Word: plan
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...half decades ago, his then employer, Occidental Petroleum Corp., cut its traditional defined pension plan in favor of a 401(k)-type system. So instead of getting a guaranteed pension check of $1,308 a month for his 36 years as a full-time, salaried employee, the former chemical-factory worker receives $225 a month from his 13 years as an hourly employee, plus $180.16 a month from a profit-sharing plan Oxy had for salaried employees until 1994. He also has $70,000 left of the money he saved from his tax-deferred 401(k). On the days...
...have even peeked at your account statements in the past year, it's 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...
...original version of this story incorrectly stated that the Administration's new plan for Afghanistan would likely include sending only one brigade to train and advise the Afghan security forces...
...press secretary Robert Gibbs, the realization came in early September, when the New York Times ran a front-page story about the bubbling parental outrage over President Obama's plan to address schoolchildren - even though the benign contents of the speech were not yet public. "You had to be like, 'Wait a minute,'" says Gibbs. "This thing has become a three-ring circus." (See who's who in Barack Obama's White House...
...Washington wants a different relationship with its key partner in the war against al-Qaeda. The Kerry-Lugar Act which has passed the Senate, after a similar bill passed in the House last month, would provide $7.5 billion in nonmilitary aid over the next five years, in an ambitious plan to counter widespread anti-American sentiment there by helping Pakistan's civilian government deliver essential services to its population. Unlike previous no-strings aid packages, Kerry-Lugar makes support conditional on Pakistan's military being subordinated to its elected government, and taking action against militants sheltering on its soil...