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The last few years have seen unnerving developments in the world of defined benefit (DB) pension plans: companies having to find billions to fund massive shortfalls; DB plans being shut down entirely in the wake of large corporate bankruptcies; and a $23 billion deficit at the Pension Benefit Guaranty Corp. (PBGC), the government agency in charge of regulating pensions. So perhaps it was not surprising that on Jan. 10, the Bush administration proposed a massive overhaul of the rules governing pensions, purportedly in an effort to reinforce the system’s shaky infrastructure.

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