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ret5hd

(20,489 posts)

12. Why pensions went away:

Reply to former9thward (Reply #7)

Wed Sep 7, 2022, 01:06 AM

Sep 2022

(memories from a labor law class I took 30 some years ago…so caveats)

Fed law says if a company provides pensions to executives, it must for regular employees also

Tax rates on executives then (70%?) made them want to defer their wages, thus they took less pay immediately, and deferred it thru getting a pension

Regular employees got a pension

Reagan dropped the tax rates

Executives no longer desire to defer their pay, so executive AND regular workers pensions discontinued

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