It’s a tactic that infuriates Robert Brown. He understands the union’s reluctance to embrace ABC: they have “nice public-sector DB plans and don’t want to lose them,” he says.
The 14% is an “outlier” number using the example of a worker aged 35, earning $100,000 and making the absolute minimum contribution to the ABC plan.
“It upsets me that policy would be driven by one number: 14%, for a person making stupid decisions along the way, making no other contributions to retirement. The story doesn’t hold water. The union wants to talk the public into believing this is a lousy plan,” says Brown.
The ABC plan offers some solid solutions, Brown says, and is “worthy of intelligent debate.”
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