August 30, 2006
TAKING OWNERSHIP (via AWW):
DuPont Moves away From Pensions (Randall Chase, 8/28/06, AP)
Chemical manufacturer DuPont Co. is changing its retirement plan for U.S. employees to boost participation in its 401(k) plan while lessening dependence on the company's traditional pension plan.As part of the changes, employees hired on or after Jan. 1, 2007, will not be eligible to participate in DuPont's pension plan and will not receive a company subsidy for retiree health care or retiree life insurance.
The NY Times thinks that's a pay cut. Posted by Orrin Judd at August 30, 2006 9:56 AM
Comments
Wonder if the Times' pension plan is closely tied to the share price of New York Times Co. stock, and if so, how the staff feels about that one (if they actually did think about it).
Posted by: John at August 30, 2006 10:13 AMThey think it's a pay cut as long as that's the obvious way to bash the Bush administration. When they are calculating average wages and trying to argue that they are stagnating, as they did just this week, then suddenly health care costs are no longer counted as compensation!
Posted by: ZF at August 30, 2006 11:18 AM