Compliance August 1, 2007

PBGC Commends Towers Automotive for Keeping Pension Obligations

August 1, 2007 (PLANSPONSOR.com) - The interim director of the Pension Benefit Guaranty Corporation (PBGC) has praised Tower Automotive for emerging from bankruptcy with its pension plan still intact.
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The automotive company and its domestic subsidiaries filed for bankruptcy in February 2005. At that time, trading of the company’s stock – which was held by many employees in their 401(k) plans – was suspended on the New York Stock Exchange (See  Tower Automotive Files Chapter 11, Being Investigated for ERISA Breach ).

According to the statement  by interim director Charles E.F. Millard (See White House to Nominate New PBGC Director“Unlike many other pension plan sponsors, Tower Automotive met all financial obligations to its pension plan during the course of the bankruptcy.Tower Automotive and its asset purchaser, Cerberus Capital Management, are to be commended for keeping this commitment to their workers’ retirement security.”

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This means that the 7,000 participants in the plan, including more than 2,000 current retirees, will get their full retirement benefit, according to the statement.

Products July 31, 2007

CA Firm Offers Calculator to Learn 'Intelligent" Org Charting Benefits

July 31, 2007 (PLANSPONSOR.com) - A Sausalito, California HR consultant is offering an online program to allow employers to see the benefits of using "intelligent" organizational charts.
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A news release from HumanConcepts said its OrgPlus Savings Calculator is available at www.orgplus.com and is designed to help demonstrate potential companywide productivity gains from using the technology-based organization charts.

The company is also offering a new study about “intelligent” organization charts from which it says executives can navigate HR data, extract HR analytics and conduct collaborative planning scenarios to model and optimize the workforce.

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According to the news release, the study discusses how a global telecommunications firm with 120,000 employees used “intelligent” organizational charting to plan a corporate restructuring.

The study is available  here . A free registration is required.

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