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To: Baldur Fjvlnisson who wrote (3279)	1/26/2003 2:55:27 PM
From: RealMuLan	of 3372

msnbc.com U.S. pension agency loses $8 billion Report: Pension Benefit Guaranty Corp. will run deficit >>"The U.S. Treasury recently proposed regulations that would make it easier for employers to convert defined benefit plans to cash balance plans. It would save many employers money but the AARP retirees’ lobby is concerned that older workers may suffer as a result."<< I went to a conference last year, and listened to a presentation by a guy from Urban League (funded by the Fed. gov.). They did a pretty complicated modeling, and concluded that for the workers who have 25 years+ seniority, they are short-changed by switching from defined benefit plans to cash balance plans. but for those who has less than 25 years of seniority, they do not loss anything with the switching, and may even a little better off. So employers who do the switch basically rip off the older workers by saving themselves money

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