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The Journal reports how employees lose pension money while companies profit from a new pension system. "The switch to cash-balance pension plans ... is the biggest development in the pension world for years, so big that some consultants call it revolutionary. Certainly, many call it lucrative; one says such a pension plan ought to be thought of as a profit center. Not since companies dipped into pension funds in the 1980s to finance leveraged buyouts have corporate treasurers been so abuzz over a pension technique."

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