Word: cashes
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Dates: during 1990-1999
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That message quickly found a receptive audience in Washington. Both the Equal Employment Opportunity Commission and the IRS are investigating cash balances' legality. And last week Representative Bernie Sanders, an independent from Vermont, introduced a bill that would hit companies with tax penalties if they switched to a cash-balance plan without giving all workers the option of staying in the old one. "Millions of Americans are feeling 'pension anxiety' because under current law there is no guarantee that their pension benefits will not be cut tomorrow," says Sanders...
...issue, IBM announced it would change the eligibility rules to double the number of workers--to 65,000--who would be able to keep their old pensions. Still, IBM senior vice president J. Thomas Bouchard, testifying before the Senate last week, said firms like his need the allure of cash balances to attract young, mobile high-tech workers in a tight talent market: "There just isn't enough money to go around to give a choice to everybody." Many employer groups warn that onerous restrictions could do more harm than good. "These well-meaning changes could actually create fewer defined...
...battle is raging in the courts too. An age-discrimination lawsuit pending in federal district court in New Jersey charges AT&T with "wearaway," which leaves older workers caught in a cash-balance conversion toiling for years before they start earning new benefits. (The company denies the charges.) A similar case is set to go to trial next spring against Onan Corp., a subsidiary of Cummins Engine Co. Says William Carr, an attorney representing workers in the case: "These plans are a profit center." Only now, considering the outcry, companies like IBM will start to wonder whether the costs outweigh...
Could it be true ? that in the big, bad world of American business, money isn?t everything? Sprint board members are mulling a pair of monster cash-and-stock takeover offers from fellow telecom giants MCI-WorldCom ($65 a share) and BellSouth (an eleventh-hour $72 a share, both according to the Wall Street Journal). But though both offers could be the better part of $100 billion, CNNfn reports that Sprint will choose MCI?s poorer dowry in a vote as early as Monday. What gives? The reason may be that a lack of post-handshake regulatory headaches...
Moved PermanentlyMoved PermanentlyFortune Investor DataBellSouth has the cash to outbid almost anyone, but that $7-a-share premium is for a deal that could face serious problems going through. "This is a Baby Bell trying to get into long distance, and BellSouth alone has already been rejected [as a potential long-distance carrier] by the FCC three times," says Greenfeld. "Until AT&T can make a real business out of offering local service over their phone lines, the FCC is likely to make any BellSouth wait ?- and that doesn?t even include state-by-state approval by state regulators...