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Freitag, 5. Dezember 2008

The Hidden Pension Threat

New rules are hitting companies that are already down, and could make a painful recession worse John Moore is fighting to keep his company afloat.
People no longer want to buy the gas-guzzlers sitting on his auto lot in Los Gatos, Calif., an upscale town that's home to several Silicon Valley pioneers. His sole supplier, General Motors (GM), is begging the government for aid. With sales down 35% over the past 12 months, the 59-year-old Moore, who as a teenager worked at the family-owned dealership, wonders if there will be a business to pass on to his son, Bret. Already, the recession has claimed 115 dealerships in the state, roughly 1 in 10.
But Moore's most pressing problem might be one that's hidden from plain sight: his employee pension plan. Moore's dealership is among the 300 or so companies that participate in the Automotive Industries Pension Fund, a so-called multi-employer plan that covers 27,000 retired and working mechanics in ..... more details in Businessweek here....

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