LAT: Corporate America Pulling Back Pension Safety Net

[DeepModem Mom]

Corporate America Pulling Back Pension Safety Net
By Peter G. Gosselin, Times Staff Writer


....a broadening swath of corporate America is retreating from the safety-net business and is shifting responsibility to employees....

***

Most U.S. companies have accomplished by other means much of what United Airlines did by defaulting on its pension obligations.

Employers of almost 30% of the nation's private sector workforce no longer offer the kind of pension where responsibility for managing retirement money and delivering benefits rests with the company. Instead, these firms make contributions to employees' retirement savings, perhaps through tax-deferred 401(k) accounts, but it's up to individuals to manage the money and suffer the shortfalls if any occur.

Employers of half of the workforce offer no retirement help whatsoever....The number of big company employees (those with 200 or more workers) in line for retiree health benefits has plunged from 66% in 1988 to 36% last year, according to the Kaiser Family Foundation, a nonpartisan health research group in Menlo Park, Calif. With health insurance rates for current employees posting double-digit jumps, employers have shaved an estimated 5 million workers from their insured rolls since 2001. And they have passed along many of the recent cost increases by nearly doubling the amount — to $222 a month — that employees must kick in for a typical family plan, according to Kaiser.

In addition, some companies have turned to health savings accounts. These were proposed by the president and approved by Congress in late 2003 and became available last summer. They have some of the same characteristics as 401(k) accounts in limiting firms' responsibilities and leaving it up to individuals to manage the money in them....


http://www.latimes.com/news/nationworld/nation/la-na-risk15may15,0,3263336.story?coll=la-home-headlines

[sam sarrha]

1. It is now necessary now for all Corporations to compete with those who hav

[AuntiBush]

2. There ya go. The "HAVE-MORES" - Chimp's BASE.

Anyone supporting this bunch needs to get their heads examined.

[bpilgrim]

3. why not, the trend is certainly there and their boyz got the helm

i hope i can work through my eighties

peace

[EVDebs]

8. Just pray you don't need medical help and have SS ! n/t

[mike_c]

4. kick-- this is one of the symptoms of conversion to a wage slave...

...economy throughout the U.S. work force, and the creation of a new class based society, in which corporate officers occupy the top eschelons and reap disproportionate benefits, paid for with the labor of everyone else. It's a pyramid scheme writ large.

[reprobate]

6. The big question: Where is the tipping point?

Someone up forum was talking of a second civil war. I see it more as a class war that will get violent. It's happened every time the 'nobility' got so autocratic and greedy that the rest of the population was left with nothing.

The French Revolution was triggered by the high cost of bread. Wonder what OUR trigger will be. And who will be OUR Robespierre? Certainly not one of our current Democrat leadership.

[Coastie for Truth]

10. Is this the append you meant

<>

with the flag of the - roughly Northern California, Oregon, Washington, British Columbia.

[reprobate]

21. Perfect. Thank you. Where can i join up? ?

[Coastie for Truth]

22. I think its a souvenir thing in the Cascade Mountains

But the "State of Jefferson" got as far as petitioning to secede from California and Oregon (I think it had to do with highway money) until WW2 ended it.

[Daphne08]

13. NOT if they know anything of French history.

:P

[Starfury]

15. "Wonder what OUR trigger will be."

Gasoline, IMO. That's something that all Americans have to notice everytime they refill their car.

Take a look at the correlation between gas prices and Bush's approval ratings:

[reprobate]

20. Corellation? Try clone.

[whistle]

5. Corporate America is reneging on its agreements in the name

...of profits. I say, fuck'em! Don't buy American and certainly don't work for American corporations which pull these kind of stunts.

[Rex]

7. It becomes official - Corporate America

tell American workers to eat shit and die.

[FlemingsGhost]

9. When are American workers going to stand up for themselves?

When is enough, enough?

Are Americans really that terrified?

Fools.

[Coastie for Truth]

11. After GM defaults on its Pension and Retiree Health Plans. N/T

[moondust]

12. Aren't they investing the pension funds in the stock market?

George says that will fix everything.

[bvar22]

14. Meanwhile, salaries, benefits, and perks for TOP Execs...

...have gone through the roof. Life is GOOD under the Republicans if YOU are in the top 1%.

Any lurking Republicans, please explain to me how you can vote for giving MORE of YOUR money to the people who run your party????

[yorkiemommie1]

16. GOP sez:

it's OURS! WE want it ALL!!!!!!!

that's what i'm getting from all this.

[Deja Q]

17. Let's spread the word and wake people up. And organize.

Peak oil is one thing but those who created the problem now want us to die in agony for them.

No fuckin' thanks.

[tedoll78]

18. I don't know what more to say.

Just when the anger of 11/2/4 is about to fade, something else new comes-along and renews it. I have no pity for those who voted for the Chimp and are now having this inflicted-upon them. If they don't like it, tough shit.. in effect, they voted for this. They voted for the big corporate c*ck to be shoved in a bit deeper and harder. Waah, indeed.

To the 48% of the population that didn't vote for this.. my condolences.

[lovuian]

19. Well they can get away with it now but when they have labor

shortages I can guarantee the Labor is going to go where they get good benefits!!!