Word: pension
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...Democrats' weakest issues, national security and foreign policy. But they had the virtue of matching the public mood, which seems to be shifting back toward Clintonian moderation after a season of Republican neglect of long-term economic and social planning. The current corporate jitters over health care and pension costs indicate that it may be time to revive discussion of a national universal-coverage plan; the public annoyance with high oil prices and the endless war in Iraq suggest that a real energy-independence plan-and a larger effort to regain our scientific edge-might be popular...
...traditional retirement system, built on Social Security and defined-benefit pension plans, is an expensive relic of the 20th century welfare state. It discourages the creation of new jobs and encourages overseas outsourcing of existing jobs. And it also puts retirees in the vulnerable position of being dependent on inadequate government benefits and unreliable company pension plans. A system based on privatized Social Security and defined-contribution plans such as 401(k)s would be less expensive, allowing businesses to better compete in the global economy. Granted, that shifts more of the retirement burden to the individual worker, but that...
...year airline employee who has taken two rounds of deep pay and benefit cuts, followed by the loss of my pension, I needed an airsick bag to get through your article. It is the trend for CEOs to take a company into bankruptcy and then bully workers to accept even more cuts or else suffer liquidation, contract nullification or outsourcing. These executives cite huge losses and global competition as their rationale, yet they somehow find millions upon millions of dollars to secure their own salaries, bonuses, pensions and perks. The obscene thing is that bankruptcy judges and Congress allow...
...PBGC lists of deadbeat pension funds served another purpose. They were an early-warning sign of companies in trouble--a sign often ignored or denied by the companies themselves. "Somehow, if companies are making progress toward an objective that's consistent with [the PBGC's], then I think it's counterproductive to be exposed on this public listing," complained Gary Millenbruch, executive vice president of Bethlehem Steel, a perennial favorite...
Time proved Millenbruch wrong. The early warnings about Bethlehem's pension liabilities turned out to be right on target. Bethlehem Steel eventually filed for bankruptcy, and the PBGC took over its pension plans--which were short $3.7 billion. The company, once America's second largest steelmaker, no longer exists. In the Top 50 pension deadbeats of 1990, the PBGC reported that the funds of Pan Am Corp., operator of what was once the premier global airline, had only one-third of the assets needed to pay its promised pensions. Pan Am does not exist today...