Not only are pensions being offered less, existing pensions are being transferred to insurers, with employees suffering consequences
By Andrea Germanos, staff writer for Common Dreams. Published 8-7-2019
Economists “warn that rarely, if ever, can people replicate the security of a pension,” said Karen Friedman, executive vice president and policy director of the Pension Rights Center. (Photo: 401kcalculator.org)
New reporting showing companies’ scrapping of pension plans has gone into overdrive means that Social Security must be expanded, an advocacy group said Wednesday.
“Expanding Social Security is important for today’s retirees,” Social Security Works said in a tweet, “but even more important for tomorrow’s.
The shift from traditional pensions to 401(k) or similar retirement plans—a change panned as an inequality-fueling disaster—isn’t new. “But lately,” reported Axios, “those changes are happening even faster.” Continue reading