WASHINGTON -- Despite the publicity surrounding cash balance pension plans, most people haven't even heard of them, according to a new survey by Third Millennium, a grass-roots advocacy group representing generation X-ers on retirement issues. But of those who have heard of them, more than twice as many view them positively as those who have a negative impression.
In Third Millennium's recent poll of 800 randomly selected Americans, 78% respondents had not heard of cash balance plans. But 47% of the respondents who had heard of them have a positive impression, while 20% regard them negatively.
Moreover, the vast majority of respondents consider attributes of cash balance plans very important, namely being able to figure out their account balances and take their retirement money from job to job. But 60% of those surveyed also felt companies do not have the right to stop adding benefits to those already earned, even if the employers provide advance notice of this change.