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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DavesM who wrote (224864)	2/4/2002 1:50:21 PM
From: TigerPaw	Read Replies (1) \| Respond to of 769667

Almost nobody gets a defined benefit pension anymore. Social Security is the last bastion of defined benefit retirement funds, but Bush wants to change it into a defined-contribution fund too. You will never know the value of your retirement until you try to live with it. TP

To: DavesM who wrote (224864)	2/4/2002 3:31:40 PM
From: E. T.	Respond to of 769667

You are right. I'm not qualified to talk about pensions. I was only regurgitating what I heard, something about retirement money lost for people that worked for Enron. If they are protected against those losses, as you say, then that's great.

To: DavesM who wrote (224864)	2/4/2002 4:38:07 PM
From: goldworldnet	Read Replies (2) \| Respond to of 769667

Yes, pensions can be protected by the government. One reason companies are moving away from pensions is that they have to keep them on their books. With 401k plans, the company makes a contribution and it is a done deal. Back to pensions being protected, I do remember an airline (forget which one) filing bankruptcy in the '80s and their pension was federally guarantied. Funny part of the story was that when the government auditors finally got involved they discovered the company's lawyers had been charging up to 28 hours a day to the company's assets. I personally read about it in the Dallas Morning News, but don't know what happened after that. My guess is that John Q. Taxpayer got ripped off. * * *