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Retirement

Rebound? Compensation up, but health costs remain high

09/18/2009

A new Watson Wyatt survey says 44% of employers plan to reverse pay cuts made during the recession. That’s up from 30% in June. Also, about one-third of employers plan to unfreeze salaries, up from 17%.

Study: 401(k) matches a victim of recession

09/18/2009

On top of the declining value of their investments, many employees also saw their employers’ 401(k) matching contributions disappear during the recession. A Grant Thornton survey found that 29% of companies reduced or intend to modify their contributions to employees’ 401(k) accounts.

Chicago investment guru ‘stripped’ of $50 million

09/11/2009

The U.S. Department of Labor has obtained a $50 million judgment against Chicago investment advisor John Orecchio for using money from six union pensions for his own private business interests. According to the SEC, Orecchio used pension assets to pay for private jet travel, Super Bowl tickets, construction at his Michigan horse farm and renovations to a Detroit strip club he owns.

AIG settles with Ohio pensions that claimed excessive losses

09/08/2009

Insurance giant AIG has settled a dispute with three Ohio public employee pensions for $115 million. All of  them claimed AIG, its top executives and related firms used anti-competitive practices and fraudulent accounting that led to massive losses for the pensions.

Study shows employers cutting 401(k) matches

09/08/2009

Employees depending on 401(k) accounts for retirement are getting another shock courtesy of the economic meltdown. According to a survey by accounting firm Grant Thornton, 29% of companies have modified or intend to modify their contributions to employees’ 401(k) accounts.

No joint employer liability under ERISA

08/26/2009

The Employee Retirement Income Security Act (ERISA) requires employers to follow the terms of their collective bargaining agreements when they contribute to employee benefit plans. The 9th Circuit Court of Appeals has refused to extend the concept of “joint employer” to ERISA’s collective bargaining agreement provision when the second entity has not signed that agreement.

Uncle Sam assumes Delphi’s pension obligations

08/07/2009

In a complicated settlement, the Pension Guaranty Benefit Corporation (PGBC) has assumed the pension obligations of auto parts manufacturer Delphi Corp., formerly owned by General Motors. Delphi, which recently closed plants in Ohio and other states, has been in bankruptcy the past four years. However, it has continued to make pension contributions.

Study shows employers cutting 401(k) matches

08/06/2009

According to a survey by accounting firm Grant Thornton, 29% of companies have reduced or intend to otherwise modify their contributions to employees’ 401(k) accounts. Of those employers, two-thirds have eliminated matching contributions altogether.

HR & the recession: 7 trends, 7 solutions

08/04/2009

If you read only headlines, you may think U.S. employers are slashing employee benefits to the bone. Not so. But the weak economy is forcing organizations and their employees to make some tough choices, particularly in compensation and benefits. Here are seven key HR trends to look for, plus tips on how to respond.

Lilly and Carlos: Questions and answers on the Ledbetter Act’s unintended consequences

08/04/2009

The Lilly Ledbetter Fair Pay Act was designed to ensure pay equity for women. It does a whole lot more than that! Learn how this landmark legislation affects all protected employee classes and could influence your employee benefits program.