Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (5858)	9/26/2006 4:14:40 PM
From: FJB	Read Replies (2) \| Respond to of 224718

Are you getting paid by the post? 50 posts a day just repeating the same thing. Based on quality and the fact almost 300 people have you on ignore, I would only give you $0.05 a post.

To: American Spirit who wrote (5858)	9/26/2006 7:59:13 PM
From: Ann Corrigan	Read Replies (1) \| Respond to of 224718

Bush Protects Pensions:Bush signs pension protection changes into law Measure touches traditional pensions, other plans By William L. Watts, MarketWatch WASHINGTON (MarketWatch) -- President Bush signed legislation that will require companies to more aggressively fund traditional defined-benefit pensions, while also altering some of the rules surrounding 401(k) and other defined-contribution plans. "You should keep the promises you make to your workers. If you offer a private pension plan to your employees, you have a duty to set aside enough money now so your workers will get what they've been promised when they retire," Bush said at a White House signing ceremony. Around 44 million Americans have defined-benefit pensions, which pay retirees a fixed amount based on length of service and salary history. But pensions are underfunded by hundreds of billions of dollars, and the Pension Benefit Guaranty Corp., which serves as the federal backstop to the defined-benefit pension system, is running a deficit of more than $22 billion. Under current law, corporate defined-benefit pension plans must be 90% funded. The new law would require all companies to ensure their plans are 100% funded within seven years. Companies whose plans fall below a certain funding threshold would be required to make even larger contributions to make up the gap. It also boosts premiums that companies with underfunded plans must pay to the PBGC, and requires companies that shed their pension obligations to provide additional PBGC funding. The PBGC is funded by a combination of insurance premiums paid by sponsors of defined benefit plans, investment income, assets from pension plans turned over to the PBGC, and recoveries from the companies formerly responsible for the plans. The new law will require corporations to base their funding projections on a formula that centers on long-term corporate bond rates. It also redefines how companies must calculate their pension liabilities and plan assets. Most of the new requirements take effect in 2008. Bush said that while underfunding won't be eliminated overnight, the legislation establishes sound standards for pension funding. "Yet in the end, the primary responsibility rests with employers to fund the pension promises as soon as they can," Bush said.