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The Wall Street Journal reports that "hundreds of blue-chip companies, including AT&T Corp., IBM and Bell Atlantic were converting their traditional plans to so-called "portable" pensions known as "cash balance plans." While the companies claimed this was being done to modernize the plans and make them suitable for mobile workers, the coverage exposed how companies were converting the pension plans to save money. Pension benefits for older, long-service employees were being cut by 30% to 50%.."
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