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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (214280)1/13/2003 4:51:11 PM
From: mishedlo  Read Replies (2) of 436258
 
Another Bush screwjob coming.
This to affect pension plans.
UFB and totally disgusting, even by Bush's lowlife standards.

nytimes.com

For example, companies are considering changes to their pension plans that would reduce their financial obligations. One possibility is converting traditional pensions to "cash balance" plans, which are less costly. But such plans have incurred criticism because they can strip older workers of some of the benefits they have been promised.

In December, the Bush administration proposed regulations that would make it easier for companies to change to cash balance plans without setting off age-discrimination suits.

Eliminating the option, which is offered by medium-size companies more often than large corporations, would anger the affected older workers and would be difficult without violating a federal law that prohibits stripping workers of retirement benefits already earned.

The most widely discussed legislative measure would allow companies to use higher rates than they could in the past when making important pension calculations that are sensitive to interest rates. Allowing the higher rates to be used would shrink companies' pension liabilities, making their plans look healthier. That, in turn, would free them from pouring millions of dollars into their plans in coming months, and it could also hold down the premiums they must pay for federal pension insurance.

Allowing companies to use a higher interest rate in calculating lump-sum distributions would also save companies money but would reduce the amounts paid out to employees.
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