Companies Sack Pensions and Retirement Benefits

Verizon to Halt Pension Outlay for Managers.

Link to the article:
http://www.theledger.com/apps/pbcs.dll/article?AID=2005512060410

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.

In freezing the plan, the company will pay workers the benefits they have already earned but will not let them build additional benefits.

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http://www.theledger.com/apps/pbcs.dll/article?AID=2005512060410