Page 13 - Contribution Plan News Today

Carefully. if you do it carefully you take age, dependency and need in account and you can get the plan down to defined contribution plan. which is really what you want to do. then you have a welfare component for people who cant help themselves. >> glenn: right. what you are saying -- define pension plan. i put my money in. >> you put your money in. you have a government option there or private option where you have i.r.s. keo or 401(k) or private savings -- >> glenn: they say you cant have a p...

Carefully. if you do it carefully you take age, dependency and need in account and you can get the plan down to defined contribution plan. which is really what you want to do. then you have a welfare component for people who cant help themselves. >> glenn: right. what you are saying -- define pension plan. i put my money in. >> you put your money in. you have a government option there or private option where you have i.r.s. keo or 401(k) or private savings -- >> glenn: they say you cant have a p...

>> im willing to say that that part of the social contract is going to have to be reengineered. >> you are using clever language. this is why people dont trust politicia politicians, including you. reengineer, reform. you mean cut as a way of balancing the budget. thats what you said three times. you want to say it a 4th time? reengineer, reform. >> if you would look, ultimately i believe you can can get better health care in better retirement security if you go to a defined contribution plan. w...

Your next word going to be? >> if you would look ultimately, ultimately i believe you can get better health care and better retirement security if you go to a defined contribution plan. we had this debate in social security a few years ago. now, ultimately we werent victorious. there will be a transition. if you want to say that those under 55, as a transition, are they going to get the same deal as their parents? probably not. but the question is -- >> probably not. so youre probably going to c...

>> im willing to say that that part of the social contract is going to have to be reengineered. listen, people under 55 know that the present system is going bankrupt. >> this is why people dont trust politicians, including you, sir. reengineer, reform. you mean cut social security benefits as a way of balancing the budget. thats what you just said three times. do you want to say it a fourth time? >> no, no, no, no. >> reengineering, reform, whats your next word going to be? >> if you would look...

Funds. they are exempt from this increase. you say that is not fair? >> no. look our approval rating in congress is just a little above taliban right now. we need to do something that members of the congress and federal work force are not on these bonanza plans for retirement. you saw gm just removed their five benefit plans. 39 states have a pension plan which is defined contribution plan and the government employees there pay anywhere from 5-9%. what is being proposed is a step in the right di...