Reply #39: New law may not salvage pensions.........

[AnneD]

WASHINGTON - When DuPont announced plans last week to scale back its traditional pension, it became the third large employer to cut back on retirement benefits since Congress passed the Pension Protection Act of 2006.

The changes were brewing long before Congress passed the bill Aug. 3. But the cuts reflect a larger reality: The system of traditional pensions is in retreat, and little in the new law is likely to stop the trend.

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"Certainly, nothing in this legislation served as an incentive for anyone to keep their plans," she said. "The American people should know this is a real missed opportunity."

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The move followed pension freezes by Tenneco, an auto parts maker in Illinois, and Blount International of Portland, Ore., which makes outdoor equipment. All the companies said they would make improvements to their employees' 401(k) savings plans.:eyes:

Yeah, the Enron folks got a good 401K too. I use to think I would end up on an iceberg a la Eskimo style retirement. I think the polar caps will be gone before then so I guess my best retirement plan will be to commit some white collar crime and land up in club fed.

edited for source.....
http://www.chron.com/disp/story.mpl/business/4162880.html