Page 818 - Pensions News Today

Retirement account. those people are the test subjects in americas three decade experiment in funding requirement privately. out with the pensions and in with the 401(k)s. that experiment is failing. >> 401(k) plans really place the burden on the individual participant to have an adequate retirement. and the vast majority of ordinary people dont know how to do that, its a very complex task. >> many americans over the age of 65 are struggling to make ends meet, even with social security benefits....

Those people are the test subjects in americas three decade experiment in funding requirement privately. out with the pensions and in with the 401(k)s. that experiment is failing. >> 401(k) plans really place the burden on the individual participant to have an adequate retirement. and the vast majority of ordinary people dont know how to do that, its a very complex task. >> many americans over the age of 65 are struggling to make ends meet, even with social security benefits. >> gloria hobbs say...

For their entire income. its not like theyre getting rich from this. its $1,200, $1,300 a month, basically. >> if youre looking at a congress that refuses to face the fact that the pension system in this country is being eroded very rapidly. you saw governors all over the country, attacking public employees pensions, youve seen companies go into bankruptcy. i fly back and forth on united. and i have flown almost 4 million miles. and all the flight attendants who are over 40 years old are talking...

And you get health insurance, youre going to want to keep it. so, this has big political consequences as well as life and death consequences for literally millions of americans. on their public website, that florida think tank has been touting the early troubles of signing up for obama care. look. "the obama care exchanges are on track for monumental failure if current enrollment trends continue." at the same time, on the website they would like to be less famous for, they are asking people to p...

On their public website, that florida think tank has been touting the early troubles of signing up for obama care. look. "the obama care exchanges are on track for monumental failure if current enrollment trends continue." at the same time, on the website they would like to be less famous for, they are asking people to pledge to do not enroll in health insurance under that program. so, the diagnosis is that everything is terrible. the diagnosis is that in there in their publicly available inform...

Death consequences for literally millions of americans. on their public website, that florida think tank has been touting the early troubles of signing up for obama care. look. "the obama care exchanges are on track for monumental failure if current enrollment trends continue." at the same time, on the website they would like to be less famous for, they are asking people to pledge to do not enroll in health insurance under that program. so, the diagnosis is that everything is terrible. the diagn...

None of that was happening. >> if you take him at his word and say look at the record, he would say i have pushed for tax cuts. they argue that what he did on public employee pensions is the equivalent of what obama should have been doing on entitlements in washington. he cut spending so he can say hes a smaller government within the context of new jersey. its quite willingly dealt with the democrats to get things done as opposed to the way the president worked with the republicans in washington...

Staffing was reduced by 30%. 36 firefighters were laid off in 2011 alone. retirement and insurance benefits were slashed, and now these firemen face an uncertain future. >> how hard is that? here you are living on your income, and you know exactly how much you have to spend. and then suddenly thats cut by 25%. >> i worry about whether or not i can afford another baby. and its not about affording diapers and wipes and shoes and stuff. its about the bill from the hospital to actually have the baby...

Even though hope is really not fair, but we still have to keep hoping. >> reporter: then theres the issue of bankruptcy. the city is applying for a process that could dramatically cut the value of hard-earned pensions for thousands of retirees. even precious pieces of detroits institute of art could be put up for sale to the highest bidder, to help make up for more than $18 billion in debt. >> as an elected official, you know, you represent this city. you grew up here. how do you cope, how do yo...

>> stockton became the largest city in the country to start bankruptcy proceedings. >> the largest american city ever to file for bankruptcy. >> municipal bankruptcy, or chapter 9, can be broken down into three parts, the good, the bad, and the ugly. first the good. bankruptcy allows a city to restructure their debt while ensuring the most basic city services can continue. it lets the city renegotiate union contracts, pensions, and benefits, a huge relief to any city struggling under the weight ...