This article was published by The McAlvany Intelligence Advisor on Monday, September 7, 2015:
Think of it this way: a pension plan is a system or program whereby promises are made to beneficiaries based upon contributions made to the plan by those beneficiaries and by the plan sponsor, either a local or state government or a private entity, company, or corporation. The assumptions are that the monies will be invested carefully, prudently, and wisely until they are needed. For those services the plan sponsors take a fee.
A welfare state is