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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...
...Occidental had stuck with its pension plan, Lucantonio might not have to work. When he retired, he had a salary of nearly $80,000. That means he would have received a pension check of about $3,100 a month. It would be nice if 401(k)s could produce a guaranteed check as pensions do. But most 401(k)s don't generate enough income, and Lucantonio's is no different. He retired from Occidental with $350,000 in his 401(k). That's a hefty sum, but he can withdraw just 4% of it annually, or about...
...recently agreed to sell Iran 20,000 barrels of gasoline a day, backs the country's claim that it's enriching uranium only for peaceful purposes. But if the international community decides Iran is making an atomic bomb - something IAEA inspections may determine later this month - it would complicate any Venezuelan plans to export uranium to the country, since it would be widely viewed as aiding and abetting a rogue nuclear-weapons program. "In that event, the world is watching whether Venezuela seems poised to cross any international legal boundaries," says Johanna Mendelson Forman, a senior associate for the Americas...
After decades of coddling military dictators in Pakistan, Washington wants a different relationship with its key partner in the war against al-Qaeda. The Kerry-Lugar Act which has passed the Senate, after a similar bill passed in the House last month, would provide $7.5 billion in nonmilitary aid over the next five years, in an ambitious plan to counter widespread anti-American sentiment there by helping Pakistan's civilian government deliver essential services to its population. Unlike previous no-strings aid packages, Kerry-Lugar makes support conditional on Pakistan's military being subordinated to its elected government, and taking...
...generals' ire is focused on the bill's requirements that the U.S. Secretary of State certify, at six-month intervals, that the military remains under civilian oversight, even specifying such details as the need for the government to control senior command promotions. Kerry-Lugar also requires that the Pakistani military act against militant networks on its soil, specifying those based in Quetta and Muridke. U.S. officials believe that the leadership of the Afghan Taliban, including Mullah Omar, operates unmolested from the southwestern city of Quetta - a charge denied by Pakistan. Murdike, just outside Lahore, is the headquarters of Lashkar...