Investing June 13, 2002

Jobless Claims Remain below Key Level

June 13, 2002 (PLANSPONSOR.com) - The number of initial unemployment benefits claims filed last week was up again, the Department of Labor (DoL) announced.
Reported by

After recently falling below the key 400,000 level that analysts view as symptomatic of a recession, the number of people filing for unemployment benefits increased by 6,000 to 390,000 for the week ending June 8.

The number was slightly below the expectations of analysts polled by Reuters, who anticipated the number to reach 391,000.

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The four-week moving average, considered a better measure of the unemployment situation because it smoothes out weekly fluctuations, fell by 8,750 to 402,500, its lowest level in almost three months.

Compliance June 12, 2002

Retirees No Longer Knitting their Brows over Pensions

December 18, 2001 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation (PBGC) will cover the pension benefits of the 2,100 employees and retirees of bankrupt Alamac Knit Fabrics.
Reported by

The company sponsored two pension plans, which have combined assets of about $16.6 million and liabilities of around $23.2 million.

According to the PBGC, the plans are underfunded by $6.6 million and were terminated at the end of August this year.

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Federal pension law dictates that the maximum pension guaranteed for employees in plans that terminate in 2001 is $3,392.05 per month, or $40,704.60 per annum, for those retiring at age 65.

Payments are adjusted for workers retiring at different ages or those who choose survivor benefits. According to PBGC estimates, nearly all the bankrupt textile factory workers will receive their full benefit.

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