New Video Explains the Facts About Defined Benefit Pension Plans
Updated On: Aug 16, 2018
Defined benefit plans were created to assure that after a career serving the public and risking their lives for others, fire fighters had secure, stable and dependable retirement income. Public employees -- including fire fighters -- have frequently forfeited pay raises to improve and protect their retirement benefits. Employees earn less during their careers, but receive good pension benefits that are guaranteed. This guarantee protects employees and family members in their retirement years. Equally important, the accidental disability provisions unique to defined benefit programs are essential for public safety employees who risk their lives every day saving others.
Defined benefit retirement plans are vital to retaining experienced and qualified workers, yet many local and state politicians consider public employee pensions overly generous and are calling for pension "reform" designed to completely eliminate defined benefit plans.
It is time that the truth is told about defined benefit pension plans.