Weblog Entry - 02/28/2003: "Pension deform"

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02/28/2003 Entry: "Pension deform"

"The cash-balance plan is particularly harmful to older workers, so if you've got any gray hair, you might want to take a look at what they're about to do to you.

"Under fixed-benefit plans, retirement is based on the employee's salary and years of work at the company. This gives older workers a chance to rack up benefits. When companies started switching to cash-balance plans, the AARP, the Pension Rights Center, the AFL-CIO and other groups set up a mighty holler. The Equal Employment Opportunity Commission received more than 800 age-discrimination complaints. As a result, the IRS stopped approving these conversions in 1999.

"You can call the Treasury Department at (202) 622-6090 or 6030 to find how to submit a comment. The Communication Workers of America Web site also has some how-to advice; it's at www.allianceibm.org/pension/treasuryletters.htm
Cutting up your parachute, by Molly Ivins, Star Telegram, February 27, 2003

Oh my God! Why must I hear about these things from Molly Ivins? Why? I can NEVER stop reading her column. She can NEVER stop writing it. And there are only 13 days left to object to the Treasury about this SERIOUSLY BAD IDEA. And I thought getting older was just tough on the skin.

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