Retirement Plan Shift Is Creating a Generation of Workers Unable to Retire
CBS MoneyWatchBy Steve Vernon | CBS MoneyWatch – Fri, Nov 9, 2012 3:55 PM EST
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We can no longer afford to ignore the long-term consequences of short-term thinking about our retirement programs.
Yahoo! Finance/Thinkstock – We can no longer afford to ignore the long-term consequences of short-term thinking about our retirement programs.
Large U.S. employers continue to eliminate traditional pension plans that pay retired workers a monthly lifetime pension in favor of defined contribution and hybrid plans that offer lump-sum payments at retirement, according to a recent survey HR consulting firm Towers Watson.
Among Fortune 1000 companies, only 11 percent still offer a traditional pension plan to newly hired salaried workers, down from 14 percent in 2011 and continuing a long slide from 90 percent in 1985. Conversely, in 1985 only 10 percent…
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