Old Dominion Freight Line expanding Portland facility

Old Dominion Freight Line, a national trucking company, is expanding its Portland facility by 60 percent.

It is enlarging its yard at its Rand Road terminal and increasing the number of truck bays, from 27 to 43.

In 2005, the company had 12 employees in Portland, and it now it has more than 30, according to Mark Madden, the company’s vice president for the northeast region.

He said the project is part of a national expansion. He said the company, which has 225 locations, is investing $132 million this year in construction and real estate.

He said the Portland expansion will allow the company to grow and serve the entire state. Its business in Maine has grown 20 percent in the past year, he said.

The company’s clients are commercial customers and households who need to deliver less-than-truckloads of cargo nationally and globally. It is headquartered in Thomasville, North Carolina and employs more than 15,000 people.

Pension agency says plans for 1.5 million workers at risk

A federal agency says that despite an improving economy, retirement plans covering roughly 1.5 million U.S. workers are severely underfunded, threatening benefit cuts for current and future retirees.

The Pension Benefit Guaranty Corporation says that the most at risk are multi-employer plans, which are collectively bargained retirement plans maintained by more than one employer.

The report concludes that as shaky as the situation is for the underfunded multi-employer plans, the outlook is slightly better than a year ago.

U.S. Bank settles federal mortgage probe for $200M

Minneapolis-based U.S. Bank National Association has agreed to pay $200 million to settle allegations that it failed to check on the credit-worthiness of thousands of applicants when it issued government-insured mortgage loans between 2006 and 2011. The U.S. attorney’s office for northern Ohio announced the settlement Monday.

— From staff and news services

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