The Boeing Co.’s engineers union is demanding the company disclose the extent and funding source of its executive pension plans. The Society of Professional Engineering Employees in Aerospace said it’s worried Boeing is secretly funding executive retirement benefits in a manner described in an Aug. 4 Wall Street Journal report. Earlier this year, Boeing announced the elimination of pensions for new, nonunion employees. The company is seeking to eliminate pensions for union- represented employees when new contracts are negotiated later this year. SPEEA represents more than 20,000 engineers and technical workers in the Puget Sound region. Its contract expires Dec. 1.
State collections of taxes fall in July
Tax collections are down again in Washington state. The state Economic and Revenue Forecast Council says the past month’s tax receipts were about $60 million less than anticipated. Monday’s report shows weakness in most business sectors. That’s on top of last month’s report, which said payments were down by about $61 million. Gov. Chris Gregoire has ordered a hiring, travel and purchasing freeze for her agencies. The steps could save about $90 million.
Travelers’ info likely stolen, says TSA
A laptop computer containing personal information from 33,000 travelers who applied to a program for bypassing airport security lines was probably stolen and returned, not just misplaced, investigators said Monday. The Transportation Security Administration announced last week that it had suspended new enrollments to the program, known as Clear, after the unencrypted computer disappeared from a locked office at San Francisco International Airport. The day after TSA’s announcement, the laptop reappeared in a cabinet in the same office.
Banks tightening lending standards
More banks are tightening lending standards on home mortgages and other consumer and business loans as a deepening credit crisis exerts a heavier toll on the economy. The Federal Reserve said Monday the percentage of banks reporting tighter lending standards rose across various loan types in its July survey. In April, the central bank had found that the percentage of banks reporting tighter standards was already near historic highs. The latest survey found that about 75 percent of the banks had tightened their standards.
T-bill rates rise in Monday auction
The Treasury Department auctioned three-month bills at a discount rate of 1.87 percent, up from 1.71 percent last week. Six-month bills were auctioned at a discount rate of 2.02 percent, up from 1.92 percent last week. For a $10,000 bill, the three-month price was $9,952.73 while a six-month bill sold for $9,897.88. That would equal an annualized rate of 1.905 percent for the three-month bills and 2.069 percent for the six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills fell to 2.23 percent last week from 2.30 percent.
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