Benefits February 27, 2004

W.R. Grace Sells Off Shares in K Plan Stock Fund

February 27, 2004 (PLANSPONSOR.com) - W.R. Grace & Co is selling off shares of Grace common stock currently held in the company's 401(k) stock fund option.
Reported by

The decision by the building materials and chemical company was made after State Street Bank and Trust Company, the stock fund’s fiduciary, determined it was no longer consistent with the Employee Retirement Income Security Act (ERISA) for the defined contribution plan to continue to hold all of the shares of Grace common stock currently in the stock fund. The Grace stock fund holds approximately 7.87 million shares of Grace common stock, according to a news release.

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Per the decision, State Street has commenced the selling program of Grace shares in the stock fund, and has filed a Form 144 with the US Securities and Exchanged Commission (SEC). It was not divulged how many shares would be sold.

The Columbia, Maryland based company has operated in Chapter 11 bankruptcy since 2001. Grace has over 6,000 employees and operations in nearly 40 countries.

Benefits February 26, 2004

Creative Resume Writing Still Alive and Well

February 26, 2004 (PLANSPONSOR.com) - The art of "creative" resume writing is apparently alive and well in this still struggling job market.
Reported by

A Cleveland firm, which fact checks resumes for employers, said incorrect start and stop dates for a former job topped its list of “Top Ten Resume Lies. Rounding out the list of dubious distinction put together by Background Information Services was:

  • false and/or inflated salary history
  • inaccurate former positions or titles
  • exaggerated or false listing of responsibilities at former job
  • false reason(s) for leaving job
  • false education Level (GPA) or inaccurate graduation information
  • false Information pertaining to special licenses/certifications acquired
  • non-existent awards and/or recognitions
  • phony graduation certificate/diploma
  • unexplained gaps between jobs

“This fact-stretching exercise is harmless when it comes to forgetting what month you might have left a job, but becomes detrimental when that job, in fact, never existed in the first place,” said Background Information Services president Jason Morris.

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Based on results of Background Information Services fact-checking and industry data, more than half (56%) of resumes reviewed contain false or misleading data. More than a third (34%) lied about the applicant’s experience, education, and ability to perform essential functions on the job.

About one in 10 claimed credit for a college degree they didn’t earn, made up a past employer, or listed an old job that existed only in their imagination. About the same number misrepresented why they and an old boss parted ways.

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