Word: pensioneer
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...immigrant from Taiwan who once ran the Peace Corps and United Way is tasked with helping improve the labor skills of the U.S. workforce. As overseer of America's retirees and 150 million workers, Secretary of Labor Elaine Chao, 52, spoke with TIME's Eric Roston about the impending pension crisis, the growing skills gap and life as half of a Washington power couple...
...SAID RECENTLY THAT UNLESS CONGRESS REFORMS TRADITIONAL PENSION PLANS SOON, THE CONSEQUENCES COULD BE "VERY BAD." IF I'M A WORKER APPROACHING RETIREMENT AT A TEETERING COMPANY, WHAT DOES "VERY BAD" MEAN? If your retirement dreams hinge upon a pension plan that's underfunded, that threat is real. That threat is huge. We have $450 billion in underfunded plans, and $100 billion of that is with financially ailing companies...
...PENSION PLANS HAVE BEEN UNDERFUNDED FOR YEARS. WHY IS REFORM SUDDENLY GAINING STEAM? Something has to be done. We now have legislation moving on the Hill, and I'm cautiously optimistic about the passage of the pension bill. Congress gave itself two years to come up with pension-reform proposals. We're now at the end of that period...
After 28 years as a flight attendant, the last few of which brought pay cuts totaling 30%, John Battelli decided it was time to move on. So last week he quit U.S. Airways--with an uncertain pension, mounting credit-card debt and hopes of growing his fledgling personal-trainer business. "My fear is that my ability to earn has fallen by the wayside," says Battelli, 53, of Westminster, Colo. As Christmas approaches, all that weighs heavily. "Come hell or high water," he says, "I'm going to make sure my children have the same holiday magic that...
Although the value of diamonds dipped in the early 1980s owing to what Graff calls an influx of ?bad buyers??pension and investment funds that were buying diamonds as a commodity or an investment as opposed to buying them the way he does, as unique treasures to be coveted. ?They just stockpiled them away,? says Graff. ?They had no interest in them as stones to be treasured and loved and worn...