The Washington Post today: “Bill Would Modify Pension Plan Rules.” The article by Albert Crenshaw reports that “Senate Finance Committee Chairman Charles E. Grassley (R-Iowa) plans to sponsor legislation that would require operators of pension plans to take into account the age of their workforce when computing pension liabilities.” The article also reports that Grassley has said through an aide “that his proposal has ‘a solid core of bipartisan support’ in the committee and is important because ‘workers need reliable funding of their pensions and employers need a reliable basis on which to calculate pension payments.'”
“United pension fuels anxiety: Funding gap stirs retirement fears,”: The Denver Post is reporting. Also this from the Honolulu Star-Bulletin regarding the Hawaiian Airlines pension crises: “Pilots’ pension ruling delayed.”
Here’s a great article from the Detroit Free Press on a growing benefits trend–paid-time off plans: “Flexible Absence: Employers take the sick out of sick leave: More companies pool sick, vacation and leave time.” The article notes how the plans have reduced sick leave for employees. (Question: But are more employees coming to work sick under these paid-time off plans?)
Regarding the California Health Insurance Act of 2003 (SB 2) passed late last week, the Mercury News has this: “What health insurance bill means: Q & A: Sizing Up Plan Passed by Legislature.”
The Philadelphia Inquirer today reports that Mayor Street wants to end the City’s DROP plan: “Street risks votes with retirement-plan stance.” According to the article, Street wants to end the Deferred Retirement Option Plan which is an experimental program allowing workers to receive lump-sum payments in exchange for delaying retirement for up to four years because it is reportedly “draining money from the city.”
Another article from Albert Crenshaw for the Washington Post yesterday: “Feeding the 401(k), Even in Bad Times.” The article reports on this study by the Investment Company Institute. PlanSponsor.com reports on the study–“EBRI: Bears Merely Scratched 401(k) Balances“–and the 401khelpcenter.com has this press release–“Asset Allocation and Continued Contributions Muted Effects of Bear Market on 401k Balances.”