Corporations ask to suspend pension contributions (retirement plan, companies, money, 401k)

[HappyTexan]

If you have a defined pension you may want to follow this.
As far as 401K's, we already know Congress has been discussing taking them over "for our own good".

Bloomberg.com: Exclusive

snippet:
"Pension funds at Pfizer Inc., International Business Machines Corp., United Parcel Service Inc. and dozens of other companies have joined the parade of businesses seeking relief from Congress amid this year’s economic meltdown.

Instead of money, they want legislation to suspend a federal law that would make them pump billions of dollars into retirement plans to offset stock-market losses as many struggle to find enough cash just to stay in business. They’re pressing Congress to consider the issue this week before this year’s session adjourns.
..

“This is a failure of risk management by America’s pension plans,” Gold says. “They failed to reduce their exposure to the equities markets, they continued to gamble, and they lost the gamble. So like all the other losers, they’re standing on the Capitol Hill steps, saying ‘Help!’” "




The only thing left they haven't talked about yet are our personal savings accounts. LOL..we are becoming the "savers of last resort".

[Lulu101]

now the sh*t hits the fan

[Nor'Eastah]

Originally Posted by HappyTexan

The only thing left they haven't talked about yet are our personal savings accounts.

They'll get around to that! Just wait till the FDIC gives up the ghost!

[Stac2007]

Well that’s nice but I'm sure they still want their bonuses.

[Oildog]

I think this is the bad news that many companies will face in 1Q09, thats when the market will take another big drop.

[texdav]

I thnik tehy are going to have a hrad time conviuncing congress with waht they saw in the aitline industry after letting thyem under fund their pensions.