Sprint Nextel Freezes Pension Plans
A Bloomberg News article by J. Kyle Foster, via The Washington Post, reports that:
Reston [Va.]-based Sprint Nextel Corp. froze pension plans for almost half of its 80,000 employees and won't offer a fixed retirement benefit to new workers as the company cuts labor costs to compete with other wireless carriers.
Workers vested in Sprint Corp.'s pension plan prior to the Aug. 12 purchase of Nextel Communications Inc. stopped earning credits on Dec. 31, spokesman David Gunasegaram said Sunday in a telephone interview. Unvested employees who contributed to the plan will receive benefits earned once they qualify. The 39,000 affected workers were notified in November.
posted by Fergie @ 1/24/2006 08:13:00 AM
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