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Pension reform prospects unclear in next Bush term.(Election 2004)(president George W. Bush)
Business Insurance, November, 2004 by Geisel,Jerry
Byline: JERRY GEISEL WASHINGTON-While there is broad agreement that the re-election of President George W. Bush will give a favorable push to health savings accounts, there is less certainty about the potential impact on efforts to revamp the nation's pension laws. Right now, many agree, there is an urgent need to restore stability to the defined benefit plan system.
The problems are numerous and serious. One is that shortcomings in funding rules have contributed to hugely underfunded pension plans. That, in turn, has led to an enormous deficit at the Pension Benefit Guaranty Corp., as the agency has taken over plans with massive unfunded liabilities. Eventually, the PBGC may have to ask Congress to boost employers' premiums, which could lead to plan...
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