Some companies was relieved its pension liabilities,for example United Airlines. It is so strange,how a company can be permitted to renege this liabilities,whereas so many protection were built to keep the employees right,like Employee Retirement Income Security Act(ERISA). And the answer is,there were loopholes in the accounting processes for pension fund reporting. It permitted United and many others can report pension fund numbers look better than it actually was. The loopholes allowing the pension liabilities looked small and the assets can be very rich. To cover this problem,there are some regulation,like Pension Protection Act of 2006. The purpose is to close loopholes and provide greater assurance for employees and the available fund for their retirement. And the effect of the changes is to require companies to pay their pension liabilities according to the numbers that they have reported in their financial reports.
But other problem come,
because of the extensive benefits employess have at companies,he will choose to give up his $100.000 per year to retire,spend more time with grandchildren,
and he will retire comfortably.
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