Re: Top U.S. firms abandoning pensions
- From: "morticide" <grvan@xxxxxxxxxxx>
- Date: 27 Jun 2006 13:02:02 -0700
Harry Hope wrote:
When pension plans are frozen, employees receive no new benefits from
additional tenure or salary increases.
When plans are terminated and assumed by insurers at the Pension
Benefit Guaranty Corporation, participants receive reduced payouts.
The number of companies that closed a plan to new hires or announced
such an intention had risen to 49 as of April 2006, nearly double the
number at the end of 2004.
Schieber said those statistics are "particularly discouraging" as they
indicate a trend for future generations of workers.
From Reuters, 6/27/06:
http://www.msnbc.msn.com/id/13576162/
Top U.S. firms abandoning pensions
WASHINGTON -
The biggest U.S. companies are continuing to move away from
traditional pension plans, according to a new survey, and its authors
said Congress should rewrite laws to help stop the trend.
As of April, more than one in 10 of the Fortune 1000 companies -- 113
of them -- had frozen or terminated at least one pension plan, or had
announced plans to do so, Watson Wyatt Worldwide said in its survey.
That compared with 71 companies in 2004 and 45 the year before.
________________________________________________________
Harry
Hmmmm...too bad that can't apply to Federal politicians!
.
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