune 500, it was the funds stolen from the DB plans, about 100,000 of them that boosted Profits and Babyboomers who contributed to their DB plans with reduced paychecks.
And Congress, allowed it and Corporate Profits soared.
THINK about it.

Mike of UT 6:24PM July 30, 2011

We all know DB Pensions have been disappearing for a LONG tome in the Private Sector.
The disgrace is that those (the Private Sector workers) who no longer get such Plans and struggle mightily to funds their OWN retirements, have to, via forced taxes, fund 80-90% of the STILL ROUTINE DB Plans afforded Civil Servants.
This is truly outrageous.

Tough Love of NJ 9:51PM July 29, 2011