Word: pension
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...four years as local police officers after graduation. Fully funded, the program would set the feds back about $1.2 billion a year. Once sworn in, the four-year cops would be a bargain. The localities they serve would pay their salaries but in most cases could avoid paying their pension benefits and seniority raises down the line. Over the long term, corps members would cost far less than career officers -- perhaps a third less in union-strong cities like New York...
...uncapping of retirement, tenure becomes a guarantee of lifetime work," says James Vinson, president of the University of Evansville in Indiana. Many schools have begun to nudge older professors out the door with a variety of enticements. Johns Hopkins University decided three years ago to increase the basic pension payments of departing 65-year-olds by 20% to 30% -- a bonus that shrinks the longer they stay. Beloit College in Wisconsin has a program that eases professors into retirement while younger colleagues, with whom they are paired as mentors, are phased into full-time teaching positions...
...most small investors if they would put money in junk bonds, and they would probably respond with a hearty no. But anyone who has a deposit in a savings and loan, holds an annuity from an insurance company, is vested in a pension plan, makes contributions to certain mutual funds or participates in a 401(k) retirement program probably has some exposure to the risk of junk bonds. In most cases, that is no cause for alarm. But in a few instances, investors have good reason to be wary...
...Pension-fund holders should beware if their employer has terminated its retirement plan -- usually to tap excess cash -- and replaced it with an annuity, a kind of insurance policy that pays income to the company's retirees on a regular basis. Revlon got its hands on $100 million in 1986, when it closed out its pension fund and bought an $85 million annuity -- from First Executive. A safety net protects employees in most states, which have agencies that insure private pension funds against default. The Federal Government guarantees many pensions as well. But it is uncertain how much protection this...
...were thwarted by the explosive growth of the deficit. Instead of accumulating a stash of savings, the Government has borrowed each year the surplus to pay for the normal operations of the U.S. Government, with no plan for repaying the loans. "It is like an individual having a private pension fund consisting of his own IOUs," writes economist Paul Craig Roberts, a Treasury official during the Reagan Administration...