The Federal Government Gave Up on Retirement Security
Share
[aggregation-styles]
The Atlantic
The Atlantic
The Federal Government Gave Up on Retirement Security
Recently, the U.S. Treasury said that it is perfectly okay for companies to swindle employees out of their pension by offering one-time payments worth less than the pension that those employees are giving up. The Department of Labor, nominally responsible for protecting workers in retirement plans, said nothing. This isn’t the first time the government stood by as American businesses shifted risks onto their employees and retirees. Treasury and Labor, whose decisions shape the retirements of millions of people, have for years been letting companies offer a one-time payment instead of the lifetime pension they committed to.
The scandal is that the one-time payment doesn’t even have to be equal in value to the pension. It can be worth less—in fact, under rules passed by Congress and regulations issued by the Treasury, it usually is.
The scandal is that the one-time payment doesn’t even have to be equal in value to the pension. It can be worth less—in fact, under rules passed by Congress and regulations issued by the Treasury, it usually is.
By Joshua Gotbaum | 30 March 2019
RELATED TOPICS:
Six Secret Service Agents Punished Over Trump Assassination Attempt
News /
4 hours ago
Fresno Teens Arrested in Violent Assaults That Injured Two Men, Including Elderly Victim
Crime /
4 hours ago
Wonderful Co. Has a New Face Promoting Pistachios: MVP Josh Allen
Sports /
5 hours ago
Valley Crime Stoppers’ Most Wanted Person of the Day: Francisco Salvador Zuniga
Crime /
5 hours ago
Fire Damages Donations at Fresno Mission Thrift Store
Latest /
5 hours ago
Oil Falls Amid Bearish Trump Tariff Outlook
News /
6 hours ago
State Department Says Reorganization Plan Moving to Implementation
Latest /
7 hours ago
Fresno Suspect Caught After Jumping Out of Second-Floor Window, 2 Others Arrested
Crime /
7 hours ago
Some of Iran’s Enriched Uranium Survived Attacks, Israeli Official Says
WASHINGTON — Israel has concluded that some of Iran’s underground stockpile of near-bomb-grade enriched uranium survived American and Israel...
World /
3 hours ago
Categories
Latest
Videos

World /
3 hours ago
Some of Iran’s Enriched Uranium Survived Attacks, Israeli Official Says

Courts /
3 hours ago
Mahmoud Khalil Seeks $20 Million From Trump Administration Over Immigration Arrest

Local /
4 hours ago
Madera County Authorities Seek Public’s Help Finding Next of Kin for Man Who Died in Hospital

News /
4 hours ago
Six Secret Service Agents Punished Over Trump Assassination Attempt

Crime /
4 hours ago
Fresno Teens Arrested in Violent Assaults That Injured Two Men, Including Elderly Victim

Sports /
5 hours ago
Wonderful Co. Has a New Face Promoting Pistachios: MVP Josh Allen

Crime /
5 hours ago
Valley Crime Stoppers’ Most Wanted Person of the Day: Francisco Salvador Zuniga

Latest /
5 hours ago
Fire Damages Donations at Fresno Mission Thrift Store

Business /
10 hours ago