USA TODAY publishes a NIRS letter to the editor response to the editorial. “It’s unfortunate that USA TODAY’s July 13 editorial pits workers with some hope of retirement against the most vulnerable workers those lacking pensions.”
The editorial implied that “defined benefit” plans no longer exist in the federal government and have evaporated in the private sector. But the Federal Employees Retirement System incorporates a traditional defined benefit pension, as well as a retirement savings plan with an employer match. A survey of CFOs conducted by Towers Perrin indicates that the vast majority of firms with pensions remain committed to these plans.
Read the full published letter here.