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To: orkrious who wrote (203376)	5/21/2009 10:46:31 AM
From: ajtj99	Respond to of 306849

It would make more sense in a place like Sierra Leone, where the average life expectancy is 39 for men.

To: orkrious who wrote (203376)	5/21/2009 11:30:18 AM
From: TheStockFairy	Read Replies (1) \| Respond to of 306849

History of pensions in the United States 1884: Baltimore and Ohio Railroad establishes the first pension plan by a major employer, allowing workers at age 65 who had worked for the railroad for at least 10 years to retire and receive benefits ranging from 20 to 35% of wages.[1] The Revenue Act of 1913, passed following the passage of the 16th amendment to the constitution which permitted income taxation, recognized the tax exempt nature of pension trusts. At the time, several large pension trusts were already in existence- including the pension trust for ministers of the Anglican Church in the United States. 1940s: General Motors chairman Charles Erwin Wilson designed GM's first modern pension fund. He said that it should invest in all stocks, not just GM. 1963: Studebaker terminated its underfunded pension plan, leaving employees with no legal recourse for their pension promises. 1974: Employee Retirement Income Security Act (ERISA) – imposed reporting and disclosure obligations and minimum standards for participation, vesting, accrual and funding on U.S. plan sponsors, established fiduciary standards applicable to plan administrators and asset managers, established the Pension Benefit Guaranty Corporation to ensure benefits for participants in terminated defined benefit plans, updated the Internal revenue Code rules for tax qualification, and authorized Employee Stock Ownership Plans ("ESOPs") and Individual Retirement Accounts ("IRAs"). Championed by Senators Jacob K. Javits, Harrison A. Williams, Russell Long, and Gaylord Nelson, and by Representatives John Dent and John Erlenborn. 1985: The First Cash Balance Plan - Kwasha Lipton creates it by amending the plan document of Bank of America pension plan. The linguistic move was to avoid mentioning actual individual accounts but using the words hypothetical account or notional account. 1991: A Magazine article claims that pension- and retirement funds own 40% of American common stock and represent $2.5 trillion in assets.[2] Growth and Decline of Defined Benefit Pension Plans in the United States. In 1980 there were approximately 250,000 qualified defined benefit pension plans covered by the Pension Benefit Guaranty Corporation. By 2005, there are less than 80,000 qualified plans.

To: orkrious who wrote (203376)	5/21/2009 12:09:25 PM
From: Peter V	Read Replies (2) \| Respond to of 306849

"Just because you work someplace for 30 years doesn't mean you are entitled to be paid for not working for the next 30 years." So are you in favor of canceling pensions for the military as well? They only require 20 years.