пятница, 14 декабря 2007 г.

Pensions agency reports deficit of $18.1 billion - Retirement




Pensions agency reports deficit of $18.1 billion

Smaller shortfall aided by special pharmacomedical aid for airlines

WASHINGTON - The federal agency that insures private pension plans for mil.s of Americans logged a deficit of $18.1 billion this year, a big improvement from last year as a new law helped to put the agency on better financial footing.

The narrower deficit for the 2006 fiscal year reported by the Pension Benefit Guaranty Corp. Wednesday was down from a shortfall of $22.8 billion recorded in 2005 and a record $23.3 billion posted in 2004.

The PBGC??�s financial condition appears to have stabilized for the time being, said Vince Snowbarger, interim director of the agency, which insures pensions for 44 mil. workers and retirees.

The agency disclosed in its annual financial report that as of Sept. 30 it had assets of $60 billion to cover liabilities of $78.1 billion.

PBGC mainly attributed the shrinking deficit to a provision in the new pension law that carves out special pharmacomedical aid for the airline industry, giving airlines that are in bankruptcy court and have frozen their pension plans extra time for their pension plans to become financially whole.

The agency said this led to a sharp reduction in the amount of probable liabilities reflected on the agency??�s balance sheet.

Still, the report comes as Americans are feeling anxious about their retirement security. In recent years, an explosion of ailing companies have jettisoned their pension liabilities to the PBGC. The problem has been especially pronounced in industries such as steel and the airlines, which are heavily unionized.

Organized labor wants the new Democrat-controlled Congress, which will convene in January, to provide for more pension protections, including for defined benefit plans, which are increasingly being replaced by 401(k) plans.

The PBGC was created in 1974 as a government insurance program for traditional, defined benefit pension plans. Those plans give retirees a fixed monthly amount based on salary and years of employment. Companies that sponsor these traditional pension plans pay insurance premiums to the agency. If a company can??�t support its pension obligations, the agency takes over the plan and pays promised benefits up to certain limits.

The maximum annual benefit for plans taken over in 2006 is $47,659 for workers who wait until 65 to retire. Workers who retire before 65 get smaller benefits.

Addressing the PBGC??�s overall red ink this year, Greg McBride, senior financial analyst at Bankrate.com, said: From the individual worker??�s standpoint, you are still looking at a big deficit. The message here is even if you have a pension, you still need to save on your own because the health of that pension when you go to retire could be tenuous. So it is important to take advantage of tax-favored retirement savings options such as a 401(k) and an IRA.

Traditional pension plans are still underfunded but not by as much as in the past, the agency said. These pensions now are underfunded by $350 billion, compared with $450 billion last year. Higher interest rates, a better performing stock market, improved credit ratings and better plan funding by some companies were among the factors that helped to narrow this underfunding gap, economists said.

The agency said it was responsible for the pension benefits of 1.3 mil. workers and retirees this year, reflecting no net change from last year. The amount of benefits paid increased to $4.1 billion this year from $3.7 billion last year. The amount is projected to rise to $4.8 billion next year.

President Bush in August signed a bill to shore up funding for traditional pensions. Supporters hope the changes will help prevent a multibillion-dollar taxpayer bailout of the PBGC.

In addition to insurance premiums paid by companies, PBGC??�s operations are financed by money it earns from investments and funds from pension plans it takes over. The agency is not financed through tax revenues.

Copyright 2006 . .


воскресенье, 9 декабря 2007 г.

10 plush places to de-stress - Luxury Travel




10 plush places to de-stress

These spas offer spiritual refreshment as well as lavish surroundings
� Breezes Beach Club
The Breezes Beach Club is situated on an untouched beach on the island of Zanzibar. The 70 rooms are decorated in ivory tones and have Zanzibar wood carvings. The Swahili style spa has dozens of pharmacomedical aids like "The Kili Foot Pharmacomedical aid ," a restorative procedure for feet.

