Galesburg Register-Mail from Galesburg, Illinois on June 21, 1973 · Page 17
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Galesburg Register-Mail from Galesburg, Illinois · Page 17

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Galesburg, Illinois
Issue Date:
Thursday, June 21, 1973
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Page 17
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Won't Receive Pensions Galesbufg Reaister^Aail, Galesbura, 111, Thufsday, June 21, 1973 17 By GERARD M, BRANNON WASHINGTON (NUA) We have seen that pensloft). plans are not the safest things in the world,.but probably nearly 60 par cent of workers Third In a Series will in fine future retire with some kind of employer pension plan to bolster up their social security. WHY WILL ONLY SOME WORKERS GET PENSION BENEFITS? Apart from the problems of vesting that wfe have talked about, the big problem is that at any one ttone only a little ADVERTISEMENT ' Lose Ugly Fat Start losing weight today OR MONEY BACK. MONADEX is a tiny tablet that will help curb your desire for excess food. Eat leas- weigh less, Contains no dangerous drugs and will not make you nervous. No, strenuous exercise. Change your Hie . . . start today. MONA­ DEX costs $3.00 for a 20 day sup£ ly and $5.00 for twice the amount, ose ugly fat or your money will be refunded With tin nimBtlnnn asked by: North N. Seminary. Side Drugs,, Mail Orctert filled. 1170 over M per cent of the workers are covered by pension plans. If a fellow toaes his job befow ho gets a vested claim, to a pension, there Is a pretty good chance that there won't too a pension plian in his next job. A lot of the lack of coverage occurs in srraaiM firms with an uncertain future. As we saw, the bug companies don't pay up (fund) their pension costs Immediately but the promise of a big company to put up the money 'later is pretty good (not perfect, but pretty good). For most small companies, the promise to pub up funds later probably 'doesn't cut much ice with the workers and full funding is too expensive. Another circumstance is thatdn.industries with a lot of low-ineoime workers, their workers lare not so interested in savings (and pensions are really savings). Tjhey want their wages pretty much in cash 'to meet current expenses and, to educate kids. Retirement will have to wait. WHAT ABOUT SELF* EMPLOYED PEOPLE? In,the 1960s there was some extension of tihe pension benefit under a law that lets a selfnemployed person set up a pensdon plan which covered (himself. The Congress put a few extna llmWs on these plans because It Was expected' that they would be used mostly by professional people whoi didn't have many employes. In tots of these leases, it is practically a matter of a fellow setting up a retirement plan only for himself. He might try to get a deduction for a* much as he wanted to save. Since 'then, the professionals have outfoxed the Congress by devising ways to form "professional corporations" so they can have pension plans without One special limits. They are "employes" of their own corporations. WHAT ABOUT WORKERS NOT UNDER A PLAN? The administration is willing to <Uhirow in the towel. Now they say that the way out Is just to keep on expanding'-pension coverage. In the President's program, he proposes to relax the limits on plans that setf-mrployed people can set up for themselves and to create a new deduction for employes whose employer doesn't have a plan. They ccuM get a deduction by paying into a pension plain of their own. Sen. Lloyd Bentsem (R- Texas) has sponsored a bill to permit a deduction. WON'T CANADA TRY THIS? Canada provides this deduction for employes who set up their own plan. The Canadian experience dhows tlhat not many low-dncomc employes use it. This tells us something about the whole arrangement. By and large, tax benefits for pensions are not of much value to low-income employes. At tow incomes, people don't save much anyway. Also, the interest that could be earned by postponing a 19 per cent tafx is a lot less than the interest possible from postponing a 50 per cent tax. (NEXT: What Will Happen?) Season Ends GREENBUSH - Twenty-five Hypatian Club members and guests