A DB is bad for workers, bad for the company. One the company becomes a slave to the arcane ERISA rules which distorts its balance sheet. Two workers becomes slaves to the company because every time the company gets in financial trouble and wants concessions, they wave the “bankruptcy” banner and say, "Your pension plan is at risk (because DB’s can be handed over to the PBGC in bankruptcy) If you notice the American Airline pilots controlled their own destiny in bankruptcy because they had a defined contribution pension (money in you own account) rather than other airlines where the employees were along for the ride with DBs. When the company waves the bankruptcy flag, employees with DC plans say, “knock yourself out.” The IAM would do well to establish a DC with a 15% of gross contribution on a monthly basis to each workers account. DB pensions are pernicious to all involved. .
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