Social Security experiment delayed

  • Friday, September 28, 2001 9:00pm
  • Business

A plan by a presidential commission to allow workers to invest some of their Social Security payroll taxes in the stock market could be delayed until next year because of the Sept. 11 terrorist attacks. The White House and the commission’s staff were weighing the political and practical consequences of backing off from the fall deadline President Bush set to receive plans for the overhaul. “Right now the president is focused on winning the war against terrorism,” said White House spokesman Jim Wilkinson.

EverTrust Financial Group Inc. has completed another stock repurchase, this one for 603,308 shares of common stock announced Monday. The weighted average price per share was $15.10. “As we continue executing our business plan, we believe – especially in this business climate – that deploying capital through the repurchase of shares builds long-term value more efficiently than other means such as acquisition of additional business units,” said Michael Hansen, EverTrust Financial Group chairman and chief executive officer.

Weyerhaeuser said Friday it would permanently close two production lines and warned that third-quarter earnings would be lower than analysts expected. Blaming a weakening market, Weyerhaeuser said it will permanently close a linerboard machine in Springfield, Ore., and a fine paper machine and paper sheeter in Longview.

Kansas officials and Boeing Co. were making plans Friday to help about 2,200 people who will lose their jobs at the aircraft manufacturing plant in Wichita, Kansas, by the end of the year. The layoffs are to be followed by 3,000 more next year from Boeing Wichita as the company eliminates as many as 30,000 jobs nationwide because of falling demand for airplanes. At Boeing Wichita, the entire commercial modification operation – with 1,200 employees – is to be shut down next March, company officials said. Most of the rest of the layoffs will be in the commercial airplane division.

Sixty-six percent of Society for Human Resource Management members surveyed recently predict employees would be more caring toward one another as a result of the Sept. 11 terrorist attack. About half said employers would put in place stronger security measures. Just over half believed employees would view business travel as less glamorous, while 37 percent said travel would be curtailed. About 35 percent thought workers would be more wary of working in high-rise buildings.

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