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Pension Reforms #836664

ABC Evening News for Thursday, Aug 17, 2006
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(Studio: Charles Gibson) New legislation on pension reforms reported; statistics on the underfunding of private pensions cited.

(New York: Nancy Weiner) The problem of pension underfunding that has led to spectacular pension defaults by employers like United Airlines & Bethlehem Steel examined. [RETIREE - says it's not fair.] [Pension Benefit Guaranty Corp. former executive director Bradley BELT†- says the rules allow companies to not honor their promises.] List of companies shown that are switching from pensions to 401

(k) plans. [Watson Wyatt Worldwide Sylvester SCHIEBER†- says the nature of the pension promise has changed radically.]

Reporter(s):
Gibson, Charles;
Weiner, Nancy
Duration:
00:02:10

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