Word: pension
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...formulation of a guaranteed annual-wage clause, which in the old contract required employers in New York to pay dockers whether they worked or not. The longshoremen are also demanding a wage increase of $2.90 to $7.50 an hour, double time for work after eight hours and substantial pension benefits...
...program. The miners' demands include 1) daily wage increases ranging up to $13 over three years, bringing the pay for the highest-ranking workers to $50 a day; 2) a doubling, to 80? of the "royalty" on each ton of coal that the operators pay into the union pension fund; 3) paid sick leave and improved welfare benefits...
Businessmen, particularly pension-fund managers, who control more than $130 billion in assets-the largest pool of private capital in the country-are wary of the bill, particularly of its provisions for mandatory vesting. Jean M. Lindberg, senior vice president of Chase Manhattan Bank, a major fund manager, predicts that pension costs could go up from 5% to 15% for many companies if Javits' bill is passed. For some industries, particularly those with high employee turnover-such as the hard-pressed textile industry-the extra cost could go as high as 20% and drive them out of business...
Fresh Load. The basic problem for management is that pension funds are already overloaded with large commitments. Businessmen point out that precedents set by public employers, such as New York City's agreement last spring giving firemen full pay after 40 years of service, are destined to become ammunition for labor during future bargaining. Over the past decade, employer contributions to pension funds have increased by 133.3%, but the funds' obligations have risen by 234.9%. The difference is being made up largely by the growth of fund investments. But some experts expect that if the trend continues, fund...
...Nixon Administration has a task force at work on a version of pension reform that is milder than Javits' bill. But business opposition and the immense complexity of the subject could well forestall passage of any bill this year. 1972 could be a different matter. Few legislators would want to vote against safer pensions in an election year, and popular interest might well soar as rapidly as it did for Medicare. The most compelling case for reform was summed up by Senator Javits: "It is a rare thing to find a major American institution-private pension plans -built upon...