Word: funding
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...others like it, such as the 403(b) and the IRA, have become our nation's go-to retirement piggy bank. Invented nearly 30 years ago as an executive perk - one more way to dodge Uncle Sam - the 401(k) was never meant to replace the employer-guaranteed pension fund, supplemented by Social Security, as the cornerstone of our nation's retirement system. But propelled by a combination of companies looking to cut costs and consumers who wanted control of their retirement destiny, that's exactly what happened...
...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...
...Earlier this year, mutual-fund company T. Rowe Price tried to determine the optimum retiree portfolio - the mix of stocks and bonds that would produce the highest returns without the risk of the nest egg running out. To do this, the analysts ran something called a Monte Carlo simulation, which mimics the real-life ups and downs of the market. Most of the time, the market goes up slightly. But some years - ka-pow! - stocks and bonds do spectacularly poorly. What T. Rowe Price found should frustrate anyone who has spent time wondering if 25% of a portfolio should...
...second important decision of the Bachelet government was to invest billions from this fund in the development of the skills and capacities of its people. On September 3, 2008, the Bachelet administration established procedures for its Bicentennial System to Train Advanced Human Capital Abroad (“bicentennial” because it marks Chile’s declaration of independence in 1810). This program, known as “Becas Chile,” is on scholarships...
...through Becas Chile would then award scholarships to the Chileans whom Harvard would have admitted. The Chilean national science foundation, “CONICYT,” will implement the merit-based Chilean selection process. There is no Chilean government cap on the number of students that it could fund at Harvard; the number will depend on how many Chileans Harvard admits. The Chilean government will award fellowships based on financial- need guidelines that follow those of Harvard’s Committee on General Scholarships...