Political Quotes

“Defined benefit pension plans are those retirement savings vehicles made available to employees at the workplace that give them a monthly annuity benefit every month in retirement. It is the retirement cash flow that they cannot outlive. That is what makes pensions so important. That is why, for many of us, we view pensions in the defined benefit context as a superior retirement benefit than the defined contribution 401(k) account where one saves up a little nest egg and hopes it lasts as long as they need it. The defined benefit pension plan guarantees cash flow for life. Agreeing then on the importance of defined benefit pension plans, it is also important to really look at how we are presently regulating them to determine whether we are doing it in an appropriate way. These are voluntary plans by the employer; and if we do not regulate them correctly, the employers will drop them.”