Word: pensioned
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Dates: during 1980-1989
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...retired from the U.S. Navy, and he had quit spying for the Soviet Union. But he was miserable. Unemployed and living on his $1,200-a-month service pension, the former chief radioman kept house in an olive-colored trailer in Davis, Calif., while his wife pursued her Ph.D. in hopes of helping to support them both. He listened to classical music, yet it did not soothe him. Referring to his decision to stop dealing in Government secrets, he wrote to his spymaster boss: "I realize this doesn't fit in with your advice and counseling over the years...
...retired factory worker and his wife in Delray Beach, Fla. They have partially tax-exempt income of $18,000 from a pension and Social Security. In addition, they earn $2,500 in interest on their savings. The couple has no mortgage and no interest payments on autos or credit cards. They file a short tax form...
...York Governor Mario Cuomo gave the movement a big lift last week, proposing a bill that would require the state's pension funds to withdraw more than $4 billion now invested in stocks of U.S. companies that do business in South Africa. To help fund managers prevent sudden losses, the divestment would be phased in over five years and would initially not apply to companies that comply with a set of progressive employment practices known as the Sullivan principles...
...Tutu is telling Americans that "you're patronizing us, you're wrong. We know we'll lose jobs. We know we pay a price for this. But in the long run, we think it's good for us." In Los Angeles, Mayor Bradley ordered his city's $4 billion pension fund to get rid of $700 million invested with companies that deal with South Africa. He vowed to replace any pension fund commissioner who failed to carry out his directive. At the state level, Republican Governor George Deukmejian, who is also a University of California regent, did not commit himself...
...junk-bond market could be shattered by even one major default. Says Preston Martin, vice chairman of the Federal Reserve Board: "The market has not been tested by some significant negative surprises, which inevitably will come at some point." A default would probably cause no substantial damage to pension funds and other large, sophisticated investors, which generally keep only a small part of their portfolio in such certificates. But federal regulators are concerned about the increasing amount of junk-bond investing by banks and by savings and loans. Says Norman Raiden, chief counsel of the Federal Home Loan Bank Board...