Word: javitses
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Dates: during 1970-1979
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The problem is faced by blue-collar and white-collar workers alike. One concerned group, for instance, is the 125,000-member Council of Engineers and Scientists, whose membership has been hard hit by mass layoffs in the aerospace industry. This week, as vacationing Congressmen meet their constituents, pensions will...
To protect others from a similar plight, the subcommittee is considering legislation drafted by Javits, as well as other proposals. Generally, they would require companies to:
> Give their employees an irrevocable right to a percentage of their retirement pensions after a fixed number of years. Javits' bill would grant 10% vesting after six years' service, increasing to 100% after 15 years. Another proposal, by Consumer Advocate Ralph Nader, calls for legislation that would create...
> Set aside enough money each year to meet pension obligations. In some cases, fund managers plowed millions into speculative stocks during the 1968-69 bull market only to see their investments shrivel during the 1970 slide. Other companies did not bank enough money during lean years, and are now burdened...
> In his relations with Capitol Hill, Richardson has achieved marked improvements, impressing congressional committees with his grasp of detail, which was demonstrated once again last week as the Senate Finance Committee began hearings on the revised welfare re-form bill supported by the Administration. Says New York's Senator...