Word: pensioners
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Dates: during 1980-1989
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Problem No. 2 is the budget-particularly the exorbitant costs of municipal police and fire department pensions. In fiscal 1982 pensions will cost the city $238 million, or 760 for every dollar of salary. In the past, handouts from the state legislature allowed the city to meet these expenses. Thanks in part to cutbacks mandated by Proposition 13, which slashed state tax revenues, Los Angeles is facing an $80 million deficit; Bradley has already laid off 400 city workers and cut library hours and recreation services. Warns the mayor: "Unless we have a charter amendment [to slash the pension funds...
...International Brotherhood of Teamsters meets next week in Las Vegas, where many of the casinos have been financed in part by loans from the pension funds of the union's 2 million members. The principal duty of the delegates will be to elect interim President Roy L. Williams, 66, to a full five-year term, and some will do so without much enthusiasm. The new head of the Teamsters, which has had trouble with the Justice Department for 25 years, has been indicted three times-in 1962, 1972 and 1974-on federal charges of embezzlement and records falsification...
...handed down by a Chicago federal grand jury, Williams, Chicago Insurance Broker Allen Dorfman and three others told Cannon that if he would delay consideration of a bill designed to deregulate trucking rates and routes, he would be allowed to buy some valuable Nevada property owned by the Teamsters pension fund. The deal never came off. Cannon voted for a weakened version of the trucking deregulation bill, which passed. The Justice Department has told the Senator that he will not be indicted, but one official in the Justice Department's organized crime unit said, "We're not about...
...proposed would do little to boost savings to a level where they would provide the Administration's promised thrust toward industrial renewal. A more effective way of doing that would be to allow individuals to open tax-deductible retirement accounts whether or not they were covered by private pension plans. Another, says Feldstein, would be to Increase exclusions for dividends and interest received to $1,000 or even $2,000 from the current $200 per person, which he regards as "too trivial to be much of an incentive...
Since students work without pay, Blackburn saves about $1.2 million a year, mostly in construction and maintenance. But there are other savings. Says Blackburn Treasurer Roger Carothers: "We have a highly intelligent work staff that retires every four years, without pension." The savings are passed on to the students in the form of lower college fees. Blackburn still charges only $3,500 per year, including all fees-the lowest private college tuition in Illinois. While other colleges fear enrollment declines due to cutbacks in federal aid and a shrinking college-age population, the student body at low-priced Blackburn...