Finance Workers Sport More Frowns

February 10, 2005 (PLANSPONSOR.com) - Job migration among finance professionals during 2005 could be brisk, according to a recent survey by CareerBuilder.com.

In fact, according to a SmartPros report, four in 10 finance workers want to be working somewhere else by the time 2006 dawns, a recent survey by jobs Web site CareerBuilder.com found.

Dissatisfied with pay, workload and management, 10% of finance workers said they are looking for a new job on a weekly basis. Nearly half (48%) said their beefs were about pay. Two-third of the respondents said they did not receive a bonus in 2004 and more than one-third did not receive a raise. Of those who did receive a bump in salary, 36% report an increase of 3% or less.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

In light of new corporate governance standards, 62% of finance workers indicated that their workloads had increased in the last six months with one-half describing their current workloads as too heavy. Nearly half said they worked extra hours and that they no longer look forward to coming to work. Some finance workers feel the leaders of their organization are falling short in providing an overall positive work experience. Twenty-nine percent say they are unhappy with the performance of their corporate leaders and 27% are dissatisfied with their boss or supervisor.

A third of finance workers report being overlooked for promotion. Thirty-three percent say they are dissatisfied with the opportunities for career advancement at their current employers and 28% feel there are ways for them to acquire new skills.

The survey was conducted from November 22, 2004 to December 2, 2004 of 100 finance workers.

US Supreme Court Turns Away CalPERS Jurisdiction Appeal

January 10, 2005 (PLANSPONSOR.com) - The California Public Employees' Retirement System (CalPERS) lost its bid to kick securities suits against former WorldCom lawsuits back into state court when the US Supreme Court turned away a CalPERS request to review the matter.

CalPERS had asked the high court to review a May 2004 decision by the US 2 nd Circuit Court of Appeals that the pension fund’s state court WorldCom suits could stay in US Bankruptcy Court where they had been moved at WorldCom’s request, Dow Jones reported.

CalPERS, the largest US public pension fund, said it lost more than $550 million when WorldCom, now known as MCI Inc., disclosed a multibillion-dollar accounting scandal in 2002, which led to the company’s bankruptcy and scores of lawsuits. The Golden State’s pension fund had used state court to sue former WorldCom executives such as ex-Chief Executive Officer Bernard Ebbers.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

In general, corporations prefer to defend themselves in federal court rather than in state courts, which they consider less predictable and at times more hostile than federal legal venues. Attorneys for those targeted by the CalPERS lawsuits said WorldCom’s federal bankruptcy petition made it possible for the lawsuits to be transferred to a federal court along with all other litigation pending against WorldCom and related parties.

«