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The World Unleashed

The Rantings of an unkown prophet can be found here; where no topic is safe! The resident savant will lead you thru the world as he sees it. Not an easy life, but one that MUST be shared, if the mission to "enlighten" is to reach fruition. Commentaries on religion, Catholicism, politics, abortion, evolution, sports, baseball, mets, yankees, entertainment, TV, american idol etc. can all be found here. enjoy it, hate it, come back often, send me your comments. all are welcome

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dont let my 1912 birthday bother you, i was born on feb. 29th so i only have birthdays every 4 years. so im only 26

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Friday, August 04, 2006

Pension Overhaul Bill Sent to President

Congress passed major pension legislation designed to assure American workers, that the pensions they have been promised will be there when they retire. The Senate, approved the bill compelling employers with pension plans to meet their funding obligations and prevent companies from terminating plans.
I'm sorry if I'm naive, but isn't it just common sense and common decency to invest the money promised to employees to ensure that it will be there when needed? And further, how are these "under-funded" companies allowed to claim profits to their stockholders without explaining their pension deficiencies (coverups)? Don't get me wrong, "fringe" benefits such as health care and pensions are expensive, prohibitively expensive, but that IS part of the cost of doing business. To do otherwise is underhanded, & dishonest & immoral and always should have been illegal. I once had a job that found it cheaper to pay me overtime at "time and a half" rather than higher a new employee. That ought to give you some idea of how expensive "fringe benefits" can be. I definitely see in the future, unfortunately, less pension systems, and indeed much less lucrative ones.
I'm happy that the U.S. Government has a program such as the Pension Benefit Guaranty Corp.
that does just what its name suggests. AND as a bonus its NOT funded by taxpayers. Wow sometimes this can be such a good country.

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