Cedar Rapids Gazette, August 5, 1974, Page 24

Cedar Rapids Gazette

August 05, 1974

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Issue date: Monday, August 5, 1974

Pages available: 48

Previous edition: Sunday, August 4, 1974

Next edition: Tuesday, August 6, 1974

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Publication name: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

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All text in the Cedar Rapids Gazette August 5, 1974, Page 24.

Cedar Rapids Gazette (Newspaper) - August 5, 1974, Cedar Rapids, Iowa ► 12 The Cedar Rapids Gazette: Mo#., Aor. 5. 1*74 %*^»v Pension Reforms Affect Millions of U.S. Workers By Sylvia Porter NKW YORK - Within a matted of days, tho historic 1974 pension reform hill will hecom^ law of our land. After years of tortuous debate, seemingly endless complications and ever more disheartening delays, the legislation finally has been hammered out. It may be signed by President Nixon, with all the appropriate flourishes, as early as mid-August but sureh no later than I^ibor day. The number of workers estimated to Im' directly affected ranges up to 35 million And (Firit of a series) the many more millions of us who are not direct beneficiaries also will be indirectly touched. The two most important pro\ isions are: Vesting This is a new guarantee that you actually will get thi pension benefits you have been promised and which you have earned by working X number of years for an employer. Under the law. employers will have these three choices to offer you: Full vesting (giving you, the employe, all of your earned pension benefits) after IO years on the job; 25 percent vesting after five years of service. Sylvia Porter increasing yearly to IOO percent after 15 years. 50 percent vesting as soon as the sum of your age and your years of service reaches 45, with IO percent additional vesting for each of the following five years. The vesting provision will become effective immediately for new pension plans started after the law is enacted twisting plans must comply by Jan I, 197*. although some may comply voluntarily before that date. Job-changing in our country is so prevalent that only a fraction of you who have been covered by plans could in the past expect to collect your earned pension credits if you changed jobs before, say. Kl or 15 years of service for a given employer. Millions of you. in fact, changed jobs so frequently that your pension benefits never became vested and you never got a penny. Under this new law . the span of time you must wait before you will be assured of receiving your pension rights well may be shortened from. say. 20 years of serv ice to IO or 15, or for the first time, your benefits will be legally guaranteed (vested). Portability This key provision regulates — although it does not guaran- Earnings Up 95% For Auto-Train H VSH I VITON (IPI) _ The \uto-Train Corp has announced that net earnings for its fiscal year ended last April 30 were up 95 percent over the prev ious year The company carries passengers — and their automobiles — to F lorida from Washington and Louisville. Ky Company President Kugene Garfield said auto-train has transported more than a ha I f-million passengers and 200.000 automobiles since it was inaugurated in December, 1971 Garfield said gross revenues amounted to $21,301,702 for the year This resulted in net earnings, with a taxless carryover, of $1,50X 890 or $1 05 |M*r share That compared with gross revenues of $13 970.335 in the previous year. with a net of $804,872, or 54 cents per share LAFF - A - DA , tee — the terms under which you may take your vested pension benefits from employer to employer when you change jobs. Under the 74 law. you may have to take your accumulated vested pension benefits with you in the form of a lump sum of money — if your employer insists and the benefit is less than $1,750. Or you will be abb1 to translate it into a self-employment individual plan Or you can just blow it, as you might blow your severance pay. Or. if your previous employer agrees, you will have the alternative of leaving the responsibility of managing this slice of your pension to your previous employer. Kven as I write this first analysis of the new benefits, criticism already is crescendo-ing against tin' reform provisions Among the key points made: Many companies undoub tedly will avoid the high cost of complying with the new law simply by not setting up any pension plan — and the overall result could lie a reduction in the number of private pension plans established for workers in the future The “rule of 45" — one of the choices on vesting — would encourage employers lo hire' younger employes and would discourage hiring of older workers, just because of the higher cost of vesting older workers under a company pension plan. The vesting rules w ill got alter the fact that plans may continue to insist on mandatory retirement at age 85. thus precluding Hie hiring of substantial numbers of workers dose to retirement age Also, the