Nortel today announced that they will eliminate the pension plan effective January 1st of 2008 and move everyone to 401(k). Pension or guaranteed retirement benefit has become too costly. American Airlines should do the same to become more competitive because the unfunded liability of the pension plan is why we cannot get rid of the Wright Amendment outright because that would sink AA.

Each employee was given the choice of pension or 401(k) at hiring time. I chose 401(k) to begin with so it's not as much of an impact for me. Nortel has been matching dollar for dollar of my own contribution to my 401(k) up to 6% of my salary. Beginning January 1st, 2008, it would be 2% automatic Nortel contribution to my 401(k), plus 50% matching of my contribution up to 6% of my salary. That would give a net 5% max, one percent less than what I am getting right now.

Went to the range after work today and put two hundred .40 S&W rounds through my Sigarms P229. I am much more accurate this time. I still jerked my hands in anticipation of the shot going off a little bit but if I can see the muzzle flash, I hit the target right on.