Last fall’s Wall Street meltdown, which erased half the value of some 401(k) retirement plans, has both employers and employees
re-examining what to expect long term.
Indianapolis Power & Light could have been on the hook for more than $100 million in retirement benefits, but a ruling this month by the Indiana Utility Regulatory Commission allows IPL to keep the money.
Experts worry that if unemployment worsens, even more companies could be forced to cut benefits, especially health insurance.
Private employers that still offer traditional pension plans are getting a big shock as they assess how much more it will
cost to shoulder retirement obligations.
Angela Braly, Wayne DeVeydt and the rest of the top brass at WellPoint Inc. face wrath over the company’s recent stock swoon
from a new group: ex-employees. Four former WellPoint workers have filed lawsuits against the Indianapolis-based health insurance
giant over the losses its 401(k) retirement plan suffered in March when the company slashed its profit forecast for the year.
In a case with huge financial implications for Indianapolis Power & Light and Virginia parent AES Corp., a labor union and
16 IPL retirees have asked regulators to force the utility to pay up to $115 million to back-fund a retirement plan it spun
off in 2001.
