NYTimes.com: More Companies Ending Promises For Retirement

This page was sent to you by:  burgandy_34@yahoo.com Message from sender: More on this subject to follow later. NATIONAL DESK   | January 9, 2006   More Companies Ending Promises For Retirement By MARY WILLIAMS WALSH The death knell for the traditional company pension has been tolling for some time now. Companies in ailing industries like steel, airlines and auto parts have thrown themselves into bankruptcy and turned over their ruined pension plans to the federal government. Now, with the recent announcements of pension freezes by some of the cream of corporate America -- Verizon, Lockheed Martin, Motorola and, just last week, I.B.M. -- the bell is tolling even louder. Even strong, stable companies with the means to operate a pension plan are facing longer worker lifespans, looming regulatory and accounting changes and, most important, heightened global competition. Some are deciding they either cannot, or will not, keep making the decades-long promises that a pension plan involves. This article is only accessible to subscribers of TimesSelect. 1. Your Money: With a Little Estate Planning, Your House Can Stay in the Family 2. Editorial: What the Nose Knows 3. Op-Ed Contributor: Wayward Christian Soldiers 4. College Aid Plan Widens U.S. Role in High Schools 5. Why Is Everybody Going to Cambodia? »  Go to Complete List Advertisement The Ringer starring Johnny Knoxville "Laugh-out-loud hilarious!" -Christy Lemire, Associated Press Now Playing in Theaters! http://www.foxsearchlight.com/theringer/ index_nyt.html Do you love NY? Get the insider�s guide to where to stay, what to do and where to eat. Go to www.nytimes.com/travel for your NYC Guide now. Click here. Copyright 2006  The New York Times Company | Privacy Policy