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That would be correct Haweye. It is amazing to think that companies still use defined benefit plans because determining the actual liability many years down the road is rather tough.
While studying for the CPA exam, the only studying I did outside of the prep course was for 8 hours and that was on pensions. Defined benefit should definitely be extinct. I would think most companies would go with a 401(k) and then a definied contribution plan if they wanted to add a pension plan.
Hopefully, it will only be Chapter 11 for Remington and not Chapter 7. Can you imagine what life would be like with no Remington around? Skinny would be completely lost. I worry about the same thing happening with Ruger. One huge lawsuit could ruin these companies too.
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The pond, waterfowl, and yellow labs...it don't get any better.
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