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Tougher pension rules will strengthen the system.(Editorial)(rules for pensions)(Editorial)
Business Insurance, September, 2006
IS THE NEW PENSION funding reform law accelerating the demise of defined benefit plans? One could come-erroneously, in our view-to that conclusion from recent events. Since Congress passed the legislation last month, about half a dozen companies, including Alliant Techsystems Inc., a big defense contractor, and Tenneco Inc., a large auto parts manufacturer, have announced that they are phasing out their defined benefit pension plans.
That those freezes came at the time the legislation was passed was coincidental. Corporations typically reach decisions regarding the funding, design and future of their pension plans only after months-in some cases, years-of analysis. There is no question, however, that some companies, looking at some basic requirements of...
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