But not all unionized workers have equal access to their employer’s DB plan.
One sticking point in the UAW negotiations is to restore access to company pension plans that had been closed to anyone hired after the union accepted deep concessions in its 2007 contract.
Why employers moved away from traditional pensionsMany employers started making the shift to 401(k) plans and other DC plans in the 1980s.
The PBGC protects pension benefits and continues to pay retirees should their employer or its DB plan become insolvent.
Retirement readiness at risk for millionsSimply having access to a workplace retirement plan isn’t enough to guarantee a secure retirement.
Persons:
“ We’ve, ”, Karen Friedman, That’s, —, Craig Copeland, Copeland, won’t, “, Friedman, nonparticipants, — CNN’s Chris Isidore
Organizations:
New, New York CNN, United Auto Workers, Big Three, Pension, Center, Bureau of Labor Statistics, DB, UAW, General Motors, Chrysler, Congressional Research Service, Research Institute, ”, federal, Guaranty Corp, Workers, Social Security, Vanguard, Security
Locations:
New York