Word: cashes
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Dates: during 1990-1999
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Take a 28-year-old worker, for example, who's making about $34,000 a year. Under a hypothetical cash-balance plan, he could walk away after only five or six years on the job with close to $10,000 in pension benefits, as opposed to a measly $1,200 in a traditional plan, according to the Society of Actuaries. Under the same cash-balance plan, a 50-year-old earning about $57,000 a year, with just over 20 years of service, would already have a $69,000 nest egg, more than double the value of a traditional pension...
...that accommodating. "We're talking about the people who are most vulnerable and career trapped," says Michele Varnhagen of the Pension Rights Center. People like Stephen Langlie, a retired engineer at Onan Corp., a Minnesota subsidiary of Cummins Engine Co., who claims his current, $420 monthly check under the cash-balance plan, to which the company switched in 1989, pales in comparison with the $1,500 projected under the old plan. Many colleagues have joined him in a class action against Onan...
...house and a chat with the owner or a local real estate agent. Assessments were so rough that the bank could count just 30% of the assessed home value as collateral, and could only lend accordingly. The system was also open to bribery--slipping an envelope full of cash to a bank official was a good way to boost your property value, according to Kim Jun Tae, head of the now privatized bank. "The culture was very bureaucratic," says Kim. "I told people we have to be doing business, we have to sell things...
FUND FEES ADD UP No matter how much cash Americans plow into mutual funds--$5.5 trillion at last count--most still can't get a handle on what they're paying managers to run them. So last week the SEC introduced an interactive calculator www.sec.gov to show how those confounding fees--front-end loads (sales-charges), expense ratios--add up over time. Two $15 billion large-growth funds--one load, one no-load--can generate very different costs. Use the calculator to help find out if your fund managers are worth the price...
...millennium came early to Warren, Mich.--in 1995, to be exact. When customers at the Produce Palace, a gourmet grocery store, started using credit cards with expiration dates ending in "00," the computer system went to Y2K hell. Technicians spent hours trying to fix the 11 cash registers, while disgusted shoppers walked out. The owners wanted the system replaced, but even after at least 200 service calls, the firm that sold it balked. The Produce Palace ended up filing what may be the nation's first Y2K lawsuit, which it eventually settled...