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Unformatted text preview: es totaling a staggering $13 billion.
Further down the list, we see representatives from the other smokestack industries: automobiles (Fo rd (NYSE: F ) ), steel
(AK Steel (NYSE: AKS ) ), and chemicals (W.R. Grace (NYSE: GRA ) ).
What all these companies have in common, of course, is that they date from the era of the old social contract: You give
your employer the best years of your life, and in return for your loyalty, and for taking a lower wage than you could have
earned elsewhere, your employer will provide you a decent pension in your golden years.
As the wife of one Bethlehem Steel employee put it: "We devoted our entire lives to this moment" when she and her
husband could retire.
www.fool.com/per sonal- finance/r etir ement/2005/07/15/your - incr edible- vanishing - pension.aspx 1/2 5/30/13 Your Incr edible Vanishing Pension And there' s the rub. Just when the workers thought they were about to retire, Bethlehem reneged on its end of the deal.
Workers who were just a few years, months, or even weeks away from their 30th anniversary found that the P BGC had
shifted the goalposts.
Only yo u can rule yo ur retirement
Now every story needs a moral, and this one is no exception: T...
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This note was uploaded on 04/04/2014 for the course RMI 2101 taught by Professor Gary during the Fall '10 term at Temple.
- Fall '10