Classic Mike in the Night! on YT

Classic on YT: Mike in the NIGHT – The Death of the Pension – #pension #mikeinthenight

Private vs. public pensions
The decline of the pension in the private sector is not that surprising. The 401(k) plan, which came about from a law passed in 1978, acts as a very good way for private enterprises to help workers save for retirement while minimizing risks to the employer. Whereas an employer can easily increase or decrease the amount it contributes to its employees’ 401(k) plans each year, it doesn’t have the same ability to change the benefits it promised to workers who are enrolled in a defined benefit pension.

But while pensions are slowly going extinct in the private sector, they remain fairly common in the public sector. Most full-time state and local government workers are enrolled in a defined benefit retirement plan, and public-sector workers are about five times as likely to have access to such a plan.

#pension #mikeinthenight
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