The termination, if approved, would shift billions of dollars of promised but unfunded benefits to the Pension Benefit Guaranty Corp., resulting in the biggest loss ever for the agency.Read More
The House Education and Workforce Health, Employment, Labor and Pensions subcommittee hearing comes at a time when the PBGC has a record $26 billion deficit in its insurance programs that are used to pay benefits promised by financially struggling or failed employers whose pension plans the agency has taken over.Read More
New York City Mayor Michael Bloomberg will push for a minimum-wage increase, a $20,000 salary hike for top teachers and the firing of lousy educators from failing schools.Read More
The lawsuit claims workers were regularly not paid for all hours worked and were not paid required overtime.Read More
In the aggregate, the plans' funding deficit hit $484 billion as of Dec. 31, 2011, up from $315 billion a year earlier and $229 billion as of Dec. 31, 2009.
Under the new rule finalized Dec. 21, cargo pilots are exempt from a sweeping overhaul of commercial airline pilot scheduling, where pilots would fly shorter shifts and be given longer rest periods, the FAA said in statement.Read More
For the first time in modern history, overall salaried labor costs next year at the Detroit 3 are expected to exceed those of all UAW-represented factory workers, says Sean McAlinden, chief economist for the Center for Automotive Research.Read More
The U.S. Department of Labor has authorized a $3. 5 million National Emergency Grant to provide re-employment and support services to some 850 workers laid off when Goodyear closed its Union City, Tennessee, plant in July 2011.
The proposal would see traditional pension benefits for all new city hires—excluding police—eliminated in favor of a 401(k)-style retirement plan. Read More