Word: pension
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Dates: during 1960-1969
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...Royal Little, retired founder of Textron, Inc., counsels Colvin's students on the pitfalls of getting together. These include such dangers as whether the mergee's inventory is all he says it is and questions such as: How do you handle your own employee reaction if his pension plan is better than yours? Answer: Increase yours if the acquisition costs justify it. David Judelson, president of merger-minded Gulf & Western Corp., discusses financial techniques. Raytheon Chairman Charles Adams explains the most promising methods of making the first overture. Best way: try a direct telephone call to the proposed...
...many social benefits. Both husband and wife must normally take jobs to support a family, but the Russian gets high-quality medical and hospital care for nothing, pays practically no rent, can go to a university free-if he can pass the entrance exams-and is entitled to a pension at age 60 (55 for women) of between 50% and 100% of his former income. The entire country is gradually being put on a five-day work week...
...Cabinet also agreed to higher taxes, a cut in farm subsidies, and abolition of some pension and family allowance benefits...
Many other investors regard mortgages as a last-choice outlet for money. Pension funds, the nation's fastest-growing pool of savings, have put a mere 8% of their $100 billion hoard into mortgages. Because of monthly collections and bookkeeping, lack of standardization and archaic foreclosure laws in many states, mortgages are clumsy and costly to handle. Restrictions on interest rates (6% maximum in ten states, 7% in six) divert funds elsewhere. Only Government-backed mortgages, less than a fifth of the total, can be readily traded among investors. The 6% interest ceiling on FHA and VA loans, handiwork...
American Smell. The novel's hero is a 39-year-old Cuban named Malabre, whose furniture store, apartment building and car have been expropriated by the government. In compensation, Malabre gets a monthly pension that is supposed to continue for 13 years, though he suspects it will not. Both his parents and his wife are "90-milers," that is, Cubans who have fled across the narrow channel to the U.S. Malabre stayed behind because "I already know the States: but what's happening here is a mystery to me." He drifts through the Havana streets under the "diarrhea...