CTNJ/Opinion: The 401(k) failure is an inconvenient truth

Sal Luciano.

Sal Luciano.

Sal Luciano is Executive Director of Council 4, a union representing 32,000 workers.

Once upon a time, there was retirement security . . .

If that sounds like the opening of a fairy tale, it’s not. More and more, it’s the story a new generation of workers is telling their children about a time when a majority of Americans had retirement pensions.

The fairy tale is, however, becoming a nightmare. In cities and states across the nation, corporate-backed politicians have stepped up efforts to usher in a new era of uncertainty for working class folks — and big profits for Wall Street — by doing away with real pensions and replacing them with risky “defined-contribution” savings plans, like 401(k)s.

To which I say: buyer beware.

Read the full story at CT News Junkie.

One comment

Sue Haynie January 29, 2017 at 6:21 am

Wrong Mr. Luciano, the rest of the working class, taxpaying citizens, who pay for YOUR Defined Benefit plans have no guarantees. Defined Benefit retirement plans are unsustainable.

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