Stock market values have collapsed 20% this year compared to last. Many 401K and defined contribution pension plans have retirement benefits, or some portion, pegged to stock values. When those plans start registering their stock losses, there will be some decline in pension benefits for some segment of retireees. As that takes place that demographic will make adjustments including reduced spending in some areas. While that will be somewhat deflationary, it will also support an advancing recession. Together that could complicate some expected additional Fed Reserve rate increase(s). Its all a hot mess. In 2009, my Pension benefit lost $400+...