It May Be Time to Plumb Your Pension's Depths New York Times (12/15/02) Vol. 18, No. 4 p.R4; Walsh, Mary Williams
The Bush administration's new proposed regulations
threaten employees whose companies provide traditional pension
plans, because they make it easier for some companies to move to
a different kind of pension plan and reduce some employees'
benefits, according to this opinion piece. The regulations apply
only to defined-benefit plans, and older workers are the ones at
the most risk--and some companies, fearing lawsuits, have changed
their plans with provisions to protect older workers. The
provisions make clear the Treasury Department position that
cash-balance pension conversions are not necessarily
age-discriminatory, and provide conditions for employers to meet
to make their changes legally safe, but it will be difficult for
workers to decipher their plans, the commentary says.