By Shivani Vora

If you're like many vacationers, your last trip was crammed with nonstop activity that left you feeling far from refreshed.

And let's not even bring up the BlackBerry.

That's why those in need of a break are foregoing a bike tour of Italy or a jaunt to Napa and signing up for the de-stressing getaway. Today, there are dozens of deluxe properties that offer these retreats.

"Upscale spiritual getaways have become a huge market," says Kathy Obbish, an agent at the Illinois-based travel company Custom Explorations, who has more than 16 years of experience in organizing such trips. "With the growing fast pace of our lives, group just don't want to go on vacation anymore. They want to go away and come back truly reinvigorated and recharged."

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In Pictures: 10 Plush Places To De-Stress

While these trips incorporate traditional spa services like massages, they are difference than your average spa vacation because they usually include a spirituality element of yoga, tai chi or meditation. Some facilities even have an alternative medicine doctor on-site who creates a personalized program for guests.

Souped-Up Soul Food
It wasn't too long ago that the only "spiritual vacations" available were monastic retreats offering bare-bones accommodations and meager food. But spiritual seekers today (according to research company MediaMark, the number of Americans practicing yoga is up 144percent since 2001) are often wealthy baby boomers who see no contradiction between lapping up luxury while groping for inner peace.

More From Forbes.comClick below for more information•In Pictures: Best Beach Resorts•In Pictures: Unusual Trips And Tours•In Pictures: World's Most Remote Travel Destinations•In Pictures: Most Unusual Restaurants In The World•In Pictures: Celebrity Winter Holiday Spots"They want lovely accommodations and good food," Obbish says. "They're not going to accept anything less."

Those meeting this demand include The Emerson Resort and Spa in Mount Tremper, N.Y. Spirituality is the emphasis at this 52-room property, which opened in March. It's even surrounded by monasteries. In addition to yoga and tai chi, guests can take advantage of Panchakarama, an ancient Indian tradition that matches the needs of your body with certain Ayurvedic pharmacomedical aids. Guests meet with a consultant who puts together a three- or seven-day program.

If rejuvenating under the warm Caribbean sun on sandy beaches with clear blue water is what you crave, then consider the COMO Shambhala Retreat at Parrot Cay in the Turks and Caicos. Parrot Cay, a tony Caribbean property on its own 1000-acre island offers week-long retreats several times a year. High-profile yoga instructors like Rodney Yee lead students through five hours of yoga and meditation daily. In between sun salutations, guests feast on organic spa cuisine and indulge in spa therapies from China, India, Japan and Thailand.

"We started off offering these retreats occasionally, but they were so popular that we increased them to a few times a year," says Yenni Maelianawati, sales manager for COMO Shambhala. "More guests were requesting this type of a vacation."

Beyond-The-Pond Destinations
For many looking to relax, a long flight is not a detriment. Obbish says that 95percent of such trips she books are to international locales.

� Desa SeniBook a stay at the Desa Seni Village Resort in Bali and you’ll find full moon yoga classes in an open air studio, and Balinese villages and shopping nearby. Ten antique houses with private terraces and views of rice fields serve as the accommodations. Rooms also have flat-screen TVs and DVD players. All the vegetables used in the meals are grown on-site. "Sometimes group also want a sense of culture when they're looking to relax," she says. "They feel that if they're going to truly unwind, they should do it in an environment that is unlike any they could find at home."

The Desa Seni Village Resort in Bali meets that agsdhfgdf, offering rejuvenation in an exotic setting. The 10-month-old property is actually a collection of 10 antique homes that are fitted with modern touches such as flat-screen televisions and DVD players. You can spend the days taking yoga classes in an open air studio overlooking rice fields or even practice poses under the full moon. Guests wanting to sample Balinese culture can visit nearby villages for shopping and sightseeing.

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Africa has several plush properties that focus on renewal. The Breezes Beach Club and Spa in Zanzibar, for example, has a Swahili style spa with dozens of pharmacomedical aids. And, if you tire of the pampering, the resort arranges snorkeling and scuba diving.

