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...formula is based on an individual's ending salary, multiplied by a variable, such as .015, and then multiplied by the number of years of service. So an employee earning $150,000 a year, at age 60, with 30 years of service, would have the following formula: $150,000 x .015 x 30, which equals $67,500 annually in pension payments for the rest of her life. To reduce costs, a company can reduce that middle variable from, say, 0.15, to 0.1. That doesn't change what a 20-year employee has already earned in a defined benefit plan...
READ SKIM [X] TOSS...
What's more, none of that includes a new X factor: global warming. Some areas of the world will grow wetter as a result of climate change, but others will grow dryer, and so far the drying is winning. The area of the earth's land surface classified as very dry has doubled since the 1970s; by 2050, the Intergovernmental Panel on Climate Change believes, that trend will worsen. "You do the math, and it gets a little scary," says Stuart Minchin, a water expert with the Australian Commonwealth Scientific and Research Organization. (See pictures of Australia, the driest inhabited...
...pictures from an X-ray studio...
...pictures from an X-ray studio...