{"id":9192,"date":"2012-06-05T07:44:12","date_gmt":"2012-06-05T11:44:12","guid":{"rendered":"http:\/\/stateimpact.npr.org\/new-hampshire\/?p=9192"},"modified":"2012-06-05T18:04:57","modified_gmt":"2012-06-05T22:04:57","slug":"pension-reform-an-introduction","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/new-hampshire\/2012\/06\/05\/pension-reform-an-introduction\/","title":{"rendered":"Pension Reform: An Introduction"},"content":{"rendered":"

Last week the House and Senate failed to agree even to create a commission to make recommendations regarding pension reform. As I set out to write this piece<\/a>, I found the different plans and their costs and benefits pretty confusing. Before I could get myth-busting, I needed to learn the basics. I thought I’d lay them out here, with a few personal anecdotes.<\/p>\n

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Heart Industry<\/p>

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For much of his adult life, my Grandpa Tom \u2014 who would be 95 were he alive today \u2014 worked as an glass engineer for Fletcher Terry, a glass cutter manufacturing company still in operation in central Connecticut. Part of his employment benefits included a pension, which he and my grandmother lived on after he retired. His pension was of the \u201cdefined benefit plan\u201d sort, which means that a part of his wages were invested, along with all of Fletcher Terry\u2019s other employees\u2019 wages, in a fund that would pay a guaranteed pension upon retirement. My mother doesn\u2019t remember her father or mother ever worrying about their retirement income. As far as they were concerned, the money was already in the bank.<\/p>\n

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