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October 13, 2005

All Business: Pension reform unlikely and that's a good thing

  • The system needs a major overhaul, but some of the proposals under review could make things worse.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — It is looking more unlikely that Congress will pass any corporate pension reform legislation this year, but maybe that isn't a bad thing — especially for the nation's taxpayers and many retirees, too.

    That's because some of the provisions being considered would do little to prevent companies from defaulting on their retirement promises, and could even prompt some pension program terminations. Should that happen, the public could get stuck with much of the bill.


     
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