Retirement Plans Edition
Today's sponsor is PensionPlanet.com
June 1, 2000
Former Food Lion Workers Lose 10-Year-Old Section 510 ERISA Suit
Excerpt: "Rickey Bryant, his wife and children, and the United Food and Commercial Workers Union sued two years after Bryant was fired in March 1988 from his job as an assistant manager at a Columbia store. He was closing in on being vested and entitled to benefits such as insurance, retirement and profit sharing. Ten other former Food Lion workers and their families joined Bryant's lawsuit, charging that they lost their insurance coverage when they also were fired." (Associated Press)
DOL Offers Voluntary Correction Program
Excerpt: "The Department of Labor recently released its Voluntary Fiduciary Correction Program ("VFC"). Under the VFC, plans now have a way to make corrections of certain violations of the fiduciary requirements of the Employee Retirement Income Security Act and to obtain confirmation of compliance, including relief from penalties." (Kilpatrick Stockton LLP)
Mattel Rolls Out Horror Sequel to Barad Pay Plan
Excerpt: "Fresh from granting an obscene amount of severance pay to fired-CEO Jill Barad, the directors of Mattel fashioned an equally galling package for her replacement, Robert Eckert. If he doesn't work out, shareholders will again foot an expensive bill for failure." (Graef Crystal, on Bloomberg.com)
Women Need More, Have Less When Retiring
Excerpt: "Women live longer than men and need more money to last through their retirement, but earn less in their jobs. They are more likely to take time off during their careers to care for children or parents and less likely to have a pension plan. These factors, combined with more frequent job changes, mean women lose seniority and sometimes fail to vest in pension plans." (Reuters via news.excite.com)
A Bologna-Lover's Retirement Budget: If You Want Steak, Keep Your Day Job
Excerpt: "A survey by the Employee Benefit Research Institute released in May found that ... a majority of workers had either failed to figure out a retirement budget at all or were making overly optimistic plans. But recent economic research offers at least minimal reassurance." (U.S. News)
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