Al salaam a'alaykum Charles

22 Jul 03 09:30, Charles Angelich wrote to David Drummond:

 CA> Not long ago the US government changed the laws governing
 CA> bankruptcy to include pension funds to pay off creditors. This
 CA> explains one part of the phenomenal jump in the Dow Jones
 CA> averages of the stock market. With the pension fund available
 CA> in the event of a bankruptcy many major corporations credit
 CA> ratings went sky high.

 CA> Chrysler Corp's pension fund was, at one time, worth more than
 CA> the entire auto company. After ridding themselves of enough
 CA> employees the new actuarial report allowed Chrysler to
 CA> _withdraw_ millions of dollars from their pension fund. Others
 CA> did likewise. 

 CA> Recent news articles tell me that many large corporations are
 CA> behind in the billions of dollars never put into their pension
 CA> funds and that this administration has _again_ allowed them a
 CA> 'grace period' to get the money in there. 

Maybe Australia has learned from the silliness there.

The pension funds here are not managed/controlled by the employer, they're
managed by financial institutions (fund managers).

The employer just pays money into the fund (supposedly quarterly).

Regards,
David

--- Msged/LNX TE 06 (pre)