Word: pension
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...than 100 employees must form a works council of up to 25 employees elected by their peers. It is not done all the time, but management is theoretically required to consult the councils on practically anything likely to affect the company significantly-expansion plans, merger possibilities, closings, changes in pension plans. In 1974, workers of the Delta-Lloyd insurance group succeeded in overriding management's plan to merge with a Dutch firm and chose instead to make a deal with the British Commercial Union Assurance...
...probably have lost money last year. And there is little comfort for the Street in knowing that negotiated rates are really nothing new. They went into effect four years ago on trades of $500,000 and above, a move that benefited large institutional investors such as life insurance companies, pension funds, mutual funds and banks. In 1972, the breakpoint was lowered to $300,000. Last year fixed commissions were removed on small trades-$2,000 and below. What becomes unfixed next week is everything else-commissions on deals between $2,000 and $300,000, the bulk of business. "Most...
...municipal employees union. Over the years, those organizations have wrenched some extraordinary settlements from the city. A garbage collector's base pay after three years is $14,800. A policeman can retire at half pay after 20 years on the force, and probably collect more money in pension before he dies than he ever did in wages. A high school teacher can insist on no more than 34 students to a classroom. In the past decade, though the city's population has declined, the number of its employees has risen 38%, to 340,000 - and the average...
...city has met its growing financial needs by using fiscal gimmicks, such as postponing city contributions to employee pension programs. To get by, the city simply borrows - and borrows and borrows. Its total debt burden hit $13.7 billion this year, and the city has begun issuing new short-term notes virtually every week simply to meet its payroll. The eleven major local banks that underwrite most of the bonds and notes are not only protesting but also squeezing the city to become prudent. Led by Ellmore Patterson, the chairman of Morgan Guaranty Trust, the bankers have ended their competitive bidding...
...Bruce said that since social security is aimed primarily at those in lower income brackets, employees who are now receiving lower salaries will receive a greater percentage of their pension from social security, and will thus have more flexible pensions than those receiving higher salaries as the cost of living rises...