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December 30, 2002 Internal Revenue Service Dear Sir or Madam: I strongly urge you NOT to approve the recently proposed regulations to allow pension conversions to cash balance plans without regard for the harm such a conversion can do to long-term employees. These conversions have a history of reducing benefits for older workers by 50% or more. Opening the door to corporations to allow this treatment of older workers should not be allowed. Older workers cannot make up the 20, 25 or 30 years of time they have dedicated to their employer, to make up the shortfall that they would suffer in these conversions. Older workers have already seen their future security reduced by the cancellation of retirement medical plans, and by the erosion of their 401K investments. Our government should not now allow further threats to retirement that could lead to poverty or bankruptcy in old age. I urge you to not approve these regulations, and by copy to my Senators and Representatives, ask for their support as well. Sincerely,
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