ST: HP's pension plan displays herd mentality

HP's pension plan displays herd mentality
Seattle Times 07/25/05
author: Mike Langberg / Knight Ridder Newspapers
(Copyright 2005)

If you're lucky enough to still have a pension plan, it's an endangered species after last week's move by Hewlett-Packard.

Buried in the details of a restructuring program cutting 14,500 jobs was a small reference to a decision by HP essentially dismantling its pension program to save $300 million a year. New employees won't get any pension, and many current employees will see their benefits shriveled by the time they reach retirement.

This is one article that mentions the HP move to eliminate the pension benifit for new employees.