A Wall Street journal article in on Friday's front page discusses how big businesses are complainiing that pensions are making them uncompetitive in the market place. It's a very interesting article, in it they discuss items like GM cuts retirement for 42,000 workers, however the retirment plan for the "rank and file" works is flush with cash, "containing $9 billion more than need to meet thier obligations for years to come." Yes thats a 9 followed by 9 zeros.
Accourding to the article, what's hurting them is the executive pensions. That separate program is burdening GM by $1.4 billion and growing. Here's the most interesting quote of the feature "Even as many reduce, freeze, or eliminate pesions for workers-complaining of the costs- their executives are building up even bigger pensions, causing the companies' financial obligations for them to balloon."
It's an interesting article about how executive pensions are growing while the workers shrink. I highly recommend you read it.
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