Word: benefiting
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...Last week, Gettelfinger agreed to defer the automakers' scheduled payment to the voluntary employee benefit associations, or VEBAs, that is due next year. The VEBAs were created to help finance health care for retired workers. "This was a huge gamble for Gettelfinger," says Shaiken. Gettelfinger also suspended the controversial jobs bank, cutting off payments to some 3,600 workers idled by plant closings at the three companies. According to the local's website, the demand for board representation was linked to these concessions...
Barring relief from Washington, pension plan sponsors may revert to benefit cuts. Here's how that might work: A typical pension plan formula is based on an individual's ending salary, multiplied by a variable, such as .015, and then multiplied by the number of years of service. So an employee earning $150,000 a year, at age 60, with 30 years of service, would have the following formula: $150,000 x .015 x 30, which equals $67,500 annually in pension payments for the rest of her life. To reduce costs, a company can reduce that middle variable from...
Some companies may eliminate, or freeze, pension plans altogether. On Wednesday, for instance, AK Steel, a leading automotive and appliance industry supplier based in West Chester, Ohio, announced it would freeze defined benefit pensions plans for salaried employees and replace with a defined contribution benefit plan that includes about 3% of a worker's annual salary. "Unfortunately, this extraordinary global economic downturn requires significant and rapid measures to reduce our costs in light of sharply lower order levels from our customers," James L. Wainscott, AK Steel's CEO, said in a statement...
...vast majority of transplant surgeons want to give organs to those who get the greatest benefit from them, but the system around them is failing them,” Herring said...
...coach Jason Saretsky quickly turns around, following the conclusion of the cross country season on Nov. 24, to kick off the indoor track and field campaign tomorrow at the Husky Winter Carnival hosted by Boston University. With the dawn of the new year, Saretsky and the track squad will benefit from the addition of new faces. Twenty freshmen have joined the ranks on the men’s side, while the women’s side brought in 18. “The attitude is just great that we know that the young guys can help...