Word: pension
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When Hoffa emerged from jail in 1971, his eyes were as fiercely intent as ever and his voice still had its cold, flat, intimidating rasp. He got a $1.7 million pension settlement from the generous Teamsters, but he wanted much more than that. Everyone who knew Jimmy Hoffa well felt that he was bitterly determined to gain his revenge on Frank Fitzsimmons...
...other respects, the city would act as if the raise had been granted. Any worker who wanted to retire would get a pension based on the increased wages. Future contracts would be negotiated on the assumption that the increase took place...
Additional provisions of the proposed settlement include the formation of a safety committee jointly run by labor and management; double overtime wages for working the seventh day of the week instead of the previous time-and-a-half pay; and eligibility for pension and health plans after 17 work hours per week instead of the previous 22 hours per week...
...usually the case in the early stages of any bull market, most of the buying-and profiting-has been done by the pros. Many corporate pension funds that cautiously kept about 50% of their assets in cash in the depths of the recession last winter are now about 70% invested in the market. Other institutions have made an even more dramatic turnabout. Philadelphia Investment Co., which had 75% of its assets in cash last fall, is now 75% in stocks. At New York's Marine Midland Bank, Vice President Richard Hobman acknowledges that "the vast majority of our cash...
...natural resource stocks, including domestic oil and, paper companies. Other recent favorites among the pros: Federated Department Stores, Sears and other retail chains that stand to benefit from an upsurge in consumer spending as inflation abates, purchasing power increases and the recovery gains momentum. Lately many mutual and pension fund managers have been looking kindly on new stock issues. Says Felix Juda, a Los Angeles broker who specializes in trading for professional money managers: "In the past few weeks, the institutions have become very heavy buyers of new offerings...