I get a warm, fuzzy feeling when I see...
...big business getting treated so well. This helps me sleep at night.
Posted on Sun, Apr. 11, 2004
Bush signs $80 billion in pension relief
Reuters
CRAWFORD, Texas - President Bush yesterday signed into law a measure intended to save U.S. companies more than $80 billion in pension contributions over two years. The signing came just days before many firms make quarterly pension payments.
Businesses lobbied hard for the bill, which would provide about $80 billion in pension accounting relief through the end of 2005 for 31,000 companies with traditional "defined-benefit" pension plans. Those cover about 35 million workers and promise a specific payout based on salary and service.
Many traditional pension plans are underfunded because of the weak stock market the last few years and current low interest rates, and companies are struggling to keep up with the payments.
The relief comes from the revision of a formula for calculating pension contributions.
Share the joy! ;)
I have no sympathy for those...
Quote:
Originally Posted by Justlisten2
...big business getting treated so well. This helps me sleep at night.
Posted on Sun, Apr. 11, 2004
Bush signs $80 billion in pension relief
Reuters
CRAWFORD, Texas - President Bush yesterday signed into law a measure intended to save U.S. companies more than $80 billion in pension contributions over two years. The signing came just days before many firms make quarterly pension payments.
Businesses lobbied hard for the bill, which would provide about $80 billion in pension accounting relief through the end of 2005 for 31,000 companies with traditional "defined-benefit" pension plans. Those cover about 35 million workers and promise a specific payout based on salary and service.
Many traditional pension plans are underfunded because of the weak stock market the last few years and current low interest rates, and companies are struggling to keep up with the payments.
The relief comes from the revision of a formula for calculating pension contributions.
Share the joy! ;)
who complain about their pensions dwindling when myself and millions of others don't have that "benefit" anyway. We are responsible for our own retirements, take some responsibilty for your own. You'll sleep better in doing so.