Wednesday, December 07, 2005

More Bah Hum Blog ABC News: After Verizon, Are Pension Freezes on the Way? Just in time for Christmas Verizon yanks management employees' pension and retirement benefits. Scrooge lives in corporate America.
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1 comment:

David Usher said...

Dave said...

Your blog is VERY NICE!! I see you share faith with me in Our Lord, Jesus. Hallelujah!

You posted a comment recently to my posting (davidusher.blogspot.com) about VZ's change in management pension plans. Here's my response.

The immediate and current pain is real for Verizon employees and management, no doubt about that, but how else to maintain a viable company, now realizing some serious competition, in the future? Retirement benefits are not disappearing completely, only the defined benefit portion going forward. The 401(k) portion (defined contribution)of retirement benefits is still available and enhanced.

In the bigger picture, all of us have to take a greater hand in our retirement and health care futures. Because of the mega-changes going on in our world, the once expected 'lifetime security' aspect of living in America and working for a large company is diminshing. Verizon isn't to blame for that. We should be thankful that Verizon has overfunded its pension plans so that its employees are not facing the terrible pain of the airlines and the American auto industry.

Here's another huge issue:
http://davidusher.blogspot.com/2005/12/next-retirement-time-bomb-new-york.html
that we have to face as citizens and taxpayers.

The future is not bright if we go merrily along our way expecting government and large companies to pay for our future security. It can't happen given globalization current deficits and our national debt. While it may be painful and difficult, we need to take responsibility for our own security as best we can.

The politics of all this will be intense in the 2006 and 2008 elections. Democrats will likely promise a rosy future paid for by government (taxes will increase). Republicans will promise less from government and urge citizens who can to prepare themselves financially and have government be in the 'safety net' business for those who can't.

Have a Blessed Christmas!

11:45 AM

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