Word: fundings
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Dates: during 1970-1979
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...Administer a $250,000 fund to aid residents unable to afford heating oil with loans or outright grants...
This bleak demographic problem has been compounded by rising prices and the trend toward earlier retirement. Inflation erodes the real worth of the $280 billion that companies and unions have built up in private pension funds and increases the payout needed to keep the elderly out of poverty. A person who began contributing to a pension fund when he was earning a respectable $2,000 per year in 1939 may now be receiving $6,000 a year from that fund and finding it mighty hard to make do. Earlier retirement, mean while, is shortening the period during which people contribute...
...Pension fund managers, struggling to keep their pots of money intact, have begun to look beyond the blue chip stocks and bonds in which they have traditionally invested. In June the Government eased the rule limiting pension fund investments to only those that a "prudent man" would make. Now pension funds can invest in real estate or gold or even Picassos and Chinese porcelain. Eastern Air Lines pilots have almost 10% of their $250 million pension fund in Atlanta warehouses, Kansas City shopping centers and Southeastern forests. Such investments seem attractive at a time of rising prices for tangibles...
...those holding jobs narrows in coming decades, active workers will have to increase their pension contributions. A congressional Joint Committee on Tax study has estimated that individual contributions will nearly double, from this year's $11.3 billion to $21.9 billion in 1984. Cutting back the growth of pension fund benefits in an era of double-digit inflation will be difficult but inevitable. Without some moderate increase in the burden on current workers combined with some decrease in benefits for current and future retirees, the fate of many pension programs is grimly clear. Says Richard Roeder, a pension analyst...
That tale of travel woe is told by Author Vance Packard, one of the many cultural and corporate heavyweights on the New York-Boston axis who have vacation homes on the Vineyard or Nantucket. What they also have in common is a feeling of strained camaraderie and a fund of furiously exasperating stories about Air New England, which links 14 New England stops with Boston and New York City. Says New York Times Columnist Russell Baker, a Nantucket man: "It's an eerie operation. I resign myself to disaster every time I book with them." CBS Anchorman Walter Cronkite...