Word: pensioned
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Dates: during 1970-1979
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...Congress's push for civil rights for the aged. Legislators could attempt to use the new forced retirement law to eliminate pressure for the reform of the Social Security system, Later retirements would help curtail the drain on Social Security as well as ease the burden on private sector pension funds...
...financial disabilities of old age were first recognized as a serious social problem by German Chancellor Otto von Bismarck, who initiated the social security pension system in 1884. He arbitrarily set the age for receiving benefits at 65, and his model has been followed ever since in much of the Western world. The same age for receiving benefits?and therefore being a candidate for forced retirement?was enshrined in the U.S. Social Security system when it was established in 1935, and was copied in almost all the private pension plans that mushroomed after World War II. Yet in Bismarck...
Much of the U.S. pension system, hammered out over years of onerous labor negotiations, will have to be reviewed. This is the reason, initially at least, the AFL-CIO opposed changing the retirement age. The unions have fattened pensions and won other concessions by trading off such payments against a mandatory retirement age. Now, if people work past 65, actual pension costs will decrease. But salary costs will rise, since older workers are generally the highest paid. More will have to be budgeted for health insurance. John Bragg, president of the Life Insurance Co. of Georgia, speculates that a full...
Although he and his wife Estelle, 67, live in relative comfort on their $900-a-month income of pension plus Social Security, he no longer is eligible for benefits he had in his old job, such as housing and car allowances and health insurance. He sees rising property taxes as a constant menace to old people trying to cling to the comfort-and memories -of their homes. Goodwin pays $1,500 taxes a year on his house and half-acre lot, which he bought 17 years ago for $22,500. "The city is spending thousands of dollars on conservation lands...
...system?" Some observers feel that a school committee and city council elected by districts and a new mayor will solve the problem. The School Committee, however, does not run the schools; the court-appointed experts do. The City Council is powerless to layoff teachers, administrators, city workers, or cut pension costs because of unions and state law. No amount of "moral leadership" from the mayor will convince Bostonians to accept the busing plan. Obviously reform is not so simple as these people suggest...