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  Public Employee Press

PEP May 2006
Table of Contents
  La Voz

Public Employee Press

The World of Work

Better pensions

Seventy-three percent of union workers have access to traditional pension plans while only 16 percent of non-union workers do, according to 2005 figures.

And while union workers typically have such defined-benefit pensions — federally insured plans that guarantee a monthly payment based on years of service and salary — employees who don’t enjoy union representation are typically covered by 401(k) plans, which don’t offer a guaranteed income and require individuals to manage their own accounts, provided that they’re offered retirement coverage at all.

Increasingly, employers are freezing and phasing out traditional plans. About 90 percent of public employees are covered by traditional pensions.

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