Pension Plans Under Attack

Some of us have been following the fates of the American auto industry. One of the great unknowns is what happens to the pensions of retirees, particularly if you're a GM retiree.

Let it be known here that the auto industry retirees are not alone in their plight. Yesterday, Bloomberg reported that Molson Coors is slashing a key pension benefit. Retirees who gave their life's blood to make beer will no longer get their 864 free beers they have been getting each year. Beginning January 1, 2010, retirees will get only 12 beers each month free. That's right, not even one per day.

The real bombshell: "In five years, the retirees won’t get any free beer from the Denver-based company."

You read that correctly. No more free beer for retirees. One employee, who asked to remain anonymous, was quoted as saying "why would I bother to work for M-C anymore? I mean, Coors beer isn't really worth buying."