OT: pension fund raid

If you have vested in a defined benefit pension plan be advised: This is *NOT* a Dilbert/Dogbert spoof....
=============Treasury rules against pension plan transfers
By CHRISTOPHER S. RUGABER 08.06.08, 1:31 PM ET
WASHINGTON -
The Bush administration dealt a blow to the already reeling financial services sector Wednesday, ruling that companies can't transfer their pension plans to large banks to be managed for a profit.
The Treasury Department and the Internal Revenue Service said that current law doesn't allow such transfers unless they are part of a larger transaction that also includes "significant business assets."
==>Despite the ruling, the Treasury Department indicated the Bush Administration would support legislative changes to allow the transfers to occur.<=<snip> ==============for complete article see http://www.forbes.com/feeds/ap/2008/08/06/ap5295933.html
Even if you don't have a vested defined benefit pension plan this should still be of interest if you pay U.S. taxes, as you may be on the hook through the PBGC after the remaining [farmed out] pension funds disappear after being "invested" in CDOs, derivatives, and other ponzi schemes, generating big fees and bonuses for the managers.
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