Pension Bill Cuts Amounts Put Aside for Union Workers New York Times (05/06/03) Vol. 13, No. 5 p.E2; Walsh, Mary Williams
Statistics indicate that blue-collar workers tend to live shorter lives than other citizens, and a bill pending in the House would therefore let businesses with union workers cut their pension obligations by billions of dollars. However, Edwin C. Hustead, the chairman of the panel that developed the actuarial data, has told the Treasury Department that he worries the data is not being used properly, noting that companies with white-collar workers are not being required to contribute more money to their pension plans. He also said that the data showed pay to be a better indication of life expectancy, and fears that reducing contributions could increase the risk of plan defaults.