When Bad Things Happen to Good Pensions. Teresa Ghilarducci.
by Ghilarducci, Teresa; ProQuest Information and Learning Company.
Series: SIRS Enduring Issues 2006Article 33Business. Publisher: Dollars & Sense, 2005ISSN: 1522-3191;.Subject(s): Defined benefit pension plans | Defined contribution pension plans | Pension Benefit Guaranty Corporation | Pensions | Social security | Social security -- Forecasting | Social security -- PrivatizationDDC classification: 050 Summary: "February [2005] was a momentous month for American workers' retirement security. Just days after President [George W.] Bush called for the partial privatization of Social security, his administration proposed major modifications to the system that guarantees employer-sponsored defined-benefit pensions. Both initiatives break with longstanding 'insurance' models of old-age income security and accelerate the use of individual accounts. Defined-benefit pensions, like Social Security, provide a modest but steady stream of income for the duration of a retiree's life. Both systems are based on collective risk sharing: they gather premium contributions from populations facing similar risks--such as old age or disability--and provide a guaranteed stream of income to individuals when those risks befall them." (DOLLARS & SENSE) The article examines the administration's proposals for reforming defined-benefit pensions and the Pension Benefit Guaranty Corporation (PBGC) and concludes that "the defined-benefit pension system needs to be strengthened and expanded--not undermined. The president, and officials at the PBGC who are now supporting the president's proposals, are in an awkward position: they are purportedly saving an agency by eliminating its reason to exist."| Item type | Current location | Call number | Status | Date due |
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High School - old - to delete | REF SIRS 2006 Business Article 33 (Browse shelf) | Available |
Articles Contained in SIRS Enduring Issues 2006.
Originally Published: When Bad Things Happen to Good Pensions, May/June 2005; pp. 10+.
"February [2005] was a momentous month for American workers' retirement security. Just days after President [George W.] Bush called for the partial privatization of Social security, his administration proposed major modifications to the system that guarantees employer-sponsored defined-benefit pensions. Both initiatives break with longstanding 'insurance' models of old-age income security and accelerate the use of individual accounts. Defined-benefit pensions, like Social Security, provide a modest but steady stream of income for the duration of a retiree's life. Both systems are based on collective risk sharing: they gather premium contributions from populations facing similar risks--such as old age or disability--and provide a guaranteed stream of income to individuals when those risks befall them." (DOLLARS & SENSE) The article examines the administration's proposals for reforming defined-benefit pensions and the Pension Benefit Guaranty Corporation (PBGC) and concludes that "the defined-benefit pension system needs to be strengthened and expanded--not undermined. The president, and officials at the PBGC who are now supporting the president's proposals, are in an awkward position: they are purportedly saving an agency by eliminating its reason to exist."
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