Cash balance pension plans shortchange workers, study says
Labor Department analysis finds 13 of 60 converting firms underpaid workers who left before normal retirement age, totaling potential annual underpayments from $85 million to $199 million. Affects an estimated 8 million workers across about 300 to 700 traditional plans. The issue prompts calls for stronger federal enforcement and clearer disclosures.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Labor Department Inspector General
Cism
IBM Corp
Congress
Pension and Welfare Benefits Administration
Inspector General
Fed keeps key rate at 1.75 percent to aid recovery
The Federal Reserve holds the federal funds rate at 1.75 percent for a third straight meeting, keeping loan costs at a 40 year low. Greenspan notes upside potential from gentler inventory liquidation while cautions demand growth remains uncertain. Dow and Nasdaq rise after the decision amid mixed signals on the economy.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
Federal Funds
Fed
HP launches reorganization Knight Ridder
Hewlett-Packard unveiled a merged structure with older Compaq names kept for key lines while trimming jobs by about 15,000 over six to nine months. The Cupertino launch showcased divisions: Servers, Storage, Software, PCs, and Imaging, with HP iPAQ replacing Jornada and OpenView guiding management software.
MENTIONED IN THIS ARTICLE
Hewlett-Packard
Compaq Computer
Cupertino
Calif
Carly Fiorina
Michael Capellas
Compaq
Himalaya
New York Stock Exchange
Stocks hold tight after rate news on Wall Street
Wall Street opened mixed after the Federal Reserve left interest rates unchanged amid a retreat from earlier gains. Dow rose 0.3 percent to 9,836.55 while Nasdaq slid 0.3 percent to 1,573.82 and S&P 500 fell 0.3 percent to 1,049.49. Tech shares declined as investors awaited clearer profits and a late-session Cisco rise followed stronger results.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Federal Reserve
Fed
Alan Ackerman
Fahnestock & Co
Dow Jones
Standard & Poor
S&p
Labor Department
John C. Forelli
Independence Investment LLC
Boston
Dell Computer
PMC Sierra
Cisco Systems
Cisco
Dow Industrial Hewlett- Packard
Morgan Stanley
Honeywell
Wal- Mart
United Technologies
Dow
Ackerman
New York Stock Exchange
Japan
Europe
Germany
France
Britain
Also Mentioned on This Page
Feds
Plate
Ena Dorn
Barnia Sanders
John Credidio
Chicago Mercantile Exchange
Chicago
FDIC
Equity
Oman
Wall Street Journal
Masmum IL
MATS
San KY
Florida
Knight Ridder
Flint Center
Fiorina
HP Maverick Board
Walter Hewlett
HPQ
Creative Strategies
Tim Bajarin
London
U.S
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