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More Companies Ending Promises for Retirement

This article talks about how more and more companies are freezing pension plans and going to a 401K retirement plan instead. I found this interesting because for my generation, I believe that 401K's are the retirement plan of choice. Pensions while sounding good leave you at the mercy of the companies. I don't think that many who started work in the past 10 years ever expected to receive anything from Social security or pensions. Our retirement is our responsibility, and as such I also believe that the only loyality that they (the companies) should expect from their workers is ... we'll stay and do our best but only until we get a better offer.

I work with payroll and benefits. And I've seen all too often when companies change their medical plans/coverage, the retirees are affected in some way, and almost always to their detrement. Companies don't care, CEO's especially don't give a damn about anything aside from the bottomline.

Some of you who work for "caring" companies might disagree but let me warn you, I used to work for a "caring" company too. And as soon as the CEO is replaced or times get bad, the people getting the pay/benefit cuts are not the upper management.

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