New Majority Project

This story on 3M's decision to move totally out of defined benefit pensions and into defined contribution 401k's, is an incredibly important one. It further signals the wave of the future in employee benefits and responsible corporate governance.

It also reinforces our view here at New Majority that this is the model government at all levels should begin to follow, as both a matter of equity between public and private sector and as a matter of responsible budgeting. Finally, it's a great fit for the modern workforce. Younger workers don't stay in the same jobs or with the same companies for years and years as did their parents. This flexibility, with the ability to carry a 401k from job to job, is incredibly important for young people to begin amassing savings, for retirement or otherwise.