Word: switches
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Dates: during 1990-1999
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...rising popularity of cash-balance plans. Some 20% of FORTUNE 500 companies, including AT&T and Xerox, now offer these plans, which cover close to 10 million workers nationwide. Two weeks ago giant Citigroup disclosed that it too is making the changeover; the week before, CBS made the switch as part of a comprehensive benefits overhaul. Both firms are sweetening the pot with stock options to keep workers focused on performance rather than longevity. IBM is reportedly contemplating a similar change that would save $200 million a year...
...switch to cash-balance plans reflects an economy in which job hopping--voluntary and otherwise--is the norm. In fact, close to two-thirds of workers fare better under the plans. Here's why: each year, an employer contributes a defined amount (usually 5% to 8%) of an employee's salary into an interest-bearing account. It's more like a 401(k) savings plan than a traditional pension, which is typically based on an average final salary and total years of service. So instead of having to hang around for the long haul to reap most of the benefits...
...Krispies and melted marshmallows. "Is it proper for public institutions to become salespeople and build brand loyalty?" asks Andrew Hagelshaw, senior program director at the Center for Commercial-Free Public Education in Oakland, Calif. "Advertisers realize that schools are the perfect place to develop new markets. Kids can't switch the channel...
Before making your choice, ask around at your local genealogical society, through mailing lists and even in website chat rooms for advice. The good news is that it's not hard to export data if you later decide to switch from one software package to another. But don't try to run these products on an old 486; you'll get the best performance on a Pentium-class machine. And save plenty of room on your hard drive. The better you get at tracing your ancestral past, the more you'll need the space...
ROTH ALERT Taxpayers who converted from a traditional to a Roth IRA last year may need to switch back--and fast. Some people who shifted to the new, tax-free retirement accounts then had the good fortune to earn more than $100,000 in 1998--which means they don't qualify for a Roth. Now, if they don't reverse course and file an amended 1998 return by April 15, their account will be taxed, and they'll also possibly face a 10% penalty for early withdrawal...