Word: pensiones
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...defined-benefit programs through which companies promised a certain amount every month to retirees? The market crash may be dealing that already waning concept a final, fatal blow. A new report from Goldman Sachs' Global Markets Institute illustrates that massive equity losses have resulted in S&P 500 companies' pension funds, which had been overfunded at the start of the year, fading so fast that they are now underfunded as a group. Instead of holding 108% of the assets they were promising to provide to retirees, they now hold just 91% (and falling...
...Turkey's oddities that the Steag plant, the Isdemir steel factory and the Renault plant are either joint ventures with or wholly owned by an organization called OYAK, which is the military's professionally managed pension fund. Unusually for a pension fund, OYAK directly owns and operates major sectors of the Turkish economy, and it has boomed along with Turkey these past six years. Indeed, OYAK is now the third largest business in the nation, behind the conglomerates owned by the Sabanci and Koc families. Its rapidly growing profits this decade have ensured that military officers now get substantial lump...
...friendly vehicle for employees to save for retirement. The client passed, but the idea took off: there are now more than 65 million 401(k) accounts, which allow participants to invest in stocks and bonds, often with matching funds from employers--all at a lower cost than the pension plans that 401(k)s replaced. The accounts helped spark a financial-industry boom, funneling billions from under retirement savers' mattresses into mutual funds and the stock market...
...show their seriousness about the package, Pelosi and the Democrats actually came to work on Columbus Day, when the federal government - the Postal Service, the Pentagon, the Pension Benefit Guaranty Corp. and all the rest - was shut down. "Even a holiday of such importance could not stand in the way of our coming together here in Washington to deal with the financial crisis that is facing our country," Pelosi said after the Capitol session. FDR would certainly understand: he proclaimed the first Columbus Day in 1934, in the depths of the Great Depression...
...teachers and firefighters. While all states have to deal with an uneven influx of revenue from tax collection, California is among the very few that deal with temporary shortfalls by issuing short-term debt. Most states instead rely on internal cash management - in some cases, borrowing from their own pension funds if necessary - which means they aren't dependent on outside borrowing in order to make payroll and keep the lights on. And even those municipalities that do use short-term notes may succeed in selling them in the end. On Oct. 8, Massachusetts finally sold its $750 million worth...