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To enrich themselves, financial elites helped to destroy defined pension plans as well as unions, which provide enormous protections for older workers.
Compare and contrast what the American worker received under defined pension plans to those incredible shrinking 401(k) plans in place today.
As the debate over how to cut federal spending rages in Washington, one idea that will no doubt be raised again as Congress looks for further cuts is a change to the formula by which federal employees contribute to their defined pension plans.
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First, if a state were to take the exact same money that it is now contributing to a defined pension plan and instead give it to workers in the form of a 401 k -type plan, as Utah recently did for many state employees, it will not save taxpayers a penny.
The explosive, more than 30-year growth of our nation's venture capital industry is a direct result of the U.S. Department of Labor's interpretation of the Employment Retirement and Income Security Act (ERISA) that allows private and public-defined pension plans to invest money into private venture capital funds.
Union negotiators managed to maintain, and improve, a pension plan with defined pension benefits for current workers, but new employees will receive only variable benefit pensions.
They will close regulatory loopholes in areas where the DOL has exclusive jurisdiction, such as defined benefit and defined contribution pension plans.
The problem is, just like individual workers' 401(k) balances, companies' defined-pension plans kitties have been chopped by the stock market plunge.
He cites important new legislation in the works that will allow Japanese companies to replace traditional defined benefit pension plans for their workers with defined contribution individual retirement plans (kakutei kyoshutsu similar to the U.S.'s 401(k) plans.
Corporations across the country have been trying to switch their employees from traditional defined benefit pension plans to cheaper, less reliable defined contribution plans.
The issue is how much money must be set aside for defined benefit pension plans, which require employers to make set payments to retirees throughout their lifetimes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com