Bibliography: Chronological Sort for http://www.Timism.com\NecroAged\

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## YYMMDD ext Source Title and Notes (if any) *Title from filename
1 000727 jpg WSJ Pension Cuts000727 W S J
2 001227 gif WSJ Pension Fraud Via Mergers A1a001227 W S J
3 020308 htm WSJ Pension Reform Business Says No
  1. Business Digs In Against Attempts
  2. To Reform Existing Pension Rules
4 020520 htm WSJ Companies Underfund Pensions
  1. A member of Congress named 13 companies the Labor Department found had sharply underpaid pensions to workers after converting defined-benefit pension plans into cash-balance programs.
  2. Cash-balance plan conversions are an increasingly common practice as employers try to adapt their pension plans to the needs of a more mobile work force. A defined benefit pension plan usually is based on a worker's pay in the last few years before retirement. Cash-value plans, which generally save employers money, use a formula that reflects a worker's pay throughout his or her career.
  3. The report estimated 300 to 700 defined-benefit plans that have been converted to cash-balance plans in the U.S. may be underpaying retirees by between $85 million and $199 million annually
5 021107 htm StarTrib Pension Underfunded N W Airlines961 M
  1. Two Northwest Airlines pension plans are underfunded by $961 million because of stock market declines, low-interest rates on bonds and an increase in paid benefits.
6 031231 htm NYT Corp Mess Pension Corporate
  1. This year's stock market rally has added more than $100 billion to corporate America's depleted pension funds, but even that has not been enough to offset forces that continue to weaken the funds.
  2. they would have to plug a $259 billion gap in their pension funds
  3. A year ago, even though stock prices were lower, the same companies were considerably closer to meeting their obligations, being only $212 billion short.
7 041005 htm NYT Pension Failures Foil 6-Figure Retirements, Too
  1. He had a 12-acre farm near Sacramento and a pension of $151,000 a year, his payoff for years of working 70-hour weeks.
  2. Then three months later his company, Consolidated Freightways, filed for bankruptcy and the federal government took over its pension plan. Mr. Paulsen's pension fell to $22,000.
  3. As major airlines and old-line industrial companies use bankruptcy to stay alive, or simply go out of business, many workers are being thrown into a federal safety net that does not always protect them.
8 041024 htm NYT Miners' Benefits Vanish With Bankruptcy Ruling
  1. a federal bankruptcy judge in Kentucky authorized Cannelton's owner, Horizon Natural Resources, to terminate its collective bargaining agreements with the United Mine Workers of America. And just like that, Mr. Leake's guaranteed health insurance was gone.
9 041110 htm WSJ Companies Sue Union Retirees To Cut Promised Health Benefits
  1. The employer, beverage-can maker Rexam Inc., had agreed in labor contracts to provide retirees with health-care coverage. But now the company was asking a federal judge to rule that it could reduce or eliminate the benefit.
10 050518 htm WSJ When Pensions Change Hands, Retirees Can Be Lost in Shuffle
  1. "You must repay the overpayment of $18,363.44 in one lump sum by January 31, 2005," said the letter from the pension administrator. "If you are unable to make a one time lump sum repayment and wish to set up a repayment plan, your payments are as follows: $1,530.29 per month for (12) months." The letter added: "If you do not comply within the stated timeframe, the plan sponsor may take additional steps," such as reporting the "overpayment" to tax authorities or taking "more formal collection action against you."
  2. Mr. Craven is one of millions of pensioners whose benefits have been shuffled around in corporate deal-making over the past two decades. And when pensions get lost in the shuffling, retirees can find that the deck is stacked against them. If a company says the pension should be smaller or not paid at all, proving otherwise is up to the recipient -- no small burden for an aging retiree who typically has little grasp of either federal benefits law or corporate restructurings
## YYMMDD ext Source Title and Notes (if any) *Title from filename
11 050731 htm NYT How Wall Street Wrecked United's Pension
  1. While the money managers and other pension professionals who ran United's pension plan walked away from the wreck unscathed - indeed, they collected about $125 million in fees over the last five years alone, records show - the ones who will have to pick up the bill for the advisers' collective failure will be the airline's 130,000 employees and pensioners
  2. Pension investing is largely unregulated, even though the federal government effectively covers the investment losses when a defined-benefit plan fails.
