Word: pensioners
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Dates: during 1970-1979
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...usually won automatic approval from the Interstate Commerce Commission to raise freight rates enough to cover any wage-and-benefit boost they might grant. Now, the ICC, with Administration support, has served notice that it will not be so generous. The Teamsters also are greatly concerned with maintaining their pension funds. It may help that the Administration has ruled that any increased employer contributions necessary to maintain pensions and some medical benefits at existing levels will not count against the 7% guideline...
...politics. A rising stock price confers more prestige on corporate managers than one that is just high. Despite IBM's dazzling record of sales and profit gains, its stock, adjusted for past splits, sells for a bit less than it did ten years ago. Reason: institutional and pension fund managers hold about as many IBM shares as they care to, since they want to maintain balanced portfolios, and the stock has been too expensive for all but the richest individual investors; so demand for the shares has declined. Politically, the more widely a company's stock is held...
DIED. Herbert Fisk Johnson, 79. longtime head of Johnson's Wax and art aficionado; of pneumonia; in Racine, Wis. "Hib," who in 1922 began to work for the company founded by his grandfather, was a pioneer in providing employee benefits; he established a pension and hospitalization plan in 1934. In 1936 he commissioned from Architect Frank Lloyd Wright a now famous office building in Racine and in 1962 invested $750,000 to buy U.S. art, which is now housed in the Smithsonian Institution...
...meet the EPA'S strict new air standards. Environmental and safety regulations have forced dozens of foundries and a few older steel plants to close. The Employee Retirement Income Security Act (ERISA) demanded such strict reporting and actuarial record-keeping that thousands of smaller firms dropped their private pension plans for employees rather than try to comply...
Harvard is one of those small union situations. And the average Harvard worker at the end of a quarter century service must struggle to survive. He or she will be expected to live on a pension of $208 a month plus $265 in social security--a total of $473 a month. The retired Harvard worker's yearly income will be less than $6000, or slightly above the national poverty level. Integration has become the cost-cutting tool that deprives the unprotected worker of the right to a secure retirement...