Word: pension
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While many cities and towns around the state and country have seen their public pension funds devastated amid the historic decline in the markets—losses of 20 to 30 percent over the past few months have been widely reported—city officials said that Cambridge is poised to ride out the turbulence, cushioned by a history of sound budgetary management and fiscal conservatism...
...course the call did come, as it always does with such things. It was not an ordinary Ponzi scheme we were all part of; it was the biggest in the history of the world, valued at some $50 billion. Lucky us. Small investors, institutions, hedge funds, global banks, pension funds - all fell victim to usual suspects: a smooth huckster and greed...
APRIL 2, 2007 Tribune Co. accepts Zell's $8.2 billion purchase offer. Zell himself puts up only $315 million and borrows the rest against the employee pension plan...
...Until three years ago, the UAW's bargaining strategy was driven by a "no-concession" policy, though it did limit wage demands in exchange for richer pension and health-care benefits. Over the last three years, however, the union has reluctantly rewritten contracts with Ford, General Motors and Chrysler LLC, often over the strong objections of many union members...
...employees to be hired at lower wages. Under the 2007 contracts it signed with GM, Ford and Chrysler, new blue collar workers start at $14 per hour, rather than the $28 per hour paid senior employees. New workers also get a 401(k), instead of a defined-benefit pension plan, and a restricted menu of health-care plans...