Word: pension
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...breed of money managers shake up once staid pension funds...
...Their decisions can shake markets and send the prices of individual stocks into orbits or nosedives. For their skill and nerve, they receive salaries that sometimes run well into seven figures. LeBaron belongs to an elite corps of independent investment managers entrusted with an ever enlarging share of the pension funds for American workers...
...size of this pool and thus the power that the money managers wield have grown prodigiously. In 1950 pension funds held $17 billion. Today they are a $1 trillion treasure trove. By 1995 the total is expected to reach $3 trillion. Through these funds, some 60 million Americans own about 30% of all the equity capital in U.S. corporations. That makes a mockery of Karl Marx's prediction that capitalism would end in revolution as fewer and fewer people owned the means of production...
...large part of the remaining money will go to two funds that Healy said he hopes will guarantee the city's financial future, $1.05 million was used to create a reserve to help Cambridge meet its pension commitments...
...city would also send $1 million to a new reserve created to help Cambridge meet pension commitments. According to a 1979 actuarial study, the city has a pension liability of $92,778,369, which is financed by a pay-as-you-go structure established by the state...