To see more images of the Studebaker plant today, go to http://creativedestruction.se/?page_id=4662.
The pension reform movement gained momentum when the automaker Studebaker, closed its South Bend, Indiana, assembly plant in 1963. Its pension plan was so poorly funded that Studebaker could not pay benefits to all of its employees. 3,600 workers who had reached the retirement age of 60 received full pension benefits, The remaining 7,000 workers received no more than 15 percent of their pension's value, with nearly 3,000 of those workers receiving nothing at all.
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