Jerry Geisel (mailto:jgeisel@BusinessInsurance.com)
WEST CHESTER, Ohio?AK Steel Holding Corp. will contribute more than $660 million to a special trust to pay for retiree health care benefits to settle a lawsuit filed by retirees, the company announced Monday. Under the settlement, which covers about 4,600 retirees who worked at a mill in...
ATLANTA?United Parcel Service Inc. would be allowed to withdraw from a huge multiemployer pension plan under a tentative agreement reached Sunday between the International Brotherhood of Teamsters and UPS. Under the agreement, Atlanta-based UPS would withdraw from Central States Pension Fund, which...
WASHINGTON?President Bush?s nominee to be the next U.S. Attorney General says cash balance pension plans are not age discriminatory. Judge Michael Mukasey, in a case involving a cash balance plan offered by PricewaterhouseCoopers L.L.P. of New York, ruled last year that PwC?s plan did not...
MILFORD, Mass.?Waters Corp. is freezing its cash balance pension plan and will enhance its 401(k) plan. The Milford, Mass.-based scientific and laboratory equipment company said it will freeze its cash balance plan, which is a type of defined benefit plan, at the end of this year. Subsequently,...
TROY, Mich.?Financially troubled auto parts manufacturer Delphi Corp. will freeze its two pension plans and shift some pension liabilities to former parent General Motors Corp. under a bankruptcy reorganization proposal filed Thursday and an agreement reached with GM. Delphi said the said two plans...
CINCINNATI?Another federal appeals court has ruled that cash balance pension plans do not discriminate against older employees. In a decision handed down Monday, a three-judge panel of the 6th U.S. Circuit Court of Appeals in Cincinnati unanimously upheld a lower court ruling last year that a...
WASHINGTON?Several employer organizations and other groups have asked Treasury Secretary Henry Paulson to intervene and prevent the Internal Revenue Service from rejecting certain cash balance pension plan conversions. The issue involves employers who years ago converted traditional pension plans...
Health insurance coverage provided to employees represented by labor unions costs more on average than coverage offered to nonunion employees, according to a survey. The survey, released Wednesday by the U.S. Bureau of Labor Statistics, found that for single coverage in which employee premium...
PHILADELPHIA?The 3rd U.S. Circuit Court of Appeals has declined to review a ruling upholding the ability of employers to reduce health benefits to retirees when they become eligible for Medicare, bringing a long-running legal battle near an end. The 3rd Circuit on a 12-0 vote Tuesday denied a...
ARLINGTON, Va.?Aided by across-the-board growth, benefit consultant Watson Wyatt Worldwide reported a sharp increase in net income and revenues for fiscal 2007. For the fiscal year ending June 30, Watson Wyatt reported net income of $116.3 million, up from $87.2 million the prior year. Net...
