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  3. Despite ongoing negotiations with its unions, United Airlines has told the bankruptcy court that the "likely result" will be a d

Despite ongoing negotiations with its unions, United Airlines has told the bankruptcy court that the "likely result" will be a d

admin2011-05-29  35
问题     Despite ongoing negotiations with its unions, United Airlines has told the bankruptcy court that the "likely result" will be a decision to terminate all of its pension plans.
    That would precipitate the biggest pension default in history, more than twice the size of the Bethlehem Steel Corporation default in 2002. The move is expected to destabilize the already struggling airline industry, prompting other old-line carriers like Delta to eventually follow suit to maintain competitiveness.
    It would also put additional pressure on the Pension Benefit Guaranty Corporation (PBGC), the federal agency that insures traditional pensions in case companies go belly up. It’s already facing more than a $9 billion shortfall. A default by United would saddle it with an additional $ 8.4 billion in unfunded obligations. If other airlines follow, the PBGC may have to go to Congress and plead for a bailout that some experts say would be bigger than the Savings and Loan debacle of the 1980s.
    More broadly, what all this means is that retirement for US workers just isn’t what it used to be. Forget the gold watch and reliable pension check after 30 years of service. The impact of globalization and competition from low-wage companies that don’t provide benefits has shifted the onus of retirement security from larger firms onto individuals.
    Twenty years ago, 40 percent of American workers were covered by traditional pensions known as defined-benefit plans. Today that number’s dropped to 20 percent. As the Bethlehem Steel and United examples show, even that 20 percent may not be able to count on what they’ve been promised. Currently, about 75 percent of those corporate plazas are underfunded. "There are numerous threats to retirement in the future," says Brad Belt, executive director of the PBGC. "So it’s incumbent on individuals to be well informed, prudent about their investments, and to save accordingly."
    To get a sense of the impact of the pension crisis on individuals, look at what United employees can expect. Pilots, who by law must retire at 60, could see their retirement income cut by 75 percent.
    Betty, who asked that her name not be used, has been flying for United for 26 years. She was expecting to retire with ＄140,000 a year. After the recent round of give-backs, that was cut to ＄90,000. But if United defaults as expected, she’d receive only ＄28,000 from the PBGC. If she waits until 65 to start collecting, she could be eligible for as much ＄44,500 a year.
    Either way, once pilots are forced to leave the cockpit at 60, most will probably look for another job rather than lounge on the golf course. Betty has already started a mediation business on the side. "All of the benefits that I’ d been promised during those 26 years have been erased by corporate American greed," she says. "And yet I can see the big picture. I’ve said for three years that our pensions are history. No matter how many promises, they make us, if the money isn’t there, it isn’t there."
    For the pilots union, which negotiated the pension benefits over the years, often giving up wage increases for better retirement packages, the current situation is infuriating. They see pensions as benefits that are earned, like employee paychecks, not a bonus to be given as long as a company can afford it. "It seems immoral that just because they happen to be in a legal situation, they can walk away from those obligations, "says Steve Derebey, spokesman for Air Line Pilots Association." Why this isn’t a burning, blazing campaign issue is beyond me."
Which of the following is not suggested by the author as far as getting better pre-pared for retirement is concerned?
选项 A、It’s incumbent on individuals to be well informed, prudent about their investments, and to save accordingly.
B、To plead for social support against corporate greed.
C、To start another job on the side.
D、To see the big picture and help yourself.
答案B
解析 作者的建议还是提醒美国公众大的环境已改变，要认清形势(to see the big picture)，认识到退休后的生活幸福与否应该由自己去把握，不要过多指望企业和政府，要清楚掌握情况，明智进行投资，同时拥有充分的积蓄。结合本书中关于目前美国国内提倡的“所有权社会”的文章，可以看到美国目前的退休福利制度也在进行着较大幅度的改革。
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