| Topic: |
Politics > Politics-USA |
| User: |
"Harry Hope" |
| Date: |
08 Mar 2006 11:33:13 AM |
| Object: |
GM slashes retirement plans for 42,000 employees |
In recent years, companies including United Airlines parent UAL Corp.,
which was then in bankruptcy protection, and profitable International
Business Machines Corp., Verizon Communications Inc. and
Hewlett-Packard Co. have terminated or frozen traditional pensions or
announced plans to do so.
Other firms that have announced freezes include Sprint Nextel Corp.,
Tribune Co., Lexmark International Inc., Alcoa Inc. and Russell Corp.
As of last September, according to benefits consulting firm Watson
Wyatt Worldwide Inc., 627 of the Fortune 1000 companies sponsored
traditional pensions, and of those, 115 have been terminated, frozen
or closed to new workers.
The increase in freezes by profitable companies suggests that the
trend is also being spurred by companies' realizations that they can
save money and that nonunion workers have no effective way to resist.
Already, overall coverage of private-sector workers by any type of
retirement plan is shrinking, according to a report last month by the
Bureau of Labor Statistics, with defined-benefit plans shrinking
fastest of all.
From The Washington Post, 3/8/06:
http://www.washingtonpost.com/wp-dyn/content/article/2006/03/07/AR2006030701626.html
By Sholnn Freeman and Albert B. Crenshaw
Washington Post Staff Writers
Wednesday, March 8, 2006; Page D01
General Motors Corp., accelerating a cost-cutting push, said yesterday
that it is slashing retirement plans for 42,000 salaried employees and
freezing its pension program.
__________________________________________________________
Harry
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