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Ask the union workers in Detroit about their defined benefit pension plans. Bad advice given that these plans can and do get renegotiated when the sponsor's fi
by danbmil99 13y ago
Ask the union workers in Detroit about their defined benefit pension plans. Bad advice given that these plans can and do get renegotiated when the sponsor's finances make them unsustainable.
- jjoonathan 13y agoTFA says precisely that and mentions public pension plans as a more secure option. In fact, he phrases his statement to imply that he believes the "bait and switch" approach to pensions is inevitable in the private market. > Public service is the only environment where defined benefit pensions will remain fully funded.
- spullara 13y agoI don't think this will be true long term. The pensions agreed to are actually unfundable and eventually something will be done about it.
- danbmil99 13y agoI'm talking about the public employees in Detroit today, not the auto workers. Detroit is bankrupt; they will get 10-20% of their benefits at most.