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More stupid stuff from Washington DC


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We all need to get together and come up with somehting like a "Darwin" or "Stella" award for the worst proposed pension law in House or Senate. Got to thinking we should award those folks like Tom Harkin (who truly needs a hobby).

Senator Harkin proposed S.607. This bill provides that in the event of a sale of a corporation or division, liquidation, merger, consolidation, or other similar transaction, an employee who continues employment in the same trade or business with the employer that acquires the trade or business and who participated in a pension before such transaction must, solely for the purpose of determining eligibility for any subsidized early retirement benefit provided by such plan, receive credit for any periods of service with the successor employer that would have been taken into account had such transaction no occurred. This provision would apply only if the successor employer did not continue to maintain the plan in which the employee participated before such transaction.

This one is giving me hives. Can just see my department 10 or 15 years from now trying to verify that someone continued working in a Plant we sold years ago. Of course we all know facilities never change hands, and all HR folks have employee files going back to when Noah built the Arc, and of course those folks the facility we sold to will drop everything to provide us with the proper data. And lest not forget, the verification and data will have suffer the scritiny of the new SOX requirements, the internal auditors, the external auditors and of course me the department head.

Did I mention, most of our plants are in rural non unionized locations. Can just imagine plant mgr and HR person "verifing" that 99% of the county continued to work at the plant after it was sold to new owner. Then every one gets to draw pension early and subsidized.

AndyH please feel free to join me in my vent. Guess the new SSA regs weren't enough for me today.

JanetM CPA, MBA

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