Pension Plan Changes Can Hurt Retirees
Regarding “Congress Derails New Rules on Pensions” (Nov. 14):
As a retiree whose pension benefits were cut almost 50% when the company where I worked for 30 years converted to a cash-balance pension plan, I applaud Congress’ move to stop this flavor of corporate greed.
Every long-term employee needs to understand clearly the risk to his or her future if his or her company ever mentions the words “cash balance.”
We all need to contact our senators and representatives now to tell them to vote down any administration scheme to ease companies’ adoption of these plans without providing the option of the traditional pension to the long-term employees who earned them.
John Biel
Lakewood
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