Word: pension
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Dates: during 1980-1989
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...issue that had promised to be a major stumbling block was sidestepped. The operators demanded the right to stop contributing to a multicompany pension trust fund and instead set up individual company retirement plans. Union officials feared that such company programs would not be as secure as the existing fund. In their last offer, however, the operators backed away from their demand, but asked in return, as one union official put it, that "we accept everything else...
...salary couldn't be increased." Says a State Department official: "He has been working very loyally for 55 years. The image ... is kind of poignant." Not to get sloppily sentimental about the affair, though, a bureaucrat adds: "There is a question of whether he was part of the pension plan...
...amount of the increase will be determined for each retired employee by the pension already received and the length of time since retirement. Under most existing pension programs, retired employees are awarded benefits according to the length of time worked for the University, Bruce said...
Bruce said the pension increases probably would not allow the incomes of retired employees to completely keep pace with inflation, but added that along with social security increases, the increases would help lower-income persons...
...increase in benefits resulted from the University personnel office's continual monitoring of retired person's incomes and inflation. Bruce said, adding that these efforts will be kept up to see if future pension increases would be necessary...