Professional negligence.
They had access to actuarial tables, financial experts and world-class corporate planners to match their scope of business.
The States have all that and more, and tend to do worse than private companies.
The big problem, of course, is the promises come due after the people who made them are all dead.
Those big companies weren’t planning on people living as long as they are...how did companies not have the foresight to see that their plan was not sustainable?
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My grandparents lived into their very late 90s, and maternal grgrand mother lived into her very late 90s also.
But their offspring all died much younger. Fr was 57, grandmother was 83, mother was 80. We had 5 generations alive at the same time. Such a thing is common in my family.
I don’t see people living longer today than they did a few generations ago. If you can trace back over 40 generations, and millions CAN, you will see it too.
I don’t buy into the claim of modern generations living longer. Most of us are much weaker than our forefathers. They survived conditions that we’ve never seen.
The fact of the matter is that many of these companies used those retirement funds to make life nice for their big CEO’s, increase their profit margins, and or survive adverse economic upsets such as 8 years of zero’s usurpation, but the cards were falling even during the Clinton years.
Democrats are unhealthy for the entire nation.
Sue the daylights out of those companies. Often times workers were talked into pay cuts, or reduced wages in order to guarantee themselves good retirement benefits.
That money was supposed to be protected to pay those retirement benefits, and weren’t. Don’t let them slide you into I’ll health and poverty.