Word: pension
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...United's latest woes hit the evening news, he warily pays heed. About a tenth of his family's nest egg--money earmarked for his and his wife's retirement, not to mention college tuition for their two teenage children--is supposed to come from Boyle's United Airlines pension. But that potential income is in jeopardy as his former employer tries to reorganize in bankruptcy court. "I watch," says Boyle, 45, "but there's nothing you can do"--except worry...
Watchful worry is the only option for 34 million Americans who, like Boyle, are stakeholders in defined-benefit pensions--corporate retirement programs that once represented a dependable revenue stream for retired U.S. workers but today are increasingly falling into disrepair and deficit. Two weeks ago, the U.S. Comptroller General, concerned about a rise in the number of companies no longer able to meet their pension obligations and the magnitude of their shortfalls, labeled as "high risk" a quasi-federal agency that steps in to pay retirees when companies cannot. Saddled with a deficit of $5.4 billion and counting, the Pension...
Administration officials say a pension-system meltdown is not imminent, but that's no consolation for the pilots at U.S. Airways. When that airline went bankrupt last year, the PBGC took over its orphaned pension program and promptly reduced benefits paid to former high-wage workers whose payouts exceeded agency limits. In some cases, pilots' pensions were slashed as much...
...prospect of imperiled pension programs further tarnishes what were supposed to be golden years for American workers. In the past few years, retirement portfolios have taken hits from all sides, causing employees to rethink their retirement expectations and in some cases continue working past age 65. Until its recent turnaround, the sagging stock market reduced the overall value of 401(k)s and similar retirement vehicles by double-digit percentages. Company stock options and grants have also declined in value. Moreover, the last line of retirement defense--the Social Security program--will begin running at a deficit in 2017. That...
...related to the attacks. Five of the men had made televised confessions, which they later retracted, saying they had been tortured. Honeymoon's Over BRAZIL Socialist President Luiz Inácio Lula da Silva's public support waned as the Brazilian government's lower house passed part of a pension-reform bill,which raises the retirement age, caps civil servants' pensions and puts an 11% tax on pensions over $400 per month. Some 40,000 civil servants protested against the bill, part of a wider reform that is meant to eradicate some of the country's $250 billion debt burden...