Word: pensioned
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Across the University, wages and benefits payments rose sharply. Pension plan contributions more than doubled, and total salaries approached $1 billion...
...most senior member of the 372nd facing charges in the Abu Ghraib abuses is Frederick, 37, who has served with the company for 20 years. Frederick was just short of qualifying for a full pension when he was mobilized last year. Married, with two stepdaughters, ages 14 and 18, Frederick has a civilian job as a guard at a medium-security Virginia prison, where his wife Martha also works. His uncle William Lawson describes him as "very laid back" and "a practical joker." Shoemaker-Davis sees him as a "tough guy," used to being in charge: "He has a very...
...outbreak of SARS and the rise of low-cost carriers--all of which conspired to put the airline on the verge of bankruptcy in April 2003. What's more, employees were in open revolt after they discovered that CEO Don Carty had secretly handed out retention bonuses and pension guarantees to executives, even as he was negotiating $1.8 billion in salary cuts and eliminating 14,000 jobs. Sliding into the pilot seat, new CEO Gerard Arpey brought in corporate counselors to change the company's culture and slashed the airline's operating costs, making American the most efficient big-network...
...company's pension burden weighs on profitability, though Congress recently allowed American to defer some payments to underfunded pensions for two years. This year management has put $319 million away for pensions and will spend an additional $300 million on retirees' medical benefits--an expense its younger competitors don't have. These low-cost carriers "pay people a lot less, and they don't provide good benefits," says Arpey. "I do believe people in big public companies should retire with benefits, but we've got to find...
...paid themselves accordingly, and to the scandals that have enveloped European firms, such as Italy's Parmalat and the Dutch retailer Ahold, which owns a number of U.S. grocery chains. But the change also reflects the influence of American-style investor activism and the growing clout of U.S. pension funds in stock markets across the Continent. "The performance culture has come to Europe," says David Newkirk, a Booz Allen senior vice president...