Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
September 13, 2002
Cheney Urged to Make Up Difference on Pensions
For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!
gressional Democrats are calling on Vice President Cheney to personally compensate hundreds of former Halliburton Co. employees who lost millions of dollars in pension payouts when Halliburton sold a subsidiary under Cheney's leadership, the Washington Post reports.

Halliburton has offered employees of its former subsidiary, Dresser-Rand, payments that are on average $50,000 less than expected, according to an employee representative.

The Post reports that the shortfall comes from Halliburton's decision not to continue to make pension fund contributions for the workers after the unit was sold to Ingersoll-Rand in February 2000.

Ingersoll-Rand says Halliburton should compensate the workers for the shortfall; Halliburton says it's Ingersoll-Rand's responsibility.

After details of the Dresser-Rand pensions were published in The New York Times, Rep. John Conyers Jr. of Michigan, the ranking Democrat on the House Judiciary committee, wrote to Cheney accusing him of "bending the rules to make millions of dollars while the hardworking employees under your watch are cheated out of millions of dollars."

Cheney spokeswoman Jennifer Millerwise said the vice president's office had not yet received Conyers's letter.

According to the Post, Cheney made an $18.5 million profit selling his Halliburton shares in August 2000. That sum was part of more than $35 million Cheney made from the energy company in cash and stock in five years at its helm.

When Halliburton's Dresser Industries unit sold its majority stake in Dresser-Rand to Ingersoll-Rand in 2000, Halliburton stopped covering 440 salaried employees under Dresser's pension plan because they were no longer Dresser employees. Three hundred of the workers who were under 55 and had been eligible for an enhanced early retirement benefit lost that privilege when the unit was sold. Some of the 440 have subsequently retired.

To read the Washington Post article, click here.

Participate in this week's poll and discussion!

Featured Free Resource:
Cost Per Hire Calculator
Twitter  Facebook  Linked In
Follow Us
Copyright © 2018 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on
Document URL: