Word: pension
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Large institutional investors, like pension funds and insurance companies, have recently been casting covetous glances at big-city office real estate because they see it as an often better investment than the stocks and bonds they hold. In January the Royal Dutch/Shell pension fund paid $136 million for the Celanese Building in New York City, and in February the Teachers Insurance and Annuity Association bought Manhattan's Seagram Building for $85 million. The Equitable Life Assurance Society two months ago acquired the AmeriFirst Building in Miami for $52 million, and the Prudential Insurance Co., often rumored...
...work against dynamism. A management team that cannot, or will not, transfer power to a younger generation of executives except by the attrition of mortality is by definition guilty of mismanagement. The Brezhnev Politburo is like an aging board of directors that has no compulsory retirement policy, no adequate pension plan and no tradition of honoring emeritus directors. So each board member hangs on and on, becoming increasingly shortsighted as he becomes increasingly sclerotic. Such a corporation, no matter how large and powerful, would not recommend itself
...military, of course, enjoys indirect financial benefits: free medical care (though it is not always readily available and not always first-class); cut-rate prices for food and other items at commissaries and a pension that provides half-pay after 20 years in uniform and three-fourths of base pay after 30 years. But with galloping inflation, these fringes no longer offset low wages. Then, too, most civilian jobs also have attractive fringe benefits...
...Owner John McMullen: "You just can't permit salaries to keep escalating like this." The players won some major pocketbook concessions. The minimum salary for a first-year player, now $21,000, goes to $30,000 this season and $35,000 by 1983. The ball clubs' annual pension contribution rises from $8.3 million to $ 15.5 million, boosting retirement benefits 60%. At age 50, a ten-year player can now collect $1,488 a month. Both the players' Miller and the owners' Grebey expressed satisfaction with the accord. "It's good for everybody," said Grebey...
...scratch, corporate control has passed increasingly from entrepreneurial proprietors to hired managers. Leading companies are no longer owned by the founders' families. The Rockefellers control less than 5% of Exxon, the parent of the empire John D. Rockefeller built; ownership has spread to 687,000 individuals, mutual funds and pension plans. Such broad ownership gives still more control to managers...