Word: pension
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...Depression '30s, a lanky South Dakota doctor named Francis Townsend won the backing of millions of elderly Americans with his plan for $200-a-month pensions for everyone over 60. Today his scheme, which most economists once dismissed as a crackpot idea, seems almost conservative. It has been upstaged by a combination of Social Security and private pension plans that offer retirement income to workers as a matter of course. Still, the difference between plans and payoffs is often painful. Many of those who lost their jobs during last year's recession and this summer's slow...
Voter Concern. Originally designed to persuade valued employees to stay with a company, delayed vesting has become a pitfall for those who do not. According to the U.S. Department of Labor, from 30% to 50% of the 30 million workers covered by private pension plans will never see a nickel in benefits. They will either change jobs -or die-before they become eligible for a pension, or the fund that manages their money will be unable to pay up. Each year, some 30,000 workers lose out on pensions simply because their employers go broke...
...reason was made clear at a series of hearings held by New Jersey Senator Harrison Williams just before Congress recessed two weeks ago. One witness, New York Shoe Salesman Murray Finkelstein, recounted how he piled up pension credits for 19 years. Then, last year, the store where he worked went out of business. Now he must work for 15 more years before he can draw a pension under his new employer's plan. "I will have to be 75 before I can retire," he told the committee. "I've had a heart attack...
...Give their employees an irrevocable right to a percentage of their retirement pensions after a fixed number of years. Javits' bill would grant 10% vesting after six years' service, increasing to 100% after 15 years. Another proposal, by Consumer Advocate Ralph Nader, calls for legislation that would create pension-fund trusts to manage individual employee retirement funds-no matter who their employers...
...aside enough money each year to meet pension obligations. In some cases, fund managers plowed millions into speculative stocks during the 1968-69 bull market only to see their investments shrivel during the 1970 slide. Other companies did not bank enough money during lean years, and are now burdened with enormous liabilities. Uniroyal Inc. "owes" $450 million to its fund; Western Union, which last year paid the equivalent of $2 per share to meet its fund obligations, would have to pay 44% of company assets-$365 million-to fund its pension plan fully. - Set new standards for the administration...