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Verizon Cut's Managers Pension Plans

H

hipsterdufus

This is the sad, new trend in the corporate world.

Is your pension next?


Verizon Communications, 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.

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Earl Wilson/The New York Times
Verizon is profitable, but Ivan G. Seidenberg sees problems ahead.
In freezing the plan, the company will pay workers the benefits they have already earned but will not let them build additional benefits.
http://www.nytimes.com/2005/12/06/b...ag=B_Company_to_Halt_Pension_Outlay_cn=120605
 

BWG

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It's the unions fault!!!

Oh wait, they said MANAGERS.

First they came for the...........
 
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