Word: pension
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...this month. Miller, who ousted the disgraced Tony Boyle in an election in 1972, has never negotiated a contract, and needs a fat pact to solidify his position. Among his desired concessions: a "substantial" wage hike, sick pay and a cost-of-living escalator clause, a pension raise and stricter safety regulations...
...Private pension funds constitute one of the largest unregulated pools of capital in the U.S. economy not subject to strict federal regulation. Estimates of the money paid into those plans go as high as $185 billion, and 23 million or more Americans are relying on those dollars to help provide a comfortable standard of living after they retire. Unfortunately, all too many of them have had no real assurance that they will ever see a cent of the money. Now workers can breathe somewhat easier: Congress is set to enact this week a long-overdue pension reform bill designed...
Left Out. Many scrupulous employers, of course, have set up pension plans that protect their workers. But since the first private pension plans were established about 100 years ago, inequities have been common. Some workers have discovered that after years of service to an employer they had somehow failed to qualify for benefits. Others found that changing jobs or being put on layoff could deprive them of their benefits. The disappearance of a company through collapse or merger, or the bankruptcy of its pension fund because of inept or corrupt management (some pension officers have been known to lend money...
...complex, 501-page Employee Benefit Security Act would create a Pension Benefit Guaranty Corp. (officers: the Secretaries of Labor, Treasury and Commerce) to insure pensions in much the same way that the Federal Deposit Insurance Corp. protects depositors in banks that go bust. With only a few exceptions, an employer who sets up a pension plan must buy insurance from the PBGC. If a company or its pension fund goes broke, the federal agency can pay up to $750 a month to the workers who were "vested"-that is, had gained rights that could not be forfeited even if they...
Much of the commentary was restrained, perhaps because of a desire not to kick a man already mortally wounded. But journalists could hardly the circumstances of Nixon's departure. The Los Angeles Times proposed Nixon be denied a federal pension; othererwise he would receive a "reward for malfeasance...