Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

The Seattle Times

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published October 2, 2008 at 12:00 AM | Page modified October 2, 2008 at 9:31 AM

Comments (0)     E-mail article     Print view

Source: Some WaMu retirement plans frozen

Payments from Washington Mutual's deferred-compensation and supplemental-retirement plans have been indefinitely suspended as JPMorgan and the insolvent WaMu holding company sort out who's responsible for what.

Seattle Times business reporter

Payments to current or former Washington Mutual employees from the company's deferred-compensation and supplemental-retirement plans have been indefinitely suspended, according to a WaMu human-resources employee who asked not to be named.

But people in WaMu's 401(k) and pension plans will continue to be paid, because those funds are held in trust, the employee said.

Following the Sept. 25 seizure of Washington Mutual's banking operations by federal regulators and their sale to JPMorgan Chase, ownership is in question for the company's deferred-compensation, supplemental-retirement and other "non-qualified plans," including those from banks that WaMu acquired in the past.

WaMu personnel are researching which company now owns each plan.

Some might belong to Washington Mutual Inc., the holding company that filed for bankruptcy after its banking operations were taken over, and some could belong to JPMorgan Chase.

"It could also be that JPMorgan was able to cherry-pick what they bought, so potentially they didn't buy that liability even if it was part of the banking operations," the employee said.

So far, JPMorgan has declined to answer questions about the plans.

WaMu listed about 6,200 retirees in an 2006 IRS reporting form.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com

Copyright © 2008 The Seattle Times Company

More Business & Technology headlines...

E-mail article Print view      Share:    Digg     Newsvine

Comments
No comments have been posted to this article. Start the conversation.

advertising

Facebook's future: Web 3.0?

Tech execs double as scourges and sages at Allen & Co.'s media summit

Brier Dudley: Brier Dudley | Learning hard lessons from Boeing giveaways

Symantec, McAfee add firepower to market-share war

Interface: UIEvolution helps content providers get mobile

Advertising

Video

AP Video

Entertainment | Top Video | World | Offbeat Video | Sci-Tech

Marketplace

 
Most read
Most commented
Most e-mailed
 
 
Advertising