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Coming Pension War Makes Election Battle Look Tame
Bloomberg Link to more items from this source
[Opinion]
Sept. 27, 2012
"The tax gap isn't the deepest divide in America. The deepest gap is the pension divide, between those few who have a guaranteed cushion in the form of defined-benefit pensions, which promise a fixed annuity at retirement, and those who don't.... Thirty years ago, about 62 percent of American workers were covered by some kind of plan like this. Even then, however, companies routinely siphoned off the funds' surpluses for purposes other than pensions. Pension returns themselves looked modest relative to the incredible interest rates offered in the money market. But federal law prevented workers in private plans from pouring their pension money into tax-deferred vehicles. A defined-benefit pension felt like a prison."

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