Bush signed into law on Thursday, 8/17/2006, the Pension Reform act. Buried in the 907 page bill is a provision that will allow my former employer, UPS, to convert my 17 years of vested interest in UPS's defined benefit pension plan into a "cash balance plan." A worker at my age can expect to lose from 40% to 60% of anticipated pension benefits under such an arrangement.
The bill is structured to encourage employers to convert their old defined benefit pension plans to "cash balance plans," Over 842 companies have filed preliminary papers to indicate their intent to convert their defined benefit pension plans to "cash balance plans." The remaining +29,000 copanies that have promised their employees a defined benefit pension will be under intense pressure to follow suit.
I called my Representative, Jerry Weller's ® IL, office to ask if he would introduce a bill to allow the US Government to convert his generous defined pension plan to a "Cash Balance" plan. But I expect that wild, leather-winged, flaming monkeys from hell, will fly out of my ass before this happens.
I have to go now and rub lotion on my rear end. It's really sore. And I think I am going to throw up.
And here is the kicker. In 1993 I filed a complaint with the FEC ( Federal Elections Commission, aka Failure to Enforce Commission) over a tactic that UPS used to extort contributions from its employees. After a long and costly legal battle UPS paid a $9,000.00 dollar fine , admitted no guilt, and promised never to do it (get caught) again. In essence UPS used money it extorted from me and others like me to give to Republicans so they could change the laws to loot our pensions. God Bless America.