capitulation day
+210...
...here in palookaville we have pensions paid for by the state...
...they tell us that all pensioners are equal...
...but...
...some are more equal than others...
Vampire pensions could be a corporate nightmare
By Charles Millard
Published: April 16 2009 21:57 | Last updated: April 16 2009 21:57
While economists worry about “zombie” banks holding back lending, vampire pension plans may soon be stalking a company near you. The underfunding of America’s corporate defined benefit pensions poses a daunting challenge, threatening not only their 40m beneficiaries but the entire US economy.
Recently enacted funding rules require underfunded pension plans, and that’s most of the big ones, to suck needed cash from salaries and jobs just when suffering companies need scarce resources to survive. Under 2006 legislation, companies that have underfunded pensions must put extra funds into their pension plan to close the gap within seven years. After precipitous drops in assets, most plans now have serious funding gaps....more...
...of course this is just an american thang...
...innit ?...
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