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Gold/Mining/Energy : A to Z Junior Mining Research Site

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To: Jim Willie CB who wrote (5133)	7/18/2003 2:05:54 PM
From: RealMuLan	Read Replies (3) of 5423

U.S. House panel backs corporate pension fix Reuters, 07.18.03, 10:57 AM ET WASHINGTON, July 18 (Reuters) - U.S. companies with underfunded pension plans would get relief for three years under legislation backed by the House of Representatives Ways and Means Committee on Friday. Traditional "defined benefit" corporate pension plans would be allowed to assume a return based on an index of high-grade corporate bonds, a higher return than the current formula based on 30-year U.S. Treasury bonds. Total pension underfunding exceeds $300 billion at U.S. companies, with $60 billion in the auto industry, according to the agency that bails out troubled corporate pension plans. The measure that passed by a voice vote now goes to the House floor. Copyright 2003, Reuters News Service forbes.com

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