Teresa Heinz Kerry: Playing Roulette with Retirement

[kerrygoddess]

Teresa Heinz Kerry: Playing Roulette with Retirement
September 1st, 2006 @ 8:19 am

Teresa Heinz Kerry speaks out in an OP/ED, on retirement benefits and Bush’s lack of concern in solving the long-term problem of retirement security:

Playing roulette with retirement
By Teresa Heinz Kerry and Jeffrey R. Lewis | September 1, 2006

PENSION LEGISLATION recently signed by President Bush may, thankfully, help ensure that workers currently covered by pension agreements with their employers get the checks they were promised — at minimal cost to the American taxpayer. Unfortunately, it does nothing to reverse the larger, more ominous trend: that of employers walking away from traditional “defined-benefit” pensions. Congress and the president have taken steps to resolve the immediate crisis, but the long-term problem of retirement security remains.

Not everyone is upset that defined-benefit pensions are rapidly becoming a mirage. In the corner offices occupied by senior corporate executives, this latest retreat from company loyalty is considered good business — another way to pump up profits. Among middle-class families, the reception should be less joyous, as it means a less secure retirement for millions of people.

MORE - http://blog.thedemocraticdaily.com/?p=4050

[wisteria]

1. She is absolutely correct. Any pension plan which relies on the

markets to secure people's comfortable retirements is a gamble that we should not be willing to undertake. Like the suggestions regarding changes in Social Security retirement benefits, there is no accurate way to determine if they will ultimately provide what they set out to do-provide a reliable,safely predicable and secure payout. She is also correct when suggesting that what needs to be discussed is a plan that works for both workers and corporations. Perhaps, tax incentives for corporations that continue or begin to provide traditional pension plans backed up with legislation that holds these companies accountable for doing just that, In other words, if they intend to take advantage of the tax cuts they have to follow strict guidelines governing their workers pension plan coverage. I for one, wouldn't object to tax breaks for corporations that provide secure retirement benefits to their employees. One way or another, our government will have to get involved in this debate. One way or another it will cost our government money and the problem is not going to go away- not with many of us baby boomer's reaching retirement age. (some faster then others, LOL)