Word: making
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Dates: during 1970-1979
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...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 to pension funds and stretching out the years during which they receive benefits. A decade ago, California teachers averaged 28 years in the classroom, but now they are leaving after 21 years. The average Army enlisted...
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...
While the pension problems of private workers are serious, those of public employees can be drastic. Some local governments soon will reap the whirlwind from years of promising elaborate benefits while making insufficient contributions to pension kitties. The General Accounting Office watchdogs reviewed at random 72 state and local government pension plans and found that 53 of them failed to make contributions on the level required by the Federal Government of private corporations. Says Michael Thome, head of the California state teachers retirement system: "Pension costs have been pushed into the future for somebody else to pay. Now, that...
...major issue of increasing pensions to keep up with inflation. At first the union wanted pension payments tied to rises in the cost of living: the company strongly rejected that because of the potential high cost. In the end, the union accepted the company's counteroffer to make periodic increases to help protect pensioners against rising prices. During the next three years, workers under 62 who retire after 30 years on the job will get $800 a month to start. Then they will get two in creases in the first year and further boosts in the second and third...
...settlement comes at a time when the Administration is working to revise and make more flexible its voluntary wage-price guidelines. They currently limit wage and benefit increases to 7% a year, which is well below the auto settlement. Indeed, there is talk that the wages and benefits achieved in Detroit could become the standard for the new guidelines. If that means approving settlements of close to 12% annually over the next year, the Administration's chances of effectively combatting inflation...