It’s 2005, do you know where your pension is? Since a Chicago court approved United Airlines’ request to terminate its employee pension plans, the once secure road to retirement just took a turn for the worse.
This isn’t the first time pension plans have been in the spotlight –years ago the steel industry cut benefits as a way to avoid bankruptcy, and many believe that the automotive industry is next in line to do the same.
United is the largest pension default in the nation’s history, and some say it spells the end of employer support for retirement. As long as companies are allowed to break faith with their workers and renege on pension promises, more and more Americans are going to have to go it alone when it comes to retirement.
Guests:
Elizabeth Warren, Professor at Harvard Law School and author of “All Your Worth: The Ultimate Lifetime Money Plan”
Jeff Heisey, Flight Attendant for United Airlines, and member of the Association of Flight Attendants (AFA)
and TBA.