Word: cashes
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Dates: during 2000-2009
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...people who don't have enough money to send their kids to college or buy a home, building their 401(k), they are told, is their first priority. It's not terrible advice. The accounts grow tax-free, though you have to pay Uncle Sam's levy when you cash out. Unlike health coverage, you don't lose your 401(k) when you lose your job. And once you set the account up - a minor task at most companies - it's automatic, making it an easy, thought-free way to save. Indeed, Americans have more saved specifically for retirement than...
...late 1960s the company bought Hooker Chemical Co. in a effort to diversify. But in the 1970s, allegations surfaced that toxic waste that Hooker dumped into the ground during the 1940s and early '50s was causing severe health problems in Niagara's Love Canal neighborhood. Oxy Pete needed cash to shore up this and other problems, and its CEO, Armand Hammer - flamboyant, powerful and ultimately corrupt - came up with a solution: raid the retirement kitty. Amazingly, this was legal at the time, and Hammer wasn't alone in doing...
...High interest rates in the inflationary 1970s produced solid returns for Oxy's bond-heavy pension fund - so much so that Oxy's accountants figured the plan was overfunded by $600 million. For Oxy to get at that cash, pension laws required it to close its fund and start again. It did so with a far cheaper option: the employee-funded 401(k). The company made it clear that with the high interest rates at the time, Oxy employees could see their 401(k) account balances soar with little risk. Few doubted it - Oxy, like most other big companies...
...wondering how he will afford the rest of his life. The pension check would have been guaranteed until he died. "I'm a pretty optimistic guy, but I'm still worried," says O'Neil. "Ten years from now, where am I going to be after I burn through the cash...
...needs to be replicated in more schools and by more former soldiers, say observers. As the program stands, participants must teach in a high-need district - one with "a poverty rate of at least 20% or at least 10,000 poor children" - in order to receive the $5,000 cash assistance. And a $5,000 bonus is available to teachers who land in schools where "at least 50% of the students are from low-income families or the school has a large percentage of students who qualify for assistance under the Individuals with Disabilities Education Act." (See pictures...