Word: closeness
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Dates: during 1990-1999
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...team's performance was really good," saidGyorffy, who will jump in the Penn Relays nextweekend. "We were surprised because we thought itwould be close, so everyone did manyevents--that's why I did long jump...
...Yale is not a very strong team," Gunderson said. "We wanted to shut them out rather than run up the score. And we came close...
That disincentive, labor leaders charge, and a lower annual cost are fueling the rising popularity of cash-balance plans. Some 20% of FORTUNE 500 companies, including AT&T and Xerox, now offer these plans, which cover close to 10 million workers nationwide. Two weeks ago giant Citigroup disclosed that it too is making the changeover; the week before, CBS made the switch as part of a comprehensive benefits overhaul. Both firms are sweetening the pot with stock options to keep workers focused on performance rather than longevity. IBM is reportedly contemplating a similar change that would save $200 million...
...switch to cash-balance plans reflects an economy in which job hopping--voluntary and otherwise--is the norm. In fact, close to two-thirds of workers fare better under the plans. Here's why: each year, an employer contributes a defined amount (usually 5% to 8%) of an employee's salary into an interest-bearing account. It's more like a 401(k) savings plan than a traditional pension, which is typically based on an average final salary and total years of service. So instead of having to hang around for the long haul to reap most of the benefits...
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...