CALIFORNIA | LOCAL
February 12, 1992
Los Angeles County Supervisor Gloria Molina on Tuesday accused top county officials of inflating their pensions by including car allowances, fringe benefits and other items in calculating their retirement pay and called for an end to the practice. "Many of these pension-spiking measures are not allowed in other government retirement systems," she said in a motion that will come before the supervisors next week.
October 15, 2005 |
The government agency that insures corporate pensions has objected to United Airlines' reorganization, asserting in court documents that the carrier has changed a deal covering the termination of its pension plans. The Pension Benefit Guaranty Corp said the airline's disclosure statement, which detailed its financial model, was "unconfirmable" as is. United said the airline worked closely with its creditors and the agency throughout restructuring and would continue to do so.
August 7, 2003 |
Rock-throwing Brazilians opposed to changing the current pension system clashed with riot police in Brasilia, the capital. The march by an estimated 50,000 government workers ended in violence after hundreds broke through police barricades. At least four protesters and two policemen were injured. The demonstration came hours after Brazil's lower house of Congress approved a key constitutional reform that would slash civil servants' pensions.
November 5, 2004 |
United Airlines sent its employee unions new contract proposals Thursday, seeking to terminate pensions and demanding other concessions. United, the nation's second-largest airline, has been threatening to terminate its pensions since August. Last month it said it would need to cut costs significantly more than anticipated because of the industry's deteriorating financial outlook. "We recognize this is difficult for employees, but it's necessary considering the environment we are in.
January 24, 2006 |
Sprint Nextel Corp. froze pension plans for almost half of its 80,000 employees and won't offer a fixed retirement benefit to new workers as the company cuts labor costs to compete with other wireless carriers. Chief Executive Gary Forsee, who orchestrated the $36-billion merger of Sprint Corp. and Nextel Communications Inc., is revamping the retirement plans as he shifts the company's focus to the wireless business. Cingular Wireless, the largest U.S. mobile-phone services company, and No.
CALIFORNIA | LOCAL
January 16, 2003 |
Despite objections from a handful of city workers and warnings of worsening deficits, the City Council has voted to boost employees' pension benefits by about 33%. Oxnard will pay $734,000 a year toward the benefits, and employees will contribute the remaining $2.2 million through payroll deductions. Younger employees have complained that they will end up paying most of the cost.
December 23, 1995 |
The Senate late Friday approved and sent to the White House legislation that prohibits states from taxing pension income of former residents who live in another state. Critics have argued that such a tax affects tens of thousands of retirees. Sen. Harry Reid (D-Nev.), who has campaigned for such a ban for five years, said states increasingly have sought revenue through such a tax on pensions as they face growing budget problems.
July 15, 2004 |
United Airlines is deferring a required quarterly payment of $72.4 million to its employee pension funds, underscoring the pensions' vulnerability as the cash-strapped carrier seeks financing to exit from bankruptcy protection. The UAL Corp.
November 14, 2003 |
Lawmakers appear to have derailed proposed federal regulations that would have encouraged tens of thousands of U.S. companies to convert traditional pension plans to a new type of retirement plan that critics say discriminates against older workers. So-called cash-balance plans, already in place at some 1,200 U.S. companies and covering about 7 million workers, had been expected to be widely adopted by corporate America.
May 5, 2003 |
Mechanic Paul Volker says Northwest Airlines is building a house of cards with its plan to use the stock of its Pinnacle Airlines Corp. subsidiary to fund the pensions of the carrier's 73,000 employees and retirees. Volker is one of several Northwest employees planning to testify about the plan today at a Labor Department hearing in Washington.