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Retirement

Caterpillar sues UAW over retiree health benefits suits

09/01/2007

Caterpillar Inc. has filed lawsuits to force the United Auto Workers (UAW) to pay for health care for retirees as agreed in union-negotiated contracts. Caterpillar says the UAW is backing two class-action lawsuits seeking free lifetime coverage for retirees and spouses, which the company says violates collective-bargaining agreements …

Law boosts pension portability as cash-Balance plans take off

09/01/2007

Dow Chemical Co., based in Midland, has announced it will adopt a cash-balance plan for new employees, making it the largest employer to do so since Congress passed legislation last year protecting new plans from age-discrimination lawsuits …

Retirees can sue employers who mismanage retirement investments

09/01/2007

The 3rd Circuit Court of Appeals has expanded the class in a class-action suit brought by former workers and retirees against their employer. The case centers on Conexant Systems Inc., which offered its own stock among the investment options employees could choose from when structuring their 401(k) plans. The stock fell from $7.42 per share to $1.70 in seven months during 2004 …

Ohio public pension funds must cut terrorist ties

08/01/2007

Ohio’s public pension funds must dump more than $500 million in investments with companies that do business with Iran and Sudan, lawmakers decided in June …

Accepting early retirement doesn’t mean automatic unemployment

08/01/2007

To streamline the work force, some employers encourage early retirement and may even include an inducement in the form of enhanced benefits. But unless the employer informs the employee her job is endangered unless she signs up, the employee is probably not eligible for unemployment compensation …

Additional workers’ comp benefits end at initial Social Security benefit age

07/09/2007

Employees who receive additional benefits under the Workers’ Compensation Law 15(3)(v) lose those additional benefits as soon as they reach eligibility for federal Social Security old-age benefits …

AARP finds Georgia’s work force is getting grayer

07/01/2007

Jobs will grow in Georgia over the next two decades, according to a recent report from the AARP, but filling them will be a challenge …

Planning to outsource? Prepare to document solid reasons

07/01/2007

Twenty years ago, an employee might have expected his employer to reward long years of service with a secure retirement. That’s no longer the case …

Align comp & benefits with phased-Retirement options

07/01/2007

The Pension Protection Act of 2006 allows employers to pay pension benefits to employees age 62 and older who are covered under a defined-benefit pension plan even if they continue to work. The change makes phased retirement a viable option for employers who want to keep their mature, experienced workers …

Audit past leave credits when crafting early retirement plan

06/01/2007

If your organization is considering early retirement as an incentive to move out highly compensated employees, do your homework first. To properly calculate seniority, you’ll need to check how unpaid leave was handled years ago …