American business is turning its back on the defined benefit pension system. They're basically leaving the employees who built these companies in the dust.
More Quotes from John Hotz:
Certainly, if the market remains volatile, and we see enough of these Enron-like situations, where people are retiring into poverty, then we're going to see the climate shift. A lot of people were hoping to retire at 45 or 50 before the market downturn. Now, they have to work another 10 to 15 years. Those years have been taken away from them.John Hotz
It's important to understand the formula under which your benefits would be calculated.
John Hotz
Obviously, diversification is key, particularly when it's your only source of retirement income.
John Hotz
The whole idea with employer equity in these plans is when times are good, everybody loves it, but when times are bad, they hate it.
John Hotz
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