Tag Archive for Class Warfare

The Terrible Public Pension Threat

It’s time for a class war over public union pensions… Despite defined benefit (DB) pensions, like the ones public employees get, being more economically efficient and offering better returns, private employers have mostly switched to 401(k) plans, or defined contribution (DC) plans, because they’re cheaper. Between 1979 and 2001, the portion of the workforce covered by defined benefit pensions dropped by half. By 2008, only 20 percent of private workers had such a pension.