Word: pensiones
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...airline has enjoyed big savings by never having the type of defined-benefit pension plan that is proving so troublesome for other carriers. Pension plans at eight major airlines are underfunded to the tune of $12 billion. Southwest was, however, the first major airline to establish an employee stock-ownership plan without asking for wage concessions...
Your 401(k) plan isn't the only retirement asset spilling red ink on your golden years. Professionally managed pension plans have been taking a beating too, raising issues not just for pensioners but also for stockholders of companies that offer such plans. Collectively, pension funds hold nearly $5 trillion, which secures steady income for millions of current and future retirees. Even though many employers have shifted to such "defined contribution" plans as the 401(k), 7 in 10 of the big S&P 500 companies still provide a "defined benefit" plan guaranteeing employees a monthly check after retiring...
Because of investment losses, most companies that offer defined-benefit pensions no longer have enough money set aside to meet their future obligations. Meanwhile, instead of adding to corporate profits, as they did through the 1990s, pension plans will begin to detract from them this year...
Neither development greatly imperils the retirement income you have already earned, which is guaranteed by the Pension Benefit Guaranty Corp. But a severely underfunded pension signals a financially strapped organization, one that may scale back future benefits outside the pension plan. Dozens of companies, including Ford and Sears, have reduced retiree health-insurance benefits this year...
...UNICCO to agree to the janitors’ demands. Two weeks ago, Acting Governor Jane Swift announced that UNICCO will lose its contract to clean the State House if it does not meet the janitors’ demands. Earlier in the strike, the California Public Employees’ pension fund decided to terminate UNICCO’s contract in a Boston building which it is part-owner, and it is considering doing the same in two Washington buildings where it is majority owner...