Word: pension
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What began in 1935 as a temporary pension program for widows, then ballooned into an income-maintenance program for millions of unemployed women with children, may now become a job program that would enable people to get off the dole altogether. By a vote of 93 to 3, the Senate agreed last week to revamp the nation's welfare laws in the hope of breaking the cycle of dependency on government support. "It's the first major change since the 1930s," said New York's Democratic Senator Daniel Patrick Moynihan, the architect of the bill, "and it redefines the notion...
...domestic programs, from housing to education. The cost of his comprehensive health-care program alone would be near prohibitive even without the deficit problem. Moreover, he has been unable to resist the siren song of free-lunch economics. His centerpiece proposal is to tap $60 billion in public pension funds to finance low-income housing and public works programs. The money would be taken out of stocks and bonds and invested where it could do the most good. Simple in theory, but what about the retirees who would earn a lower return on their retirement funds...
...doctorate from the London School of Economics, plugs Jackson into the business community and labor unions. She is on leave from the American Federation of State, County and Municipal Employees. One of Jackson's most talked about proposals comes from O'Cleireacain: the suggestion that the Government force public-pension- fund managers to invest $60 billion a year in Government-backed securities for the purpose of building bridges, roads and schools. She has toned down Jackson's economic proposals, nudging him more toward moderate positions on world trade...
Using a computer, Rivlin created "a microsimulation model" of the population to examine the cost and effects of various types of health financing plans until the year 2020 for people of means. She says her model took into account such personal characteristics as income, assets, pension rates and disabilities...
...Although pensions at Yale improved, they may not be as generous as at Harvard. Under Harvard's current pension plan, an employee who worked at the University for 20 years and left with a $20,000 final salary would garner an annual retirement benefit of $5,650. Yale's plan, as described by Silva, would give the same employee $4,450 each year...