Word: pensioners
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Dates: during 1980-1989
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...could order the controllers rehired. Even if the board disagrees, the controllers may not finally be fired for months. PATCO intends to battle any Government attempts to lump individual appeals together. The fired controllers consider their plight a test of lofty principles, and they remain eligible for retirement and pension benefits until their dismissals are final. So the FAA, the MSPB and the courts face the prospect of hearing as many as 12,000 controllers, each with his own lawyer and his own, slightly different story to tell...
...Democrat on the Senate Permanent Subcommittee on Investigations. It "wasted a historic opportunity" to root out corruption and mismanagement, said the subcommittee's 190-page report, released last week. The object of those disparaging words is a fiveyear, $5 million investigation by the Labor Department of an enormous pension fund controlled by officials of the International Brotherhood of Teamsters-a union whose ties to organized crime have inspired a number of federal probes over the years and whose power, and powerful friends, have usually helped protect...
This time the Government seemed to have a strong case. The union's $2 billion Central States pension fund, which contains retirement funds for 450,000 Teamsters, followed a plainly unorthodox investment strategy. Nearly three-quarters of its assets were socked into real estate, especially Las Vegas hotels and casinos...
RETIREMENT. Claiming that controllers burn out faster than other federal employees, PATCO sought an earlier retirement age and higher pension benefits. At present a controller can retire with half pay at age 50 if he has worked for 20 years, and at any age after serving 25 years. Poli asked that retirement be permitted to any controller after 20 years of work and with 75% of his base salary. The Government adamantly opposed this demand as contrary to its entire drive to hold the line against future Government expenses...
Bank America Corp. and other bank holding corporations began to create small business investment companies to fund new ventures. Lured by the potential profits, large corporations, including Exxon, General Electric and Texaco, also started setting up venture capital subsidiaries. In addition, pension funds, insurance companies and universities with large endowment funds began looking for new companies as a way of earning a higher return on their pools of cash. Big banks, corporations and other institutions now provide 83% of all the grub stakes for new firms. The venture capital firms owned by families still seek out the riskier startups, while...