Word: perk
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Dates: during 2000-2009
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...Laughs) You know, being here is actually the biggest perk. It sounds so corny, but it’s really thrilling—it’s Harvard! I’ve only just started, honestly, so at this point it’s a bit hard to say what life is like, but this term I’m commuting from New York City, so I come over every week from New York, with that girl over there snoring on the couch, just like she does during office hours. But being here, there’s people whom...
...painfully obvious that something is wrong with the way we save. The tax-deferred 401(k) plan, and others like it, such as the 403(b) and the IRA, have become our nation's go-to retirement piggy bank. Invented nearly 30 years ago as an executive perk - one more way to dodge Uncle Sam - the 401(k) was never meant to replace the employer-guaranteed pension fund, supplemented by Social Security, as the cornerstone of our nation's retirement system. But propelled by a combination of companies looking to cut costs and consumers who wanted control of their retirement...
...Congress was trying to close a loophole on executive bonuses when it created the 401(k). Most companies intended 401(k)s - which were originally called salary-reduction plans but then renamed for the portion of the tax code that makes them possible - to be a perk for highly paid executives, not a pension replacement. That's because lower-paid employees probably could not afford to defer a portion of their paychecks. So companies held on to their pension systems even as they added 401(k)s, which by law they had to make available to all employees. When...
...provider. The policy would work similarly to a traditional pension in that it would provide a guaranteed monthly check equal to about a quarter of your final pay, from when you quit working until you die. Some employers might even be willing to pay the annual premium as a perk. If not, employees would pay for it much as they currently fund their own 401(k)s. But the policy would be portable. Contribute for 30 years and you would be guaranteed income in retirement, no matter how many employers you worked for. Combine your retirement-insurance check with...
Even in the current economic gloom, bankers have been loath to part with one massive perk of their jobs - the lavish bonus. Not surprisingly, this rankles everyday people greatly as they struggle to rebound from the turmoil of the past year...