This is from Yahoo News:
Once upon a time, Americans graduated from high school or college and entered the workforce, typically working for the same employer for a very long time. These jobs offered more than just a reliable paycheck -- they also promised retirement income for life, thanks to company-funded pensions.
In the heyday of pensions in 1980, roughly 38% of workers had one. And though pensions remain relatively common in the public sector (government jobs), pensions have largely disappeared in the private sector. Their return appears unlikely.
Only 18% of private-sector workers had access to a pension in 2017, and just 15% participated in one, according to the Bureau of Labor Statistics. Over time, the number of private-sector workers who have access to a pension is largely expected to trend toward zero.
This is from CBS from Tuesday, October 8:
General Electric announced it will freeze the pensions of 20,000 U.S. salaried workers, a measure designed to reduce its pension deficit and trim debt. The move will shave GE's pension deficit by as much as $8 billion and its net debt by as much as $6 billion.
Like other corporations, GE has been phasing out its pension amid a push toward self-directed retirement plans such as 401(k)s. GE said it hasn't allowed new workers into its pension plan since 2012.
Please look at the reduction in TDA interest from 8.25 percent to 7 percent for NYC teachers and the passage of Tier VI for NYS government employees in 2012 in the context of this anti-worker world we live in.
If the business leaders finish off defined benefits pensions in the private sector, do you think the powers that be will stop? They will come after our pensions in the public sector. Anonymous comments blaming the UFT leadership for everything and dropping your union dues will not help.
Please recall that unions, including ours, led the highly successful campaign in 2017 against the Constitutional Convention which could have put our pensions in jeopardy. Protecting defined benefit pensions is important.
Tier VI is terrible compared to tiers I to V but it is better than nothing. To get actual improvements for the Tier VI teachers, we have to fight collectively as a much stronger union. If we do not, we will not make gains and eventually we could lose our defined benefits pension like they have in the private sector.