Pension Law not likely to aid firms [no retroactive law change--maybe]

[antigop]

http://www.philly.com/mld/inquirer/business/14811632.htm

Some of the 1,800-plus that switched plans have sought protection from older workers' lawsuits.

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Federal pension legislation probably will not include the retroactive protection from lawsuits that companies such as International Business Machines Corp., Bank of America Corp. and AT&T Inc. want, House Majority Leader John Boehner said yesterday
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IBM, AT&T, and 37 other companies signed a Jan. 4 letter to House and Senate members calling on them to provide "comprehensive clarification of the basic age-discrimination standard for defined-benefit plans that provides legal certainty for all existing and future hybrid plans.
>>

Moderators, please note:
Boehner's statements were made yesterday (which would not qualify for LBN) but were not reported on until today. The article has a date of today June 14.

[Robbien]

1. In addition to stiffing the older worker, this 2003 pension law allowed

companies to underfund their pension plans without incurring penalties. The article states this new amendment will force companies to fully fund their plans again, but I'm not holding my breath.