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Article: SBC begins offering managers traditional pension plans.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- January 26, 2005
CopyrightCOPYRIGHT 2005 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Barbara Rose
Jan. 26--At a time when scores of companies are getting out of the business of providing traditional pensions, SBC Communications Inc. is jumping in with both feet.
Some 55,000 SBC managers -- including some who were covered under newer types of hybrid pensions -- now are being offered only traditional pensions that guarantee a monthly stream of benefits, SBC said Tuesday.
Some of the managers were covered under pensions similar to the cash balance plans that have been challenged in court as discriminatory against older workers. Those plans will be frozen, accruing interest but no new contributions.
Pension experts ...