attended the club's last event of the current season^a dinner at MelLmg's Restaurant, Monmouth. Club activities will lesume in the fall. Four Area Men In Guard School Three Gaiesburg men and a Galva man are' enrolled in the Illinois Army National Guard Officer Candidate School, ae* cording to Col. George W. EM* mann, commandanit. They are Gary W. Blackledge, 1302 Jefferson St.; William E. Kislcr, 836 N. Seminary St.; Jchn H. Letter, 738 W. South St., and Eugene A. Norbom, Galva. The annual training period will, continue through June 23 at Camp Lincoln, Springfield. After -the initial session, the candidates will attend 12 weekend assemblies and a second annual training period. Trip to Capital NEW WINDSOR - Miss Trudy Roquet, New Windsor, and Miss Debbie Forseth, Moline, on June 19 accompanied Mr. and Mrs. Robert Medd, Davenport, to Washington, D.C., where they planned to be guests 10 days at the home of Mr. and Mrs. Randy Meed NOBODY CAN BEAT GBEAT BEDDING VALUES it. ^•ivM /Jft'vW wAvm ^^Vs Day-Night Comer Group Modern 2 piece group in wet look vinyl. With 3 plastic top tables built-in. Sleeps one overnight guest. Choose red or black Vinyl. ^ i188 00 SAVE $42.00 Complete QUILTED BEDDING ENSEMBLE (twin or Full Size) i Ortho-Pedic deluxe QUILTED EXTRA FIRM ENSEMBLE. Features crushproof pre-built border. SAVE $60.00 Spanish Styled Du-AII Sofa Bed In plush VELVET striped fabric, spin die arms give Spanish accent. Sleeps two comfortably. Storage compartment in base. Choice of colors. . _ 112995 SAVE $30.00 for both Innerspring mattress AND matching box spring "Sta-Plump"Bed Pillows Made of 100% Dacron® Polyester fiberfill by DuPont*, with Poly-Foam core and Non-allergenic cotton ticking. SAVE 40% 299 each SAVE $100.00 KROEHLER Queen-Size Sleep-or-Lounge A ^ ^^P -Upholslered in carefree Herculon* J \mA \A / O Olefin fabric In choice of colors. Opens fc- w W into a QUEEN SIZE bed for two. "Americana" twin bed ensembles Includes two innerspring twin size mattresses and matching box springs and 2 sturdy twin beds in your choice of maple, walnut or white provincial finish. SAVE $40.00 on a pair 169 95 2 twin size beds Transitional Corner Grouping Sleep two in comfort) Ideal for den or bedroom! Remove the quilted coverlets in Herculon»Olefin fabric, and you're ready for two 36" x 74" beds. Corner table with upholstered back rest, and storage space for pillows. SAVE $100.00 299 75 Convertible SLEEPER-SOFA in Vinyl Biscuit tufted attached pillow back. Uphoistery is durable soft VINYL. Full size mattress sleeps two, Choice of colors. Colonial Trundle Bed Pops open to Sleep two. 39 inch width. Maple finish on select hardwoods. 66 00 Cowboy innerspring mattresses from 19.95 each with purchase of trundle ' SAVE $50.00 229 95 SIMMONS QUILTED "Perfect Posture" ^ mattress or box spring *t Luxuriously QUILTED with polyurethane padding, Sani-Seal ticking. 312 coil spring unit. SAVE up to $40 on an Ensemble Modern Vinyl Sofa Bed Biscuit tufted seat and back. Fold back down easily to sleep two, Storage com. partment in base. Choice of colors. SAVE $30.00 99 75 5995 each mattress or box spring QUEEN SIZE SET-60" wide 169.95 KING SIZE SET-78" wide 239.95 Fur ii «jfcvt MJT e "Wagon Wheel"Bunk Bed 39" twin size bed width, Features Heavy posts and Reinforced bolt-on steel rails SAVE $20.00 99 75 Reversible Innerspring mattress and pallet ensembles 39.95 e«, with bunk purchase. HI Open Mon, & Fri. Until 9:00 P.M. 456 E. MAIN ST. PH, 342-1138 Parking Is FREE and So Convenient When You Shop at LEATH'S Payments to suit your budget use oua REVOLV-AGCQUNT CARPET DEPARTMENT - 2nd Floor COLONIAL MAPLE SHOP •• Low»r Level ik .stroller trims the button-front shirtdress with a border print in cool, dark and washable jersey of Arnel It's a special kind of dress - with a knack for going places and doing things . . . looking fresh and staying wrinkle-free hour after hour. . , carrying your personal fashipn message wherever in the world you wear It. Easy to step into, easy to care for. Washable, it drip dries fast, rarely needs ironing. Sizes 10-20 — 12^-24'/a Colors: Navy, Black Price $ 22 dress center — second floor

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