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NocturnalMorning@lemmy.world 2 days agoOur retirement plans didn’t used to be tied to the stock market. So clearly there’s a way to have retirement plans that don’t tie the entire middle class to the success of every large corporation.
Disaster@sh.itjust.works 2 days ago
Well, there’s the Defined Benefit pension, however typically these pension funds then become institutional investors who seek to own shares in… you guessed it - stocks.
At least those institutional investors are at least somewhat responsive to public pressure campaigns, as the state/local comptrollers are a politically appointed position.
When you give your money to a 401k, the fund manager gets all the voting rights on the corporate board and is generally only accountable to “A reasonable rate of return”