Word: pension
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...Longtime Teamster boss Jimmy Hoffa was still missing; foul play was suspected. The feds were investigating the union's pension funds for financial, uh, irregularities (like loans to mobsters, unsecured loans to friends, etc.). The biggest labor union in the United States. Bang...
...over our heads, but if inflation continues to rise, it's going to be a real problem. You never know when a great emergency is going to come up, and our savings wouldn't be worth a hill of beans." To supplement the couple's church pension and Social Security, she cleans house for a neighbor while her husband Carl does handyman jobs at $4.50 an hour. "Without the extra money it would be awful slim pickings," he says...
Production workers, in particular, are expected to continue laying down their wrenches and torches as soon as they can, for an understandable reason: the labor is physically wearing. The Oil, Chemical and Atomic Workers union has fought hard to negotiate pension plans specifying a "normal" retirement age of 60, and that is the actual average age of its members who retire...
Also, a worker who stays on until 70 need not be paid a higher pension than he would have collected if he had retired at 65. Thus companies' pension costs will not rise; they may even drop, since a worker who retires at 70 will draw a pension for fewer years. The cost of providing life and supplementary medical insurance for older workers may rise, but that will be offset by guidelines that the Department of Labor will issue within three months. They will declare that an employer will not have to pay any more to provide benefits...
...politics. A rising stock price confers more prestige on corporate managers than one that is just high. Despite IBM's dazzling record of sales and profit gains, its stock, adjusted for past splits, sells for a bit less than it did ten years ago. Reason: institutional and pension fund managers hold about as many IBM shares as they care to, since they want to maintain balanced portfolios, and the stock has been too expensive for all but the richest individual investors; so demand for the shares has declined. Politically, the more widely a company's stock is held...