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Politics : Right Wing Extremist Thread
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To: thames_sider who wrote (6273)3/14/2001 10:41:29 AM
From: Mr. Whist  Read Replies (1) of 59480
 
Re: "Defined benefit pensions are also highly inequitable."

Disagree. They were set up by companies in the '50s and '60s to reward employee loyalty, since the payout generally was based on average annual salary X years of service.

Converting from a defined benefit plan to a cash-balance plan discriminates against older employees, as IBM found out last year.

Cash-balance pension plans are not discriminatory by themselves. What's discriminatory is terminating defined benefit plans in order to set up a cash-balance plan.
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