Word: pension
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...California Public Employees' Retirement System, known as Calpers, the nation's largest public pension fund, sent letters to 12 corporations, including American Express, ITT and Dial (formerly Greyhound). One by one, senior executives from each company paid a visit to Calpers' Sacramento headquarters to negotiate with its chief, Dale Hanson. American Express boss James Robinson, for instance, immediately bowed to Calpers' demands that the company set up an independent compensation committee. Only Dial has so far refused to meet with Calpers...
...television fiasco has triggered deep schisms within the Christian Science Church over the use and accountability of church funds. Thus far, officials have borrowed $41.5 million from the institution's pension fund to cover operating losses. The three top officials of Monitor Television, including chairman and chief executive officer John Hoagland Jr., have resigned. Some influential church members are pressing Christian Science leaders for a full accounting of church spending on the television project. The move to television was controversial within the church from the first. Many officials were critical because it drained funds from the highly respected church newspaper...
...concern is that more often than not they are turning to contrac- tors who don't meet the bottom line ofcommunity standards, who don't pay into health andwelfare, who don't pay into pension funds, whodon't have any apprentice programs in place, whodon't employ minorities and women," said Chuck J.Monahan, a representative of the InternationalBrotherhood of Electrical Workers...
...open up a START Plus annuity account. Each account receives a 1% contribution on the first $1,000 spent, 3% on amounts between $1,000 and $2,000, and 6% on subsequent purchases for the balance of the year. Says START chairman Larry Andreini: "For years, companies have offered pension plans to make employees loyal, so why not take that concept to the logical next step and offer customers essentially a pension plan?" Among the companies that have signed on so far: Hertz, MCI, Eddie Bauer and Club...
...year on limousines. A spin-off organization bought an apartment for Aramony's use and hired his son. Exposure of these abuses led to Aramony's sudden retirement. The head of the New York-area United Way division (pay: $341,000) also recently retired -- on a lump-sum pension of $3.3 million...