No Pension, No Security

No Pension, No Security


Using a carrot rather than a stick approach, traditional pensions encourage workers to retire after they reach a certain age, allowing employers to structure compensation to reflect the obsolescence of skills and potential physical and cognitive limitations associated with aging. But the advantages of defined benefit pensions appear to have been forgotten in the headlong rush to replace pensions with 401(k) plans, which shift retirement costs and risks onto workers.

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