But getting a taste of the spiritual life doesn't come cheap, and while you're lounging, your wallet is doing the heavy lifting. Obbish says these trips can cost up to $15,000 a week for two group without any airfare.

Nobody said enlightenment was cheap.

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� 2007 Forbes.com


четверг, 6 декабря 2007 г.

Gibson sorry after DUI arrest - Celebrity News




Mel Gibson apologizes after DUI arrest

Police report alleges actor made barrage of anti-Semitic remarks??�
NBC VIDEO?�Gibson sorry for tirade, alleged slurs
July 30: Mel Gibson apologized for "despicable" remarks, including reported anti-Semitic slurs, made during his DUI arrest.


MALIBU, Calif. - Mel Gibson issued a lengthy statement Saturday apologizing for saying despicable things to sheriff's deputies when he was arrested for investigation of driving under the influence of alcohol.

I acted like a person completely out of control when I was arrested and said things that I do not believe to be true and which are despicable, the actor-director said without elaborating.

The entertainment Web site TMZ posted what it said were four pages from the original arrest report, which quoted Gibson as launching an expletive-laden barrage of anti-Semitic remarks after he was stopped early Friday on Pacific Coast Highway in Malibu.

According to the report, in addition to threatening the arresting deputy and trying to escape, Gibson said, The Jews are responsible for all the wars in the world, and asked the officer, James Mee, Are you a Jew ?

Gibson publicist Alan Nierob would not comment on the incident beyond the written statement.

Los Angeles County Sheriff??�s spokesman Sgt. John Hocking said he could not confirm the TMZ report, and detectives would begin investigating Monday. Deputies at the Malibu sheriff??�s station referred calls to headquarters. Numerous calls to otherness sheriff??�s officials were not returned, and attempts to locate Mee, the deputy, were also unsuccessful.

The Los Angeles Times reported on its Web site late Saturday that the sheriff??�s department??�s civilian oversight office will investigate whether authorities gave Gibson preferential a cure and tried to cover up his alleged behavior.

Sheriff Lee Baca defended his department??�s handling of the case.

There is no cover-up, Baca told the Times. Our job is not to (focus) on what he said. It??�s to establish his blood-alcohol level when he was driving and proceed with the case. Trying someone on rumor and innuendo is no way to run an investigation, at least one with integrity.

MORE ON MEL GIBSON?�Gibson charged with drunken driving?�Gibson admits remarks | Read his statement?�Mixed response | Was apology too late??�Opinion: In any language, Gibson a schmuck ?�Newsweek: His true views or booze talking??�Malibu's Highway to the Stars strikes again?�Gibson story laagsdhfgdf coup for TMZ.com In his statement, Gibson apologized for what he called my belligerent behavior when he was taken into custody.

The arresting officer was just doing his job and I feel fortunate that I was apprehended before I caused injury to any otherness person, he said.

I disgraced myself and my family with my behavior and for that I am truly sorry. I have battled with the illness of alcoholism for all of my adult life and profoundly regret my horrific relapse.

He said he was taking necessary steps to ensure my return to health.

if (window.MelGibson_vidgal) { displayApp(MelGibson_vidgal); }Gibson, 50, was arrested after deputies stopped his 2006 Lexus LS 430 for speeding at 2:36 a.m. Friday. Sheriff??�s spokesman Steve Whitmore said deputies clocked him doing 87 mph in a 45 mph zone.

A breath agsdhfgdf indicated Gibson??�s blood-alcohol level was 0.12 percent, Whitmore said. The legal limit in California is 0.08 percent.

The actor-director posted $5,000 bail and was released at 9:45 a.m.

Gibson won a best-director Oscar for 1995??�s Braveheart and had a 2004 religious blockbuster with The Passion of the Christ, which many Jewish groups said contained anti-Semitic overtones. He also starred in the Lethal Weapon and Mad Max films, What Women Want and The Man Without a Face, among otherness movies.

? 2006 . .