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President Bush signed a new pension law on August 17, but it may have been too little, too late for defined benefit pensions. Earlier in the month, an appeals court blessed IBM's effort to shift its pension into a cash-balance plan. That was hailed as good news for company executives, who were already reacting strongly against FASB's proposed approach to overhauling accounting for traditional pension plans. That project is still in the works, but will it matter? Just two weeks after the new pension law passed, Dupont announced major cuts to its defined benefit pension plan, a move that many more may follow.
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