The long-predicted ice age is settling in on America's private pension system, as companies large and small, profitable and unprofitable, announce the freezing of their traditional plans, the kind that once promised a lifetime income for retirees.
Freezes have been announced recently at firms ranging from International Business Machines Corp. to communications giants Verizon Communications Inc. and Sprint Nextel Corp. to athletic clothing maker Russell Corp. to textile firm Milliken & Co. to struggling Northwest Airlines Corp. They join a number of bankrupt steel and airline companies, including United Airlines and Bethlehem Steel Corp., that have turned, or are seeking to turn, their pension plans over to the Pension Benefit Guaranty Corp., the government agency that insures traditional "defined benefit" pensions. Full story here........http://www.hoffa2006.com/mediacenter/article.php?id=210
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