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May 26, 2005
Defined Benefit Plans Hinder SS Reform
One of the difficulties facing those who wish to see Social Security reformed is the fact that while it remains by far the largest defined benefit retirement plan in the nation, it is by no means the only one. The existence of other defined benefit retirement plans provides critics of reform with tangible examples of alternative (though economically nonsensical) approaches to retirement planning. Media coverage of the lengths to which private firms have been compelled to go in order to address their chronically underfunded defined benefit pension plans has adopted a righteous tone that is entirely out of step with reality. The issue is not that the management of firms with defined benefit plans is or has been corrupt, but that these plans make no economic sense. Defined benefit plans are a lottery ticket, live long enough and you come out a winner, but if an accident or illness should strike you down early in your retirement, you are twice a loser. Future beneficiaries of Social Security, as well as those of state and municipal retirement plans (which are horrendously underfunded) and those of the few remaining defined benefit plans in the private sector must be apprised of the fact that the most secure retirement plan is one that delivers the money upfront.
Posted by Audi Partem Alteram at May 26, 2005 12:23 PM
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