Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Union: Utility owes $115M (IPL, AES accused of shortchanging retirement plan)

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 03:41 PM
Original message
Union: Utility owes $115M (IPL, AES accused of shortchanging retirement plan)
Source: Indianapolis Business Journal

Chris OMalley - comalley@ibj.com

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.

IPL also should resume annual funding of the IPALCO Enterprises Voluntary Employee Beneficiary Association, the International Brotherhood of Electrical Workers Local 1395 states in a complaint filed Nov. 13 with the Indiana Utility Regulatory Commission.

The VEBA plan has lost millions of dollars in assets and has had to slash life and health insurance benefits for its 1,600 participants since IPL spun off the trust six years ago and stopped funding it. It created the trust as part of a 1995 rate case, after the commission said IPL could raise its electric rates in part to fund retirement benefits.

The complaint alleges IPL has violated the terms of that rate settlement by continuing to collect $19 million annually from Indianapolis 460,000 electric customers for a plan it no longer manages or funds.

Read more: http://cms.ibj.com/ASPXPages/6iframes/FrontEndArticlesD...



Printer Friendly | Permalink |  | Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC