Word: pensioned
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Dates: during 1970-1979
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...country's 3 million blue-and white-collar wage earners Palme decided to make companies and self-employed citizens shoulder the soaring cost of Sweden's cradle-to-grave social programs. At the same time, wage earners were allowed to stop contributing to health insurance and pension plans. As a result, their average tax bite has been reduced...
...symbolically important decision last week, the Supreme Court struck a blow for workers denied jobs because of their race or sex. The court ruled 5 to 3 that if victims of proven hiring bias later manage to get work with the offending firm, they must be granted seniority, pension and other benefits retroactive to the time that they were originally thumbed down. Thus if a black had been rejected for a job because of bias in, say, 1971, and finally hired in 1973, he would now be entitled to five, instead of three, years of seniority and pension credit...
...years by declaring their intent two years in advance and may change their minds during the notice period. The roster of dropouts is growing because Social Security taxes are mounting-employer and employee shares have each reached a maximum $895.05 a year-and are likely to keep climbing. Private pension plans often turn out to be a better investment, especially since the 1974 Employee Retirement Security Act ensures that workers whose private pension plans collapse will be paid with federal funds...
...Metropolitan Washington Council of Governments, for example, which includes various communities near the District of Columbia, found it could enter into a private pension plan and pay no more than it paid to Social Security, but employees could retire at age 60 instead of 65, with no loss in benefits. In San Jose, Calif., which left the system last year, city workers now contribute 3% less than they did under Social Security and enjoy benefits that average 25% higher...
...ignored dividend yields. The star performers of those days-Xerox, Polaroid and other so-called glamor issues-paid little in dividends, yet held out the promise of higher profits and prices in the future. Now the high flyers' wings have been clipped and such laws as the Pension Reform Act of 1974 mandate a new prudence among managers who invest other people's money. Dozens of "index fund" managers now buy high-dividend stocks and merely try to match or slightly exceed increases in such popular price indexes as Dow Jones and Standard & Poor...