WorldTraveler
Corn Field
- Dec 5, 2003
- 21,709
- 10,662
- Banned
- #46
yes, I understand the concept of how 401Ks work and the issue is about your use of the term "pension" to mean exclusively DB plans.
And, once again, you are being excessively restrictive in your use of the term "Pension" which does include DC plans which themselves include IRAs, 401Ks, and profit sharing plans.
You cannot use popular terminology and then incorrectly use it to exclude classes of benefits that the government has specifically said do belong in that class.
If you want to call DB plans, pensions, that is fine but you can't then turn around and say that pensions does not include DC plans because the US government and others say they do.
And lest you think DB plans are so secure, why you don't talk to thousands of airline employees - esp. pilots - who lost significant amounts when their DB plans were terminated and turned over to the government.
Many higher paid ground employees including mechanics have exceeded the limits the PBGC has established.
There are municipal and other government workers that are losing money in DB plans as well.
It also doesn't change that DB plans are being replaced by DC plans throughout the US.
And, once again, you are being excessively restrictive in your use of the term "Pension" which does include DC plans which themselves include IRAs, 401Ks, and profit sharing plans.
You cannot use popular terminology and then incorrectly use it to exclude classes of benefits that the government has specifically said do belong in that class.
If you want to call DB plans, pensions, that is fine but you can't then turn around and say that pensions does not include DC plans because the US government and others say they do.
And lest you think DB plans are so secure, why you don't talk to thousands of airline employees - esp. pilots - who lost significant amounts when their DB plans were terminated and turned over to the government.
Many higher paid ground employees including mechanics have exceeded the limits the PBGC has established.
There are municipal and other government workers that are losing money in DB plans as well.
It also doesn't change that DB plans are being replaced by DC plans throughout the US.