Word: pension
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Could you outlive your money? Millions of American workers who are heading for the exit door of their careers may face that risk as companies phase out their costly check-a-month pension plans and the stock market continues to put serious cracks in people's 401(k) nest eggs...
...Scorned for their modest returns while the bull market roared, these annuities are suddenly gaining some respect for the security they offer. The deal: for a lump-sum premium, you get a guaranteed monthly income that starts immediately and continues for as long as you live--just like a pension. "This is an extremely important function that is not obtainable under any other strategy," says Mark Warshawsky, director of research for TIAA-CREF, the largest U.S. educational retirement fund. "There is a useful place for this in people's portfolios...
Rove met with Hoffa early in the Administration and made sure he had access to Vice President Dick Cheney and chief of staff Andy Card. The union credits those meetings with gains in protecting some labor agreements and its pension system. Another Cheney meeting is scheduled for next week. The coddling happens in small ways too: Hoffa is likely to start getting invitations to White House social events. "This White House pays more attention than the last one did," says Teamsters spokesman Bret Caldwell...
...local economists euphemistically call it, which include logging in Indonesia's vanishing rain forests, extortion and prostitution. Jakarta's red-light district was shut down in the spring of 2000, not out of religious zeal but because the army and police quarreled over the profits. Wahid tried to pension off the worst offenders and replace them with more idealistic middle-ranking officers. Such attempts at reform may stop...
...Among the prizes for a suitor: Mediobanca's key stake in the insurer Generali. So is this the great opening up of the Italian market? Not yet. Even if control of Mediobanca shifts, its big shareholders have an incentive to keep things in the family. In a market where pension funds have until recently been small players, Generali has been an important source of "patient capital," observes Bolgiani of Eptafund. Tacconis agrees: "[Generali] is too important for such owners to be ready to give their shares to a foreign player, or to somebody who wants Mediobanca at any price...