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Old 12-23-2008, 01:07 PM
 
Location: Great State of Texas
86,068 posts, read 74,832,001 times
Reputation: 27602

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This one went through Congress pretty quick and got signed immediately by the Pres. No time to debate..these corporations have to save their money so we'll get none.

Bush signs bill offering businesses pension relief - USATODAY.com

snippet:
"President Bush signed legislation Tuesday that frees businesses from having to pump billions into pension plans in the coming year, another sign of the nation's deepening economic crisis.

The legislation has been a priority of business groups, which say that some companies will have to freeze pension plans, lay off workers or even go bankrupt without the relief."


I'll bet the layoffs and pension plan freezes will happen anyway..with or without this bill. It's too easy for them to NOT do and get away with.
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Old 12-23-2008, 01:21 PM
 
19,123 posts, read 20,697,215 times
Reputation: 8406
This is bad... the companies GAMBLED with the pension fund and lost... now they don't want to repay what they borrowed from the pension fund.... This means the pension fund won't survive unless people keep contributing which goes right back out to who is collecting and when not enough people contribute? Bailout anyone? I am betting the companies will bankrupt the pension fund and then themselves and then nobody gets the money... except the CEOs who are paid lots of money until the very end...
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Old 12-23-2008, 08:46 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,962,594 times
Reputation: 8800
Thanks for posting this.
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Old 12-24-2008, 06:55 AM
 
Location: Forests of Maine
31,575 posts, read 51,191,397 times
Reputation: 20593
Raiding a pension fund is a greater blow to folks who count on that pension fund.

Not so much to tax-payers.
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Old 12-31-2008, 06:18 PM
 
Location: Great State of Texas
86,068 posts, read 74,832,001 times
Reputation: 27602
Interesting pieces in that bill that passed. Many amendments though, not JUST the waiver for 2009 contributions.

Another interesting tidbit is that occurrences of "The Secretary" were changed to "The Secretary of the Treasury" in that bill in a number of places. That puts Mr. Paulsen as the decider of any additional changes.

GovTrack: H.R. 7327: Text of Legislation, Enrolled Bill
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