Your recent article regarding the upcoming negotiations between the IAM union and Boeing mentioned that many members wanted to claw back the defined benefit pension to replace the 401k now in place (“As Boeing Machinists contract talks near, union savors new labor power,” The Herald, Nov. 2).
I have never been able to understand opposition to 401(k)s. I am retired from a construction union and have drawn a defined benefit pension since I was 62. My pension was reduced for early retirement, is not adjusted for cost of living, and will end on my death. I may draw more than I put in, but many will not, and so there will be nothing for heirs to inherit from it. A 401(k) in contrast, is owned by the retiree so can keep growing and the balance be inherited. The investments are owner directed so are not subject to fund corruption or company changes. The only reason I can fathom anyone could possibly want a defined benefit plan would be they fear making their own choices.
Roger Matthews
Everett
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