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#10
May 14th 05, 02:15 AM
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"GP" == George Patterson writes:
GP You're thinking of a 401K. A pension used to be a guaranteed GP retirement income in exchange for spending your life working GP for the company. One could argue that you exchanged a higher GP salary for a lower salary and a pension, but no money was GP taken out of your paycheck. I work for the State of California, have a defined-benefit pension, and for sure they take money from my salary to help fund the pension. 
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