Word: pensionable
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...decades neither knows if the other has been killed. Fast-forward a half-century. The twins have survived. Peiyuan, politically maimed from the Cultural Revolution, lives quietly on a small pension in Changsha, the gray, polluted capital of Hunan. Peiji, who made his way to Taiwan with the retreating KMT, lives very unquietly in neon-struck Taipei. He is president of CTS, one of Taiwan's main TV networks. As boys they were indistinguishable. Now their faces tell very different stories: Peiyuan's face, thin and ravaged, is the story of a China that Mao wrought, with its famines, executions...
Granted, as TIME reported last April, numerous FORTUNE 500 firms, from Xerox to Kodak, have already made the big pension switch--moving millions of employees from the traditional system, which rewards longevity and piles up cash in a worker's last years of service, to more flexible, so-called cash-balance plans. The new model lets workers build up their nest eggs at a steadier pace and take the balance from job to job. It is more consistent with today's career cycle. But when IBM announced its conversion in May, thousands of middle-aged IBM workers, hardly known...
Businesses are not required to provide pensions, but they are a given in most large companies. Though close to two-thirds of all workers actually do better under a cash-balance plan, 40- to 50-year-olds about to enter their peak earning years can lose up to half of their expected final payout. To drive that point home, some Big Blue employees flew a banner over the Minnesota state fair that read, IBM'S PENSION THEFT COULD HAPPEN...
...banner reading "Stop Robbing Social Security," the GOP launched a $2 million nationwide advertising campaign called "Stop the Raid." It's their latest big idea to finally win a budget fight with Bill Clinton: Accuse Clinton and the Democrats, over and over, of planning to raid the pension system's trust funds to pay for Big Government spending programs. With that $792 billion tax cut languishing on a far-back burner, "Stop the Raid" is the GOP's last bid for America's hearts and minds in 2000 before George W. Bush takes over as message man in the spring...
...SIMPLE (savings incentive match plan for employees of small employers) IRA. The plan, open to any business with 100 or fewer employees, allows employers to match employee contributions by filling out one irs form and setting up an IRA. Another alternative is a SEP (simplified employee pension), which allows only the employers to contribute to an employee IRA but has an easy setup. (For more on each plan, see the chart below.) These new plans are a help, but the process can nonetheless be frustrating for someone trying to understand the options and then administer a plan--all while managing...