Intel is one of several companies which have quietly converted their pension plans into vehicles for financing wealthy execs' deferred compensation. The majority of the tax-advantaged assets in Intel's pension plan are now dedicated not to providing pensions for the rank and file, but to paying IOUs issued to the chipmaker's most highly paid employees. The financial sleight-of-hand reportedly saved Intel $65 million in taxes in one year alone. Intel maintains that its practices — which in effect get taxpayers to help finance Intel's executive compensation — "feel consistent" with both the spirit and letter of the law that gives tax benefits for providing pensions. Our reaction: There's a Valley company which still offers a pension plan?

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