Word: pension
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...Trenton, N J. The New Jersey State Cultural Center will contain an auditorium, a planetarium, a library and a museum. Part of a complex of new state capitol buildings now under construction, the Cultural Center will cost $6,000,000, is being financed by the New Jersey Teachers' Pension and Annuity Fund. The planetarium's dome will float over a reflecting pool, will house an "intermediate space transit instrument" which will project the heavens not only as they appear on earth but from the moon...
...have an aggregate annual income of $32 billion-nearly $9 billion from social security; $5.3 billion from private sources such as interest, dividends, rents, etc.; $11 billion from retainers or consultation fees, odd jobs and other employment; the rest from annuities, life insurance, public aid, company and Government pensions. And their total income will be increasing as the oldest generations (who tended by and large to depend on relations for support) die out, and as the effect of the huge expansion in company retirement plans makes itself felt. Today there are some 22 million employees covered by private pensions...
Father of the Senior Citizens Villages is tall, silver-haired George Henry McLain, 60, fiercely mustachioed and fiercely dedicated to the old people's cause. The Depression of the '30s gave him his lifework. "My father applied for an old-age pension, and what with all the humiliating things they made him do to get his piddling $15 a month, I channeled my anger into the area of aiding the elderly." For the past 23 years he has been at it, and to the 60,000 members of his California League, McLain is "Mister Senior Citizen...
...stock, and by the end of 1960 he owned 95% of it. Last year he sold a 43.4% interest in the company to Paris-based Australian Financier Joseph R. Nash and a U.S. consortium including the Morgan Guaranty Trust Co., Yale University, and the General Tire Co. pension fund. One reason for the sale was that Goergen was finding it hard to persuade German banks to meet his ever-mounting demands for expansion capital. But he also had a nonfinancial motive. Says he: "I see great advantages in cooperation with American firms in view of our common political outlook...
...damaging defect: of the country's 11,600 judges, about 100 turned out to have sat on Nazi criminal courts. Growing increasingly sensitive to the presence of even the small number of tainted judges, Bonn's Bundestag in June 1961 unanimously passed a law offering full pensions to these judges if they voluntarily retired within a year. If they refused, the government would seek a constitutional amendment to remove them, cancel their pension rights and put them to trial...