Page 25 - Contribution Plan News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 can't 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 can't have a private -- i love this one. you have can't have a private option because look how much money you wo...

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 can't 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 can't have a private -- i love this one. you have can't have a private option because look how much money you wo...

>> i'm 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 don't trust politicia politicians, including you. reengineer, reform. you mean cut as a way of balancing the budget. that's 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. we had this debate in social security a few years ago. we were victorious and there will be a tran...

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 weren't 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 you're probably going to cut social security benefits and future benefits and you're going to privatize the plan? >> what wi...

>> i'm 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 don't trust politicians, including you, sir. reengineer, reform. you mean cut social security benefits as a way of balancing the budget. that's what you just said three times. do you want to say it a fourth time? >> no, no, no, no. >> reengineering, reform, what's your next word going to be? >> if you would look ultimately, ultimately i believe you can get better health care and better retirement security ...