They will be established as "Public Benefit Corporations".

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Rep. Pete Lee, a Democrat from Colorado Springs who introduced the bill in January, says businesses that choose to become benefit corporations should be allowed to "promote the public good" through one-off projects, such as a fundraising drive for a local school or a day off for employees to do charitable work, that don't hurt profits.

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But ever since disgruntled IBM employees brought the issue to public attention, the movement by major corporations to convert traditional defined-benefit plans to so-called cash-balance pension plans has been a lightning rod for workers'--and particularly baby boomers'--growing anxiety over their retirement incomes.

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If governments adopt or implement the right economic incentives when making laws for example, a person who works harder, longer, smarter or more efficiently can benefit financially from doing so the public needs very little policing because most people and corporations will act appropriately.

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On the other, the model legislation requires that benefit corporations report on their overall social and environmental performance and make them available to the public, using a third-party evaluator.

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