Word: pensions
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Dates: during 1950-1959
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...embarrassing picket was James Sweeny, 59, a onetime coal miner and longtime professional organizer who was booted out of his $6,500-a-year job a few weeks ago and into retirement with a $96-a-month pension. At the same time, the A.F.L.-C.I.O. fired, retired or switched to different jobs nearly 100 organizers (out of 218). The A.F.L.-C.I.O. explained the shake-out as a necessary economy measure, but to the jolted organizers and ex-organizers it seemed just a hard-fisted example of old-fashioned capitalistic union-busting. Reason: early in 1957, the organizers organized a little...
Labor leaders, who grudgingly accepted Secretary Mitchell's program in December as the most lenient they could hope for, crossed their fingers last week and hoped that the nation's preoccupation with defense might take off the heat. Labor would cheerfully accept public reports on all pension and welfare funds (including employer-managed funds), would like legislation to stop right there if public opinion would stand for it. Still to come: the final report and recommendations of Arkansan John McClellan's Senate investigating subcommittee, which may well be tougher than Ike's proposals, may well step...
...Joyce was not born a failure; he achieved it. Competent connoisseurs compared his tenor voice to the best in Europe, yet he never bothered to train it properly. He failed in politics as well as in business. In his early 405, John Joyce was left with nothing but a pension of ?11 a month. He was the father of a dozen children, but he rarely worked again-though he lived to be 83. Drunk or sober, he affected a monocle, but slipped easily into the language of a stevedore. In one drunken fury, John Joyce almost strangled his long-suffering...
Losses cannot be cut by self-policing alone. One reason is that virtually no laws apply to the control of welfare and pension funds. To fill the gap, Democratic Senator Paul H. Douglas introduced a bill to police the funds that has wide bipartisan support. The bill calls for registration with the Labor Department of every welfare and pension plan in the U.S., requires full disclosure of fund finances in some 250,000 annual reports, provides criminal penalties for failure to do so. It is solidly backed by the Administration. Says Labor Secretary James P. Mitchell: "These private plans...
Nevertheless, the bill is hotly opposed by many businessmen. The National Association of Manufacturers notes that scandals have centered in labor and jointly controlled welfare funds, insists that trusteed company pension plans should be left alone. The American Bankers Association feels that federal regulation of all pension plans is unnecessary interference with the bankers who have run them for years with few complaints. The U.S. Chamber of Commerce argues that full disclosure of pension investments could unbalance the stock market, that prices would gyrate as the public followed the big funds' buying and selling...