Word: funding
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...just to prop up their pension accounts. That's in part because evolving accounting standards - including those established in the Pension Protection Act of 2006 - prevent companies from getting too far underwater on their obligations to retirees. Public pensions have also been hit hard. State and local governments' pension funds support some 27 million Americans, and many have lost a fifth of their value this year. Virginia's retirement fund and California's Calpers have each fallen 20% in just the past four months. The pain is both broad and deep...
...haven't done so already will likely move even more swiftly toward defined-contribution plans in place of defined benefits, because doing so reduces the potential scale of their future liabilities. The shift means firms will assure you, the employee, of how much they are putting into your retirement fund instead of promising how much you'll end up with. That latter amount will depend on how your investments perform rather than on the scope of your employer's pledge. "When my father was working, he knew what he would retire on," says Williams. "Now the market risk will...
That brings us to the other big news in the announcement. The FOMC left the door wide open for even more rate cuts, which would bring us into uncharted territory. The federal-funds target rate previously bottomed out at 1% from June 2003 to June 2004. The actual federal-funds rate did drop below 1% a few times in the 1950s, but that was another era - an era when the Fed didn't announce interest-rate targets, banks completely dominated the financial system and the U.S. completely dominated the global economy, and there was no such thing as a money...
...Arkansas shopping at a hunting-equipment store. Most recently, she landed a small role as a conservative commentator in Oliver Stone's George W. Bush biopic. Pressly was found severely beaten in her home on Oct. 20, and she succumbed to her injuries several days later. A fund created in her name to apprehend the killer has so far raised about $37,000. Pressly...
...leading in all the national polls, only a few things would seem to have the potential to throw him off course. One of those things is his running mate. Sticking to a script has never been one of Biden's stronger suits, as he demonstrated recently at a Seattle fund raiser. "Mark my words: it will not be six months before the world tests Barack Obama like they did John Kennedy," Biden told the $1,000-a-ticket Democratic donors, who no doubt were startled to discover that the Fifth Horseman of the Apocalypse had ridden into the downtown Sheraton...