US West Retirees Fighting Qwest Use Of Pension Surplus
Group Doesn't Want Qwest To Use Surplus For Executive Compensation
A group of retirees from US West wants to prohibit
Qwest Communications International from linking pension profits to
executive pay.
The Association of US West Retirees has proposed a shareholder
resolution to stop Qwest's board of directors from using paper
gains from the $7 billion dollar employee pension surplus to
boost executive compensation.
The 45,000-member retirees group said that earnings in recent
years -- before Qwest bought U S West -- have averaged 11 percent
higher than they otherwise would have because of pension credits.
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