House bill seeks to reverse pension-funding shortfall

[Magic_Cookie]

snippets
"The Pension Protection Act introduced by Rep. John Boehner, R-Ohio, and Bill Thomas, R-Calif., comes amid growing evidence that private U.S. companies have set aside insufficient funds to meet pension obligations for an aging work force"

"Three-part strategy The legislation is expected to become embroiled in a much larger debate over Social Security and retirement security in the House in the coming months. The House Education and the Workforce Committee plans to hammer out a deal on the pension bill in the next three weeks and then hopes to fold the bill into a larger retirement package that may also address Social Security reform. Boehner said the committee's proposal "shares many common features" with an administration proposal aimed at shoring up the PBGC"

"Absent a legislative fix for the current pension system, the House lawmakers said they expect more companies to default on their pension or simply stop offering plans to their employees"

Full story:
http://www.fxstreet.com/nou/noticies/afx/noticia.asp?pv_noticia=1118351519-e04f0f08-47177

edit to add additional story links:
http://www.usatoday.com/money/perfi/retirement/2005-06-09-pensions-usat_x.htm?csp=34
http://biz.yahoo.com/usat/050609/12928310.html?.v=1

[Neerav B. Trivedi]

1. Good, its about time!!!

<EOM>

[Frances]

2. Are you being sarcastic?

Any bill put together by 2 REpublicans will be about robbing the workers so that the CEOs can make even more millions.

[lonestarnot]

10. Social Security and Pension Funds and America 3 birds with one stone!

[Erika]

3. Greenspan addressed this issue on pensions today

Before the Pension Guaranty Act, the cost of a pension gone bad was borne by the worker and the shareholders of the company. Now, with the Act in place, the American taxpayer also pays.

So, welcome to the world of the American taxpayer possibly paying all
retirees costs.

I should add this is socialized retirement. Just imagine how our taxes are going to be raised to fund it, or warehouses built for our seniors.

[Magic_Cookie]

5. Listening now

Can't wait to hear, thanks for the heads up.

[Magic_Cookie]

4. Just another nail in the coffin of Pensions

United Airlines was the beginning of the end of the PBGC. NOW they realize they're in trouble, just a few weeks later?

Increased premiums will only make companies abandon pension programs at a quicker pace. And now that the precedence has been set for companies to get out of already existing pensions through bankruptcies, the PBGC will collapse a lot sooner!

This was addressed last month on NPR's "All Things Considered" after the United Airlines deal and here it is happening already!
Ironic huh? The PGBC was "established to strengthen the traditional defined benefit system ... it's going to accelerate the demise of the system" quoted from Zvi Bodie on NPR's "All Things Considered" May 10th http://www.npr.org/templates/story/story.php?storyId=4647023

Do you really think companies are willing to pay increased premiums for pensions, heck, they're already saddled by the increase in health care premiums.

[Iowa]

6. You know the bill is designed to kill pensions

when they call it the "The Pension Protection Act".

Rule Number 1: Everything a Republican says means the opposite. They are liars and manipulators at their core.

Now if they had called it "The Pension DESTRUCTION Act", you could take that to mean that they might be trying to save pensions, right? Nope, because that would conflict with rule number 2:

Rule Number 2: Republicans are incapable of doing anything good and decent.

These two rules cover everything worth knowing about the Republican party.

Dr. Dean, if you're listening you can use this in your next speech.

[madmom]

7. so they're gonna put this in a package with...

social security reform so we can fix the pension fund while they rape soc. sec., is that about the jist of it?

[KoKo]

8. Yep, they'll advertise it as saving Pensions but slip in SS Privatization

as stated in the article and whip up support on Faux and the rest of the cables & the networks and it will go through billed as saving pensions while it "allows" us to invest our SS money in the market.

Figured they would come up with some scam like this. Lipstick on two pigs. Or is it pigs in disguise. :shrug:

Why don't the companies pay their CEO's/CFO's and COO's less salary and put that money into the pensions. Why don't the company officers offer to do that. How many millions does one need when others have nothing to live on for the work they did building the company?

[lonestarnot]

9. Shit afraid you have the nail head here! Not looking good... not looking

good!