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Word: pensioneer (lookup in dictionary) (lookup stats)
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...Company pension plans, however, have other problems. Most firms invest about 8% of their payroll costs in a pension fund to meet retiree requirements, but some cash-short companies have cut back on pension fund contributions. The result is a shortfall in the amount of money needed to meet pension obligations...

Author: /time Magazine | Title: Facing the Pension Dilemma | 10/19/1981 | See Source »

Three of the largest U.S. companies-Chrysler, International Harvester and Bethlehem Steel-together have unfunded pension liabilities that now total billions of dollars...

Author: /time Magazine | Title: Facing the Pension Dilemma | 10/19/1981 | See Source »

Seven years ago, Congress enacted legislation to assure that private pension programs will pay workers the benefits they are promised. If a company goes bankrupt, the Government-backed Pension Benefit Guaranty Corporation will make payments. But the failure of a large firm like Chrysler could virtually drain the $332 million now available to bail out private pensions...

Author: /time Magazine | Title: Facing the Pension Dilemma | 10/19/1981 | See Source »

...greater problem is that private pensions have not fully faced up to inflation. The Committee for Economic Development, a business study group, warned last month that future retirees may face "insecurity and hardship" unless Social Security is reformed and private pension plans find a way to expand benefits. Said a CED report: "A retirement disaster is on the way early in the 21st century...

Author: /time Magazine | Title: Facing the Pension Dilemma | 10/19/1981 | See Source »

Unlike Social Security, almost no private pension program automatically takes inflation into account in calculating post-retirement benefits, even though price increases can wipe out the value of a pension. An annual inflation rate of 10% will halve the buying power of a retirement check in about seven years. Someone who lives 15 years after retirement at 65, the normal lifespan today, would be receiving a pension worth only about 25% of its original value at the time of his death. Concedes John Balch, vice president and treasurer of the Jewel Companies, a supermarket and drugstore chain: "In most cases...

Author: /time Magazine | Title: Facing the Pension Dilemma | 10/19/1981 | See Source »

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