Word: pension
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Knowles wrote that after the reduction of faculty pension contributions by one percent he "provided a bonus of one percent to the salaries of all faculty under forty for [fiscal year 1996], with an exhortation that this be used to replace the lost pension increment...
...force the President to approve its budget. Yet markets remained unruffled, knowing that Treasury Secretary Robert Rubin had internal bookkeeping changes up his sleeve that could lower our "official" debt and let Uncle Sam keep paying the bills. What Rubin has done to date--mostly shifting civil service pension money to accounts that aren't constrained by the debt limit--should take the government through mid-February. Such short-term cosmetic changes have no impact on the retirement funds, since they'll be repaid with interest. As the next deadline nears, frustrated Republicans hope to raise the political stakes nonetheless...
...hardly reflected in her life-style. Paint was peeling from her apartment walls. Bookcases were caked with dust. "She was a product of the Depression years," says Fay. Her father suffered substantial losses in the property market. "She felt she had to live on her meager pension and Social Security. She never spent any of it on herself." She kept some money in savings accounts, but Fay encouraged her to invest in money-market funds and tax-exempt bonds. By the early 1980s her cash flow from interest and dividends was more than $200,000 a year, which she used...
...Americans have an estimated $747 million withheld from their wages and salaries and placed in 401(k) accounts, where money managers invest it in securities. Taxes remain deferred on the income and investment gains that accrue in the plans until the employees retire. But unlike traditional public and private pension plans, the 401(k) program, which has amassed $525 billion in retirement funds since it began in 1979, carries no federal insurance to protect employees against theft and mismanagement...
...raid worker benefits. Steve Anderson, the president of AlcoTec Wire, a small manufacturer of aluminum wire in northern Michigan, wondered last year why employees who left to join other companies failed to receive their 401(k) settlement checks on time. The trail led to the Honer, Timberlake Pension Services firm. Charles Timberlake, the trustee for AlcoTec's plan, admitted to stealing what turned out to be nearly $365,000 of 401(k) money. "We got the whole tearful confession," Anderson says. "He just targeted our company." Fortunately for AlcoTec, its private insurance covered most of the 401(k) losses...