Pension Pains: ERISA... What did it do to your pension?

摘要

We have all been reading about the losses suffered by employees in the air carrier business and others as a result of bankruptcies and the termination of their pensions. Here is a brief discussion of what's been going on. In the old days when you went to work for a large air carrier or any other company for that matter, they usually had available what is now called a defined benefit plan. That is, if you worked long enough, and participated in the plan, you received a specific amount of money every month after you retired. All you had to do was hang in and stay alive until a certain age and you got paid a reasonable amount, that, when added to your Social Security, provided a modest income during your sunshine years.