Word: pensioned
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Dates: during 1970-1979
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Because of lack of employer contributions, pension payments will also be cut off for most of the 86,000 retired union members if the strike continues beyond Jan. 1. Some retirees take grim satisfaction in the fact that they contracted black lung, a generally incurable disease caused by inhaling coal dust. That ailment guarantees them lifelong disability payments. "If we lost our pension, I could survive," says Ashland ("Hawk") Howard, 62, a retiree in David, Ky. "But if I did not collect for black lung, I'd really be in trouble." Howard gets a pension of $225 a month...
...result, small investors have pulled out of the market by the millions to put their money into bonds, land, coins, wine-anything that is either tangible or seems less risky than shares. Trading consists mostly of transactions between the big institutions: mutual funds, pension funds, bank trust departments. And managers of the pension funds, who invest more than $100 billion, have a special reason for worry: Congress in 1974 passed a law permitting receivers of pensions to sue managers of the funds for poor investment performance. Fearful fund managers have adopted a supercautious strategy, setting themselves the modest goal...
Speaking in London, Donald Marron, president of Paine Webber-which itself has merged with Mitchell, Hutchins Inc. -delivered an apocalyptic forecast. Said he: "The institutional equity business [e.g., handling of purchases by pension funds, insurance companies and bank trusts], standing by itself with full trading and research services, is no longer profitable for anyone. We may one day see a situation like that in accounting, where the business is dominated by a small group of very large firms." That time may not be too far off. Even today well over half of all revenues of Big Board members is earned...
Wall Street underwriters have not usually tried to sell Yankee bonds to individual investors. The big buyers have been the large institutional investors-insurance companies, pension trusts and mutual funds. So far they have done well: a study by Salomon Bros, shows that in the first nine months of 1977 one group of Yankee bonds returned actual gains (interest plus price appreciation) of 5% to 8.7%, v. a 2.3% gain on competitive longterm, high-grade U.S. corporate bonds. The stock market suffered serious losses over the same period. But, even though foreign bonds are outperforming competing investments, there are limits...
...Security system is in financial trouble [Nov. 7] because the Congress has made it a general welfare fund, a process that has gone largely unnoticed by the average worker. Liberal legislators have discovered how easy it is to pass general welfare legislation under the Social Security (read old-age pension) banner. Giving away old-age pensions to college kids et al. continues...