With the number of retirees set to steadily increase in the upcoming years, issues surrounding pension benefits are sure to be on the minds of many across the nation.
On Wednesday morning, Josh Gotbaum, Director of the Pension Benefit Guaranty Corp (PBGC), tackled the topic with his discussion entitled "Retirement Crisis for Baby Boomers, Need for Better Pensions," at Washington, D.C.'s National Press Club.
Using American Airlines' pensions as an example, Gotbaum spoke on his group's efforts to protect the nation's pensions. American Airlines filed bankruptcy late last year, which could have put the pensions of 130,000 in danger. PBGC pressured the company to keep its pension commitments.
Gotbaum also discussed retirement security and the need for flexibility to design 21st-century pension options to allow better fits for modern employers and workers. Following his speech, he took questions from the media.
PBGC is a government agency that provides retirement services to more than 44 million American workers in more than 27,500 private-sector defined benefit pension plans.