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...half decades ago, his then employer, Occidental Petroleum Corp., cut its traditional defined pension plan in favor of a 401(k)-type system. So instead of getting a guaranteed pension check of $1,308 a month for his 36 years as a full-time, salaried employee, the former chemical-factory worker receives $225 a month from his 13 years as an hourly employee, plus $180.16 a month from a profit-sharing plan Oxy had for salaried employees until 1994. He also has $70,000 left of the money he saved from his tax-deferred 401(k). On the days...
...have even peeked at your account statements in the past year, it's painfully obvious that something is wrong with the way we save. The tax-deferred 401(k) plan, and 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...
...ugly truth, though, is that the 401(k) is a lousy idea, a financial flop, a rotten repository for our retirement reserves. In the past two years, that has become all too clear. From the end of 2007 to the end of March 2009, the average 401(k) balance fell 31%, according to Fidelity. The accounts have rebounded, along with the rest of the market, but that's little help for those who retired - or were forced to - during the recession. In a system in which one year's gains build on the next, the disaster of 2008 will dent...
When you hear the name “Pfoho Closet Beer Club,” several unwholesome images may spring to mind. Don’t worry: this club, founded by Ryan K. Schell ’11, has the support of Pfoho tutors as well as HoCo and is actually made up of people who brew their own beer. The brewing just happens to be taking place in a closet...
...health care debates go on we’ve been talking about reforms, but the impacts on people with particular needs such as HIV have not been discussed,” added Petrie-Flom Academic Fellow Allison K. Hoffman...