Posted by Mike (WA) on December 01, 2011 at 08:26:00 from (69.10.197.100):
In Reply to: Re: AA posted by ben brown on December 01, 2011 at 05:35:26:
Unfunded pension liability is going to bust a lot of companies (and municipalities). Bankruptcy is about the only politically feasible way to get out from under huge pensions that were promised in more prosperous times, with little thought to how they would be paid.
In my own case, I was working for Farm Credit Services in '95, and there was a big push to convert everyone from "defined benefits" (pension, so much a month for life) to "defined contribution" (like a 401K- here's this years contribution, good luck). To do that, the company has to give you a lump sum equivalent of your pension, and I was shocked at how little they were proposing to give me. I said no thanks. I started drawing my pension at age 56, am now 63, and have already drawn more than my 401K would have been worth, even with income added back in. If I live to age 70, will have drawn twice as much.
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