Word: pension
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...must resolve at least three basic problems. They concern not only market professionals but also the 26.5 million Americans who own shares directly and the 100 million who participate in stock trading through mutual funds, pension funds and trusts. First, the 642 brokerage firms that are members of the exchange have not yet cleaned up the back-office paperwork mess that since last June has kept the Big Board from conducting a normal 271-hour trading week. In addition, commission rates that member brokers charge to stock traders are under attack by the Justice Department, the Securities and Exchange Commission...
After 22 years on the job, a man would seem entitled to a pension. At least the United Steelworkers union thought so when it offered $25,000 a year to Arthur Goldberg, who had served the union as counsel from 1939 to 1961. The former Labor Secretary, Supreme Court Justice and U.N. Ambassador thought about it for three weeks and then politely declined. "I'm proud of my reputation," said Goldberg by way of explanation. "My integrity is something I value very much...
...depends largely on the Teamsters' president, James Riddle Hoffa. Convicted of jury tampering in 1964, Hoffa began serving an eight-year sentence in March 1967. He is eligible for parole in November but faces another five-year prison term for conviction on charges of fraud in handling union pension funds, which he is appealing. Hoffa is likely to resume his old job once he gets out. When he returns, no one expects that he and Reuther will be able to work together in harmony. They may not have to. If the Teamsters brighten their image enough to recruit many...
...also the major force that sends the stock market up-or, in their absence, down. And the market's performance has much to do with the hopes and disappointments of the 26 million Americans who own stock and the 100 million or so others who participate indirectly through pension and profit-sharing plans...
...Close Ties. Miners are legitimately resentful of the union's niggardly pension system, which gives them only $115 a month after 20 hazardous years underground. Lewis has retired - and Boyle will retire - at full pay: $50,000 a year. Though miners are the nation's greatest sufferers from occupational ailments - notably "black lung" or pneumoconiosis - they get medical benefits only so long as they remain on the job. They argue, moreover, that the pension fund, fed by a royalty of 400 per ton of coal mined, ties the union too closely to the fortunes of the coal companies...