THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Hawaiian Telecom says pension fund is underfunded

January 6, 2009
  • Email|
  • Print|
  • Single Page|
  • |
Text size +

HONOLULU—Hawaiian Telecom, which filed for bankruptcy protection last month, says its pension fund is underfunded.

Three years ago, the fund was overfunded by $280 million. But then-owner Verizon Communications Inc. took that excess when it sold Hawaiian Telecom to the Washington D.C.-based Carlyle Group. The remaining fund has been hit hard by a declining stock market.

Now the company says it can no longer provide lump-sum payments to retirees and may instead have to issue monthly checks over a long period of time.

Scot Long, business manager for the International Brotherhood of Electrical Workers, Local 1357, says his members are deflated.

The situation could lead to higher rates for residential and business customers.

  • Email
  • Email
  • Print
  • Print
  • Single page
  • Single page
  • Reprints
  • Reprints
  • Share
  • Share
  • Comment
  • Comment
 
  • Share on DiggShare on Digg
  • Tag with Del.icio.us Save this article
  • powered by Del.icio.us
Your Name Your e-mail address (for return address purposes) E-mail address of recipients (separate multiple addresses with commas) Name and both e-mail fields are required.
Message (optional)
Disclaimer: Boston.com does not share this information or keep it permanently, as it is for the sole purpose of sending this one time e-mail.