Word: pension
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...conservatives have favored scrapping the system altogether. Economist Milton Friedman, for example, has long espoused a negative income tax as a substitute for Social Security with payments going only to those who could prove they were in need. Ideologically, conservatives would prefer to have workers depend on freely chosen pension plans rather than a mandatory social insurance scheme. But that alternative generates little enthusiasm at a time when many private pension plans are shaky. In any event, though modifications in the system will probably have to be made, Social Security is in no danger of fading away...
...Carranza--all three--"for the experience. He wanted to try out everything." And he has first-hand accounts that contradict the history books. But David does not have papers to prove that he is a veteran of the Revolution, and so the government will not grant him a pension. "People give us things. But truly it is a hard way to live, very hard...
...confidence of timid French financiers. The firm took on Aaron, the president of a small bank, as co-developer. Aristocratic, war-decorated Aaron, 57, steered the project through a thicket of government regulations. He also helped to stitch together an all-French syndicate of 40 banks, insurance companies and pension funds to finance it. Aaron not only received a fee for his services but also will share in the building's profits; he declines to say what his total will...
Corporations have also caught the land bug. Hundreds have been going into land development or construction, or simply buying land and holding it for price appreciation. Chrysler Corp., for instance, has invested $89 million in diversified real estate ventures. General Electric has shifted 15% of its $3 billion pension fund into real estate. Other big players: ITT, Du Pont and U.S. Steel...
...full "30 and out" pension plan, which permits workers to retire after 30 years' service, regardless of age. Under the old contract, workers had to be at least 56 before they could exercise a "30 and out" option. The new plan becomes effective by stages over the next six years and also provides more generous payments. By 1978, a retiree will collect a pension of $700 monthly, including whatever Social Security benefits he has coming...