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#1345811 --- 05/22/12 01:13 AM
401 k versus state pension plan
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Member
Registered: 03/10/12
Posts: 429
Loc: beneath the Utica Shale
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Colorado went from defined benefit pension plans to 401 k s about nine years ago. Here is an article from 2 days ago. Longtime State Pension Chief Resigns, Calls 401(k) Experiment a 'Failure' http://www.governing.com/blogs/view/longtime-state-pension-chief-resigns.htmlquotes - Public pensions are not the story. The real story is that Americans in general are unprepared for retirement. They typically have no resources to support them if they should become unable to work, let alone sustain them in retirement. The 401(k) experiment is a failure. The social service cost implication of this situation is not being acknowledged and will become a huge burden in the future. Predicting that handing over pension funds to Wall Street turned out to be a failure is about as hard as predicting Christmas will be on Dec 25. Did You Know... About 90% of funds used to pay NYSTRS benefits come from investment returns and employee contributions?
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