law does not change the fact that, today, plan benefits are typically less than $10!) a month. Thus even with improved vesting, a typical worker may Im' vested in very little iM'nefits even after satis fying a minimum of five years’ serv ice. There will be no protection against inflation s erosion of pension benefits in this law — although this may be among the first future amendments to the 74 legislation Next: Hhn will bf revered New Federal law says oil companies must now provide lead-free gas. We've been making it since 1915* Federal law states that all stations that pump over 200,000 gallons of gas per year must offer at least one grade of lead-free gasoline by July 1, 1974. In addition the federal authorities have recommended that all stations in counties where the population density is less than 50 persons per square mile will have to offer unleaded gasoline if they sold at least 150,000 gallons of gasoline in 1971 or later. The reason: most of the 1975 model cars will be equipped with a new anti-pollution device called a catalytic converter that will operate effectively only on lead-free gasoline. Leaded gasoline will ruin the anti-pollution catalyst. Our company has been offering leadfree gasoline in the East and South since 1915, and in the Mid-West since 1970. During those years, we've developed a loyal following of customers for lead-free. Over the past 25 years motorists have bought more lead-free gasoline from us than all other oil companies combined. We believe we know more about it than anyone else. Customers have recognized us as the lead-free leader, because that's what we've been. Take a minute to read on and find out about lead-free gasoline.Why lead is put in gasoline in the first place. Ordinary refining produces gasoline of about 89 research octane, which is lower than the octane requirements of about half the cars on the road. The cheapest, easiest way to up the octane to the levels needed is to add lead. To increase the octane without using lead requires additional refinery operations which produce more costly ingredients called aromatics. And, as a result, a 91 octane lead-free is more costly to make than a leaded regular gasoline of 94 octane. Also to make sure lead-free gasoline remains lead-free, special distribution, storage, and delivery procedures must be instituted and maintained.Does lead-free gasoline have advantages over leaded gasoline? To answer this question you have to understand what lead in gasoline does to your car's engine. Lead forms deposits on your spark plugs. As deposits build up, the spark plugs fire less efficiently, and you get poorer gas mileage. In time, the fouling can get so bad, your engine starts to miss, and you may have to get yourself an expensive tune-up. But, with lead-free gasoline, you don't get lead deposits on your plugs. Tests with cars in everyday driving showed that compared to fully leaded gasoline lead-free actually doubled the life of spark plugs. General Motors states in a technical bulletin that if you're getting 6,000 miles out of a set of plugs on leaded gas, you should be able to expect about 12,000 miles from identical plugs using lead-free. Everyone wants to get the best mileage they can. And by keeping your plugs firing at their best longer-, lead-free helps you get the best mileage your car can deliver. The tests we mentioned earlier also showed that lead-free can double the life of mufflers and tailpipes, compared to fully leaded gasoline. This helps to reduce the cost of maintaining your car too.Lead-free cuts the pollution of the air we all breathe. I? Lead in gasoline is a significant source of air pollution. When leaded gasoline is burned in an engine, it creates lead particulate emissions and hydrocarbon emissions. These are recognized by the Environmental Protection Agency of the Federal Government as contributing to air pollution. Lead-free gasoline eliminates the emission of lead particulates and substantially reduces hydrocarbon emissions, lf every vehicle in America had used lead-free last year, it would have eliminated about 400,000,000 pounds of lead pollution from the air. The average driver would have cut the total by about 4 pounds of lead. To people seriously concerned about our environment, this reduction in air pollution is a worthy goal.A 91 octane lead-free gasoline will satisfy most of the cars built since '71. When the first anti-pollution engines appeared in the 1971 cars, many of them were designed to run on less polluting gasoline-91 octane lead-free. By 1974 essentially all U.S. passenger cars were designed to run on a 91 octane lead free gasoline. lf lead-free is recommended for your car, consider using it. Wethink it's the best gas you can use. And we have since 1915.STANDARD Amoco Oil Company has manufactured and marketed lead free gasoline in the East and South since 1915. 0) Standard Oil Division Amoco Oil Company Hut ho* can i charge him v.ith mental cruelty when he has never hit me in the head’’ ;

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