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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...
...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 destiny, that's exactly what happened...
...March 2009, the average 401(k) balance fell 31%, according to Fidelity. The accounts have rebounded, along with the rest of the market, but that's little help for those who retired - or were forced to - during the recession. In a system in which one year's gains build on the next, the disaster of 2008 will dent retirement savings long after the recession ends...
...student labeled a tourist trap as a “win-win. If tourists pay, we have a constant revenue stream. If not, then we have fewer tourists in the Yard.” Another called for a pay-as-you-go system for entrance to Annenberg since tourists “always manage to get inside no matter how hard the staff tries to keep them out.” (Editor’s Note: We’ve been scoped while eating in this hallowed hall...
...governments that are worried that Berlusconi has become a liability for political and economic stability. But even if there were such a surreptitious movement afoot to unseat the Prime Minister, any supposed "strong powers" from outside of Parliament would also require some sign of strength from within the political system. And even a weakened Berlusconi still looks mighty strong compared to the rest of Italy's political class...