Bush signs Pension Act

Discussion in 'Politics' started by ScreamingEagle, Aug 17, 2006.

  1. ScreamingEagle
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    ScreamingEagle Gold Member

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    WASHINGTON, Aug. 17 (UPI) -- U.S. President George Bush signed a pension bill Thursday that requires U.S. companies to fund their plans fully within seven years.

    The measure also aims to increase private savings for retirement by allowing companies to enroll employees automatically in 401k plans. It also makes permanent some tax incentives for IRA and similar plans.

    Bush, as he signed the bill in a ceremony at the Eisenhower Executive Office Building, called it "the most sweeping reform of America's pension laws in over 30 years."

    "If you offer a private pension plan to your employees, you have a duty to set aside enough money now so your workers will get what they've been promised when they retire," he said.

    Some critics said the legislation will lead to more companies dropping defined benefit plans for 401k plans, which shift responsibility to employees.

    http://www.upi.com/NewsTrack/view.php?StoryID=20060817-054713-9642r
     
  2. Mr.Conley
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    Mr.Conley Senior Member

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    Sounds good, there are so many pensions defaulting now it's riddiculous. Too bad the government won't turn this law on itself and make sure Social Security is dealt with.
     
  3. KarlMarx
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    KarlMarx Senior Member

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    It's humorous that the government requires from private companies the same thing that it refuses to do for Social Security.
     
  4. ScreamingEagle
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    ScreamingEagle Gold Member

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    :D Good one.

    It's also 'humorous' that the liberal media is almost silent about Bush actually doing something good for the "little people". This legislation will vastly affect millions of people in a good way but it's barely a blip in the news.
     
  5. Mr. P
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    Mr. P Senior Member

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    Actually it’s criminal. If a private company ran the Social Security program like the Gov. does, they’d be in jail.
     
  6. KarlMarx
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    KarlMarx Senior Member

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    I think the term is "Ponzi Scheme"... Social Security works so long as the population increases. That is no longer the case in America.
     
  7. RyzinEnagy
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    RyzinEnagy Member

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    Unless we start a campaign to convince people to get their groove on.
     
  8. Mr. P
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    Mr. P Senior Member

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    Yep!
     
  9. BaronVonBigmeat
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    BaronVonBigmeat Senior Member

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    Yet another intrusion into the affairs between businesses and employees by a "conservative" republican. Yay.
     

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