Word: pension
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...true Mormon difference, however, lies in what the LDS church does with that money. Most denominations spend on staff, charity and the building and maintenance of churches; leaders will invest a certain amount--in the case of the Evangelical Lutherans, $152 million--as a pension fund, usually through mutual funds or a conservative stock portfolio. The philosophy is minimalist, as Lutheran pastor Mark Moller-Gunderson explains: "Our stewardship is not such that we grow the church through business ventures...
...strike deadline. Teamsters President Ron Carey said today that union workers would remain on the job as long as the two sides continue to talk. A federal mediator restarted the negotiations last night, averting a widespread walkout. The dispute centers on the Teamsters' insistence on a multi-employer pension pool, rather than a less-secure plan covering only UPS employees. The Teamsters are also pressing management to increase pay, limit subcontracting and create more full-time jobs. If the talks break down again, millions of parcels across the country could be stranded. Federal Express and the U.S. Postal Service...
...fled to the Philippines in 1988 because he was about to be arrested for "misappropriating" $106,000 from his stock-brokerage business. (San Diego police say they have no record of a charge against him.) Though for the next six years Modesto sent MaryAnn his $900-a-month Navy pension, she says he stopped in late 1995. Forced onto welfare and food stamps, she moved to Eureka, Ill., to be near another son, Christopher, and to settle in public housing. About a month ago, Cunanan's mother returned quietly to National City, Calif., a working-class suburb of San Diego...
...biggest of those funds, the Vanguard Index 500, has $44 billion and is rapidly closing in on the nation's biggest stock fund, Fidelity Magellan ($58 billion), which is not an index fund. Stock-index mutual funds are only a small part of the story, though. Pension-fund managers have been indexing for two decades to ensure that they earn a market rate of return. They have some $600 billion to $700 billion tied...
...giant pot of money. "But this is not the tail wagging the dog," insists Frank Salerno, a managing director in charge of index funds at Bankers Trust. Index funds, including the big pension money, account for only 10% of all the money invested in S&P 500 companies. It's unlikely that such a small percentage is dominating the index. The other 90%, which presumably has made reasoned judgments about value, has a lot more to say about where the S&P 500 is going. Yes, prices relative to earnings on big stocks like General Electric and Coca-Cola...