Blogging Employee Benefits

January 20, 2006

Pace of Pension System Freeze Breaks Into a Sprint

Filed under: Pensions — Fuguerre @ 11:46 pm

“We evaluated what the business landscape was and this was the appropriate balance,” said a Sprint spokesman.

Sprint Nextel Corp. has announced that its defined benefit pension plan has been frozen, effective as of the beginning of the year. Affected employees are to receive a matching employer contribution up to 5% in the company’s 401(k) plan. [Wall Street Journal, 1/21/06]

1 Comment »

  1. Sprint has reached an agreement with CWA covering labor relations issues for employees of the local communications company, Embarq, which is expected to separate from the parent firm in early 2006. Benefits terms of the agreement include – (1) Before allocation of pension assets to the new company, Sprint Nextel will share its actuary’s report with CWA and give the union an opportunity to comment. (2) The new company and union agree to renew efforts to arrive at a national understanding on health care plan design.

    Comment by Fuguerre — February 13, 2006 @ 5:47 pm

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