Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds - News Today in World

Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds

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Title : Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds
link : Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds

news-today.world | The US pension system has gotten so bad, Congress is actually planning for its failure.

As the government was working on the recent, new budget deal and subsequent boost in government spending, Congress quietly snuck in a provision that forms a committee which would use federal funds to bail out as many as 200 “multi-employer” pension plans – where employers and labor unions jointly provide retirement benefits to employees.

As is often the case, this rescue “plan” is too little too late. The US pension system is beyond repair. And if you’re depending on pension income to carry you through retirement, it’s time to consider a Plan B.

Before explaining how dire the situation actually is, let’s take a step back...

Pensions are simply giant pools of capital used to pay out retirement benefits to workers. Typically, employers and employees contribute a percentage of the employees’ salary to a pension throughout his or her career. Then, upon retirement, the pension is supposed to pay a fixed, monthly amount to the retiree.

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