12 050918 htm NYT Whoops! There Goes Another Pension Plan
  1. ROBERT S. MILLER is a turnaround artist with a Dickensian twist. He unlocks hidden value in floundering Rust Belt companies by jettisoning their pension plans. His approach, copied by executives at airlines and other troubled companies, can make the people who rely on him very rich. But it may be creating a multibillion-dollar mess for taxpayers later.
  2. As chief executive of Bethlehem Steel in 2002, Mr. Miller shut down the pension plan, leaving a federal program to meet the company's $3.7 billion in unfunded obligations to retirees. That turned the moribund company into a prime acquisition target. Wilbur L. Ross, a so-called vulture investor, snapped it up, combined it with four other dying steel makers he bought at about the same time, and sold the resulting company for $4.5 billion - a return of more than 1,000 percent in just three years on the $400 million he paid for all five companies.
  3. If past is prologue, one of the most powerful turnaround tools at his disposal will be his ability to ditch Delphi's pension fund.
13 051206 htm NYT Verizon to Halt Pension Outlay for Managers
  1. the nation's second-largest telephone company, said yesterday that it would freeze the guaranteed pension plan covering 50,000 of its managers and expand their 401(k) plans instead
14 060105 htm CNN I B Mchanges Pension Plan
  1. The company says it will shift pension plans to a 401(k) structure, saving up to $3B over 5 years.
  2. The company -- along with many others in the United States -- is moving away from more traditional defined benefit pension equity and cash balance plans.
15 060312 htm WashPost Do the Math For Lost Pensions
  1. How much do I need to save to make up for pension benefits I was expecting and now won't get? The answer, for tens of thousands of mid-career workers, is a lot
  2. Now assume that the worker reaches age 50 this year and is earning $70,000. If his pay goes up 3 percent every year, at 64 he will make $105,881, and the average of his "high three" years will be $102,827.
  3. If the pension plan remained in place, his annual benefit would work out to:
  4. $102,827 x 35 x 0.01 = $35,989
  5. But look what happens if the plan is frozen this year, making his high-three average $67,980 and his years of service 20. His annual benefit, beginning at age 65, would be:
  6. $67,980 x 20 x 0.01 = $13,596
  7. This would leave him with $22,393 a year to make up out of his 401(k). VanDerhei figured that the worker would have to accumulate $299,536 in his 401(k) to buy an annuity "to fill in the gap created by the pension freeze."
16 060331 htm NYT Shocks Seen in New Math for Pensions
  1. The board that writes accounting rules for American business is proposing a new method of reporting pension obligations that is likely to show that many companies have a lot more debt than was obvious before.
17 090311 htm USAToday Largest US Pension Plans Fall$217 Billion Short
  1. The nation's 100 largest corporate pension plans were underfunded by $217 billion at the end of 2008, holding only 79% of the assets needed to cover estimated long-term liabilities. That compares with an $86 billion surplus — 109% of estimated liabilities — at the end of 2007, according to Watson Wyatt, a human resources consulting firm.
18 090511 htm USAToday More Companies Freeze Pensions
  1. The number of companies that have frozen their traditional pension plans has accelerated sharply this year, a trend that will likely continue as companies wrestle with declining profits and poor investment returns.
  2. Last week, Wells Fargo told its employees that their pension plans will stop accruing benefits July 1.
  3. More companies will freeze their pension plans unless Congress temporarily relaxes the funding requirements
19 090523 htm NYT Brandeis Halts Retirement Payments - NYTimes.com
  1. Buffeted earlier this year by the outcry over its plans to raise money by closing its art museum and selling the collection, Brandeis University said this week that it would suspend payments to the retirement accounts of faculty and staff members starting in July.
20 091203 htm USAToday States act to curb 'double dipping'
  1. States pummeled by the recession and heavy job losses are moving to bar government employees from "double dipping" — the practice of collecting a pension and a paycheck at the same time.
  2. Jon Greiner retired as police chief of Ogden, Utah, in 2002 to start collecting benefits, then immediately returned to his job. Greiner, also a state senator, says there's nothing wrong with that arrangement, and that lawmakers shouldn't use the laws to punish public employees. He is currently paid $107,000 annually as police chief; he estimated he makes about $4,000 a month from the pension.
  3. Utah identified more than 4,300 public employees
  4. Florida found more than 9,000
  5. The nation's state and local retirement systems lost about $800 billion in 2008
  6. An audit this year for Utah lawmakers suggested that double dipping by employees there could cost the state as much as $900 million over the next decade
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