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A tale of the prichard (AL) pension program

Authors
  • Chang, Semoon1
  • 1 University of South Alabama, Department of Econonics, Alabama, 36688, USA , Alabama (United States)
Type
Published Article
Journal
Pensions: An International Journal
Publisher
Palgrave Macmillan UK
Publication Date
May 28, 2012
Volume
17
Issue
2
Pages
112–120
Identifiers
DOI: 10.1057/pm.2012.11
Source
Springer Nature
Keywords
License
Yellow

Abstract

On 22 December 2010, The New York Times reported that ‘Prichard did something that pension experts say they have never seen before: it stopped sending monthly pension checks to its 150 retired workers’. Prichard is a small city in southwest Alabama. Thirty-five per cent of Prichard residents live below the poverty level, and 85 per cent are African-Americans. This article introduces the progression of the Prichard pension from its inception to the unprecedented temporary halt in payment and then resumption of payment in reduced amount.

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