The End Of Pensions 62
By Kunal Kumar Kundu MUMBAI - Globally, clinical research - the business of testing new medications for safety and efficacy in human patients to gain...
In Re: The End Of Pensions on Thu, 12 May 2005 03:42:49 GMT, by Talkin Horse, we read:
While called a benefit the defined benefit was sold to employees as a program of delayed wages plus interest to be received usually upon retirement. It was an inducement program that allowed corporations to pay less than the advertised amount.
The defined benefit was a program to put a percentage of employee wages off into the future in the form of a pension. Over the years some retirees have received their past wages while others have not. As such programs were not totally funded and secured, it was predictable that failures would occur.
The defined contribution is just another shakey inducement scam. In this case the employee volunteers to forego part of his wages and have them put into a market account for a future payout. Of course the employee doesn't get to play with his money in the meantime and there is no guarantee that he'll ever get more than the principal. Its essentially the same scam as promoted in the recent Social Security reforms.
Driving all of this are mbuttive amounts of money for Wall Street players, tax incentives and fund managers.
Demand payment for work in gold and silver coin. No Withholding. No deferrals. No benefits. No BS.