Word: pension
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With two of the three legs of the retirement stool wobbly, people are looking more closely at their private pension programs. There are about half a million private employer pension plans that cover more than 75% of America's nonfarm workers over age 25. Unlike Social Security, private pension plans are not directly affected by the problem of the aging labor force because companies build up their employees' retirement funds during the employees' working years. Explains Barnet Berin, of William M. Mercer, a New York-based compensation consulting firm: "The private pension system puts in contributions that...
...biggest by far being Social Security. Their common element is that they provide eligible recipients with guaranteed benefits. Once a citizen meets certain standards-falling below a specified income level, losing a job, simply turning 65 in th case of Social Security-he or she qualifies for a pension, a fre meal, a low-interest college loan or whatever it is that by law must be granted, regardless of the cost to the society as a whole...
...Floor Trader Dennis Valentino: "I've never seen a turn-around like it. The market turned on a dime and went straight up." Wall Street professionals have always been skeptical of the Barnumesque Granville, and Big Money managers in charge of directing the investments for mutual funds and pension portfolios decided that they could pick up some bargains because stocks had fallen too far. The big institutions lumbered in to buy solid stocks like General Electric, which was trading at its year's low of $52 a share, Burlington Northern, available at a near giveaway morning...
tightening eligibility requirements for disability payments and for some beneficiaries-federal employees for example -who have other pension plans; reducing the benefits for early retirement (prior to age 65) from 80% to 55% of the total benefit; and delaying, during one year, the annual cost of living adjustment from July 1 to Oct. 1, which would save an estimated $3 billion. When the plan was first announced last spring, it immediately set off furious outcries that Reagan intended, as Democratic House Speaker Tip O'Neill acidly and inaccurately put it, "to balance the budget on the backs of Social...
Anyone with enough reckless courage to play the financial futures markets could earn high profits. Activity at this market in Chicago has more than doubled in the past two years. Faced with the risk of even higher interest rates, banks and pension funds have been forced to hedge with financial futures, which are contracts to buy Government securities or foreign currencies at some later date. The speculators are betting that interest rates will go higher rather than lower. If the cost of money goes up, they sell their futures contracts for a good earning. For instance, an investor...