Word: pension
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...Bayview Plaza Holiday Inn in Santa Monica, Calif., hardly looked like subversives. Nonetheless one participant, New York City Comptroller Harrison Goldin, declared the group's purpose to be "revolutionary." By the end of their two-day conclave, the 31-member Council of Institutional Investors, a group of pension-fund managers who control assets of nearly $200 billion, had endorsed a ringing "Shareholders Bill of Rights," intended as a challenge to every major U.S. corporate boardroom. Among other things, the group of hitherto largely passive investors drawn chiefly from the public sector demanded a new voice in all "fundamental decisions which...
Both the council and the bill of rights are expressions of growing restiveness at some of the country's biggest public pension funds. The group was founded 15 months ago by fund managers who have some 60% of their assets invested in stocks and bonds and who have felt unfairly battered in the merger and takeover wars that have rocked Wall Street. In their view, many of those battles led to substantial portfolio losses for investors as beleaguered corporate executives paid off would-be takeover artists with greenmail, adopted so-called poison-pill measures to dissuade unwanted suitors by making...
...flood started as a trickle in 1974, when the Government began permitting them for taxpayers who did not belong to a pension plan where they worked. But the flow of money into the accounts became a torrent in 1982, after Congress extended the program to virtually everyone. Under the current rules, working taxpayers may put as much as $2,000 a year into an IRA and deduct the contribution from gross income when filing their federal tax return. For those in the 50% bracket, it means an immediate saving of $1,000 in taxes for their $2,000 contribution. Savers...
...single- digit shock, have started moving their IRA accounts to Wall Street in search of better yields. IRAs invested in stocks typically earned a 26% return last year. "We're clobbering the banks. It looks like the tables have turned," boasts Gary Strum, first vice president in charge of pension services for E.F. Hutton. Thrift institutions in particular have suffered a drain. Their share of IRAs has fallen from 54% in 1982 to 28% today...
...conclusive, his pictures did raise questions. But instead of thanking him for his diligence, the navy angrily ordered him to turn over his pictures; he refused, wanting assurances that they would not be destroyed. Geltz was subsequently arrested, reprimanded, and forced to resign from the Navy (without a pension...