Word: pensions
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Dates: during 1950-1959
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CORPORATE PENSION FUNDS rose $2.8 billion last year to record $22.1 billion. Companies added $1.2 billion in common stocks to portfolios, raised amount of funds in common stocks...
Officials of a British post office in Farnham, Surrey, disclosed that months have passed since their most famous old-age pensioner dropped by to collect his weekly government check (basic pension: $7). Odds were not that Field Marshal Viscount Montgomery of Alamein, 71, was forgetful about his stipend. Instead, with his memoirs (TIME, Nov. 3) selling handsomely (some 200,000 copies so far) and his "half pay" as an old soldier, Monty doubtless decided that the trip to the post office is no longer worthwhile: pension checks are reduced in accordance with the pensioner's outside income...
Last week both sides had had enough, hammered out mutually acceptable terms: a written guarantee of pension benefits, increased job security, a 3.3% wage increase. St. Louis guild leaders, passing the terms along to international headquarters for formal endorsement, hailed them as the fruits of victory...
...would be a difficult job indeed for a dean who has closer personal contacts with the professors. The flexibility of the rules of retirement also extends in the opposite didection allowing any Officers either of Instruction or Administration to retire at the age of 60 and still receive a pension...
Under the Harvard pension plan, however, the longer a professor remains an active lecturer the larger is his pension. Under the present system, the University contributes 12 1/2 per cent of the professor's yearly salary to a pension fund that is turned over to the professor upon his retirement. Formerly, the professor himself used to put 5 per cent of his salary into the fund, with the University providing the remaining 7 1/2 per cent. As it stands now, the professor actually receives 12 1/2 per cent of his salary annually, while a member of the Faculty...