Originally published Monday, November 2, 2009 at 3:57 PM
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Qwest to save $100 million via pension, pay freeze
Fiber-optic network provider Qwest Communications International Inc. said Monday it will save about $100 million by stopping contributions to the pension plans of active managers and freezing their pay.
The Associated Press
Fiber-optic network provider Qwest Communications International Inc. said Monday it will save about $100 million by stopping contributions to the pension plans of active managers and freezing their pay.
The move to stop adding to pension benefits on Jan. 1 will save $60 million in 2010, while declining merit pay increases will save $35 million next year, it said.
Combined with changes to benefits of employee health plans and life insurance, total savings will amount to about $100 million in 2010, the company said.
The moves impact active management employees, and not retirees, former employees or employees covered by contracts negotiated by the Communications Workers of America and International Brotherhood of Electrical Workers.
Shares closed earlier down 8 cents at $3.51.
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