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Date Posted: 19:55:32 05/12/09 Tue
Author: Bob
Subject: forum: a brief history of retirement

[*] 1636: Plymouth enacts 1st pension law for colonists injured while fighting the Indians.
[*] 1862: Civil War leads to 1st full-fledged pension system for war veterans. [*] 1875: American Express Company debuts private pension plan. [*] 1889: German chancellor Otto von Bismarck institutes 1st national pension system. [*] 1919: About 15% of total workforce and 75% of railroad workers are covered by a pension plan. [*] 1929-1934: Number of pensioners skyrockets as employers force workers into retirement during Great Depression and 1 in 5 companies limits pension benefits or gets rid of them altogether. [*] 1934: Average monthly pension is $14.34.
[*] 1935: Social Security created, designed to pay maximum of $30 per month. [*] 1945: 12% of workers covered by employer-based pensions. [*] 1950: General Motors creates pension scheme that includes equity investments---a precursor to 401(k).
[*] 1960: 41% of workers covered by employer-based pensions. [*] 1964: Studebaker auto plant in South Bend shuts down as company collapses; 2,900 workers' benefits wiped out in 1st major pension meltdown.
[*] 1974: Employee Retirement Income Security Act (ERISA) established Pension Benefit Guarantee Corporation (PBGC) to protect pensioners if their company fails. [*] 1978: bankruptcy code revised to let companies evade pension liabilities when they go Chapter 11; more than 1,600 firms will use this "pension dumping" loophole over next 30 years. [*] 1981: IRS rules that employers can stop contributing to PBGC if they set up a 401(k). [*] 1983: 12% of workers have 401(k)s and other "defined contribution" plans. more later.

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