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For over four decades now, workers have seen their steady, reliable pension payouts replaced by more uncertain returns from 401(k) plans—where employees’ payments are invested in retirement accounts that are vulnerable to the stock market.
But just this month, power workers in Pennsylvania did something that worked—workers at PECO, the electric company for the Philadelphia region and Pennsylvania’s largest electric and natural gas utility, won defined-benefit pensions for 600 newer hires who had been offered 401(k)s, and they won full medical coverage in retirement, Mindy Isser reported for Labor Notes.
Pod co-hosts Danielle Smith and Natascha Elena Uhlmann talk about Mindy’s piece on how they did it.
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