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Original publisher: Washington : U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O., 2005. LC Number: KF26 .L27 2005e OCLC Number: (OCoLC)61836043 Subject: Old age pensions -- United States -- Forecasting. Excerpt: ... 11 In the world that we have today where we need to make these changes to be able to compete, then the rules need to be flexible enough so that we can make some of these changes to our DB plans, and either the rules need to be flexible or when a new idea comes up we need rules that can change, so that Congress can be responsive and quickly change to some of the new ideas. So those are some of the things I think would be valuable to en-able DB plans to change for the workforce of tomorrow. The C. Thank you. HAIRMAN Mr. Trumka. STATEMENT OF RICHARD TRUMKA, SECRETARY-TREASURER, AFL-CIO Mr. T. Thank you, Mr. Chairman. I think it bears worth RUMKA stating at the beginning that pension and pension security cannot be addressed in a vacuum, that all the other policies that we are dealing with or all the other challenges that we are seeing in the country affect dramatically workers ' pension plans and savings. And I will refer to things like the budget deficit, the trade deficit, outsourcing, the stagnation of wages. All of those things affect, one, the ability of companies to provide pensions and two, the ability of workers to force savings or to have savings. Having said that and restating the obvious, I guess I would say the following. Unless there is a change in current policies and the current business environment, some retirement plan trends will continue. The share of private sector workers participating in de-fined benefit plans will continue to decline following a quarter cen-tury trend. In 1979 we had 39 percent of workers who had a de-fined benefit plan. Today it is only 21 percent. Retirement plan participation will likely remain flat at 50 percent of the workforce as it has over the past 2 decades, and participation has remained flat
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Private-sector retirement savings plans: what does the future hold?: joint hearing of the Committee on Health, Education, Labor
Bokrecensioner » Private-sector retirement savings plans: what does the future hold?: joint hearing of the Committee on Health, Education, Labor
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