As Traditional Plans Decline, Workers Face a Less Certain Future
Sean Schuback, a 15-year veteran of Verizon, arrived at work one morning last December to unsettling news: A company e-mail sent the night before announced that the telecommunications giant was freezing its pension plan.In a instant, Schuback, 33, who joined the company as a phone operator right out of high school, saw the $469,286 pension payout he was told he could receive by working another 15 years sliced to $245,494, where it would stay no matter how many more years he put in.
"When I started, I thought, 'This is just a job for a while,' but the benefits were so good I stayed," said the Eastchester, N.Y., resident, who worked his way up to a managerial position. Now, his plan to retire early at 48 and work part time is dashed. Download entire article in PDF format.
