OTHER NEWS - Nov. 28, 1991
From Times Staff and Wire Reports
HomeFed Bank Freezes Pension Benefits: The troubled San Diego-based thrift said it hopes to stave off a federal takeover in doing so. As of Dec. 31, employees’ accrued pension benefits will be frozen, meaning employees can no longer expect their eventual monthly pension payment to increase with additional years of employment or increases in pay, company spokeswoman Monica Wiley said. The move will result in multimillion-dollar savings, she said. She said that HomeFed’s pension funds are safe and that employees will receive the benefits they’ve earned.
