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Over the Past Year, the Funding Gap in the Nation's Defined Benefit Plans Has Jumped to $450 Billion
The Washington Post; subscription may be requiredLink to more items from this source
Jan. 25, 2005
Excerpt: Last year President Bush signed a bad bill that allowed companies to underfund their retirement promises to workers. At the time of this error, 'defined benefit' pension plans -- the sort that, unlike a 401(k), guarantee a fixed benefit upon retirement -- already had $350 billion less in them than was needed to meet obligations to retirees. But Mr. Bush went ahead regardless, signing a bill that cut companies' contributions to their defined-benefit plans by $80 billion over two[.]

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