Word: pensioners
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Dates: during 1980-1989
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...candidate is Roy L. Williams, 66, a protégé of Fitzsimmons'. The president of union Local 41 in Kansas City, Mo., Williams began driving a truck in 1935 and joined the Teamsters three years later. As a trustee of the Teamsters' $2.8 billion Central States pension fund, Williams has been probed by federal officials for mismanagement and ties to organized crime. He has been indicted three times on federal embezzlement and records falsification charges, but never convicted...
Beck's successor, Jimmy Hoffa, remained under almost continual federal investigation by the Justice Department. In 1964 he was convicted and sentenced to a total of 13 years in federal prison for jury tampering, fraud and conspiracy in connection with pension-fund mismanagement. He began serving time in 1967 after his appeals...
...trade. But as inflation has roared ahead in recent years, consumers have chosen to spend money on products that they believe will shortly be more expensive rather than save funds that will soon have less buying power. In 1975 Americans salted away 8.6% of their earnings in bank accounts, pension funds, stocks, bonds or other savings. Now they put aside only 4.7% of earnings. Savings have also been discouraged because as much as 70% of interest earned on investments can be taxed away by the Government...
Interest Tax Deferrals. At present, self-employed taxpayers who want to set up a retirement pension fund can put as much as 15% of earned income, up to a maximum of $7,500 yearly, into a tax-free savings account. Individual Retirement Accounts, or IRAS, offer a more modest $1,500 yearly in tax-deferred savings for workers employed by firms that do not have their own pension programs. Congress is now looking into ways to broaden the tax-free accounts or make them available to more people. Bills would eliminate the 15% ceiling, lift the maximum amount...
...against certain patterns of injustice in this country that exist among the American people is to provide the instrument of organization in sector after sector." When this begins to happen. Nader says, "people begin to realize that they should control what they already own, like millions of dollars in pension funds, the public airways, the public lands and minerals and resources, timber--all of which are now owned by the American people and controlled by a handful of corporations...