Word: pensioneer
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...with anyone else who cares to join. They want government limits on imports of the cheaper foreign-made steel that's pushing them toward bankruptcy (Bethlehem already arrived last month) and tariffs on the steel that does get imported. They want the government to assume some $13 billion in pension and health-care costs that steelmakers promised retirees long ago, when there were still fewer of them than active workers - the decline of the industry has left its 600,000 retirees outnumbering workers by 4 to 1 - and simply can't afford today. And they want...
...less than others. Charities dedicated to fallen rescue workers have received some $46 million in donations that will supplement what families of New York City police and fire fighters will get from the government--$150,000 in federal funds, $25,000 from the mayor's office, a full-salary pension and health insurance for spouses for life. In contrast, families of kitchen workers at Windows on the World will get $15,000 in life insurance and union health benefits through November...
...billion the Chinese government plunks each year on infrastructure projects, and all that spending is starting to burn a hole in state finances. While official figures put the deficit at 2.7% of GDP, some analysts say the real figure is closer to 50% if you factor in Beijing's pension liabilities and more than $250 million in bad loans state-owned banks are thought to be hiding in their books. Meanwhile, the notion that China can be an engine for growth in Asia has pretty much gone out the window. None of the region's ailing economies exports enough...
Such strategies may spread swiftly as companies jettison the pensions that generations of Americans once worked for. As recently as 1992, traditional pension funds held 21% more assets than 401(k) accounts, IRAS and other defined contribution plans. Today these newer plans hold 15% more than pension funds, and the margin is expected to widen. With a growing number of retirees thus left to the tender mercies of financial markets, many are likely to turn to immediate fixed annuities as a haven they can count...
...homosexuals in parts of Europe press for the right to marry, some heterosexuals are asserting their right not to. After British soldier Brad Tinnion was killed in action in Sierra Leone a year ago, his partner of nine years, Anna Homsi, tried to claim a war widow's pension. Since the two had never married, the Ministry of Defence said no. Like its counterparts in other European countries, including France and Germany, Britain's MoD has no provision for partners who have not established the legal link of marriage. (The couple's daughter, Georgia, born three months after Tinnion died...