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Retirement

Class actions exploded in ’08, employers continue to pay the price

01/27/2009

Employment law class-action litigation is growing at an explosive rate, and the economic meltdown will probably fuel even more lawsuits in 2009. So says a recent report that also predicts far greater financial exposure for employers that must defend their employment policies in court. Here are the gory details.

Motorola cuts executive pay, freezes employee pension

01/16/2009

Schaumberg-based Motorola announced in December that it would cut executive pay and freeze pension contributions to control costs. Co-chief executives Greg Brown and Sanjay Jha said they would trim their own base salaries by 25% in 2009.

Appeal to 50+ staff with tailored benefits, relevant messages

01/05/2009

Organizations that appeal most to employees age 50 and older make it a point to focus recruiting efforts on that group. And they stuff their benefits packages with perks that help older employees balance work with caregiving responsibilities. Here are five best practices your organization can adopt.

Firms to freeze pension benefits, rethink investments

01/05/2009

At least 40% of organizations are likely to freeze or change their pension benefits because of the recession, a new poll reveals.

Disabled former employees can’t recover benefits under ADA unless they seek rehire

01/05/2009

In a common-sense decision, the 6th Circuit Court of Appeals has ruled that former employees who are disabled cannot sue their former employers under the ADA to recover retirement benefits that were reduced because they received Social Security disability payments from the federal government.

Accepting early retirement incentive may end lawsuit

01/05/2009

Employees who have pending lawsuits against their employers may be among a group of employees who receive early retirement offers that are part of downsizing initiatives. If litigious employees accept such a buyout offer, they may lose their standing in their lawsuits.

Retired NFL players’ blitz throws union for a big loss

12/24/2008

Usually, employers get zapped when employees sue, but that isn’t always so. Sometimes the union that represents employees gets slapped with a huge penalty, too—especially if it neglected to look out for workers’ interests.

N.J.’s pension strategy: ‘Promise to pay up later, OK?’

12/24/2008

Tough times call for tough measures. To cope with the effects of the state’s $1.2 billion budget shortfall on its pension obligations, Gov. Jon Corzine has suggested a time-honored, if not terribly innovative, remedy: an IOU.

Trenton power broker convicted of bribery and pension fraud

12/24/2008

Former state Sen. Wayne Bryant, once one of New Jersey’s most powerful politicians, was convicted of bribery and pension fraud for taking state jobs for which he did no work and steering state business to cronies in return.

Congress OKs pension-plan funding relief bill

12/24/2008

Employer retirement plans suffered huge losses in 2008, and employers would face even more burdens if they had to comply with new, stricter funding rules passed under the Pension Protection Act of 2006. For that reason, Congress last month voted to ease those rules …