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Where in the present distressed economy are there new corporate employment contacts that include defined benefit plans? The old name is a pension. In the corporate world, IRAs and 401 K are common. The dinosaur companies that accepted union contracts with future defined benefit obligations are out of business, either escaped offshore or are hanging on by their fingernails.
Why should government employees have a privileged position, when the realities of further municipal bankruptcies are growing daily? It seems that Governor Brown forgets his own rhetoric.
Originally posted by samkent
reply to post by AQuestion
Everything you said goes against what I have heard.
Be that as it may.
I have felt for years they should do away with pension plans in favor of IRAs and 401Ks.
That way you really do get the money not a promise. And every few months you get a statement showing you what you are worth in retirement. You then know how much harder you need to work.