Lucky Thing Obama’s Making Sure
…we can ALL work ’til we die naturally (or ObamaCare Death Panels kill us) like little ants!
New Rule Signals Kiss of Death for Pensions
A little known rule change that allows companies to contribute fewer dollars to pension funds is signaling just how meaningless the retirement vehicle has become.
“This proves that pensions are pretty much dead,” said Greg McBride, chief economist at Bankrate.com. “The change is just another charade to mask the underfunding of pensions and increases the odds of having less money for retirement.”
“It’s not necessarily the immediate end of pensions but it’s not good for them and it’s certainly a bad sign,” McBride added.
The pension change was part of a transportation bill—called Moving Ahead for Progress in the 21st Century or MAP-21—passed by Congress last June. The change became mandatory this year.
In essence, MAP-21 lets employers put less money in their pension plans by allowing them to value their liabilities— what they have to pay out to pensioners—using a 25-year average of interest rates instead of current rates.
Biz, Life, Nanny State, Politics | tree hugging sister | 
May 3, 2013 9:09 am
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Pffft. Not to worry.
There’s always Social Security.
Right? RIGHT??
Yeah. Right.
The PBGC will make it okay.
Okay, they’re broke.
But that’s not a problem for the government, right?