"Our nation’s pension systems are in trouble.
Underfunded with outsized promises to beneficiaries...
There are many facets of this problem and I will focus upon the four distinct groups of defined benefit plan beneficiaries...
- The first, and most obvious, is the Social Security recipient...
- The second is the private sector, non-union employee who was promised a pension after reaching some combination of age and years worked...
- The third group are public employees who typically have a pension fund and promised returns that are politically driven with the expectation that taxpayers will continue to be compelled to pay higher and higher taxes due to the political influence of public employee unions. This system is on the brink of failure in many states like Illinois, and another column will be devoted exclusively to this public policy problem.
- The fourth grouping, which is the primary subject of this column is the pension promise made to private sector union, multi-employer pension plan (MEPP) retirees...
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