A recent Time magazine article on the 401(k) reveals how some local residents have been adversely impacted by the retirement-savings account.
Robert Shivley, who retired as a chemical worker with the Occidental Petroleum Corp., ended up on the short end when his employer dropped the traditional pension plan and replaced it with a 401(k) system.
As a result, the article notes, instead of receiving a pension check of $1,308 per month for his years of service as a full-time salaried employee, Shivley now gets $225 per month for his 13 years as an hourly employee, in addition to the $180.16 a month that the parent company had for its salaried employees until the mid-1990s.
It is estimated that under the pension plan he would have been paid $15,666 a year. His annual income under the 401(k) income is $8,000.
Since his retirement, Shivley works as a cart mechanic at the Niagara Falls Country Club. “It’s a seasonal job and I like it,” he said, noting that he might take a trip later to Florida.
Shively was an hourly worker at Oxy (the former Hooker Chemical Corp.) from 1959 until 1972. Subsequently, he was a temporary supervisor from 1972 to 1974 and then a salaried employee until his retirement in 1996.
The magazine writer interviewed more than 20 former employees with the company’s Niagara area operations and most of them spoke favorably about Occidental.
One thoroughly satisfied 70-year-old retiree, who owns two cars and boat, said he enjoys traveling a lot.
Meanwhile, Dennis O’Neill, a human resources department executive with Oxy for 29 years, called the 401(k) “the biggest scam ever put over on the American people.”
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OFF THE PRESS: “Saint Genevieve: A Woman for All Ages,” by Irene Rodak-Rydelek (Alexander Press, soft cover, 116 pages, $20) focuses on the life of the woman who brought deliverance to the City of Paris when it was threatened with death starvation and destruction.
Rodak-Rydelek, a native of Niagara Falls and former teacher at Gaskill Junior High School, completed graduate studies at the Sorbonne, the University of Paris, University of California at Los Angeles, and attended seminars at Oxford University, England.
She lives in Palos Verdes, Calif.
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RIDING THE RAILS: More than 42,000 people from both sides of the border rode that new weekend GO Train during the past four months between Niagara Falls, Ont., and Toronto. Officials are optimistic the service will be resumed in 2010.
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HOMETOWN FAVORITE: A local tour company has arranged an excursion to Toronto on Dec. 8 when Niagara Falls native Jonny Flynn will be playing with the Minnesota Timberwolves of the National Basketball Association against the Raptors.
The bus operated by Over the Falls Tours & Transportation Services will depart at 3 p.m. for the 6 p.m. game. The cost is $90 per person. The deadline to register by phone (283-8900) is Oct. 31.
By the way, the seats are close to the Timberwolves’ bench.
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GOOD & SCARY: Many area residents have already had their first encounter with the ghosts and goblins this season.
Old Fort Niagara’s Haunted Fortress, a special event held last weekend attracted more than 2,000 visitors.
“We were pleased with the attendance,” said Bob Emerson, executive director of the Old Fort Niagara Association, “It’s one of our biggest fall fundraisers.
Columns
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GLYNN: 401(k) plan leaves some retirees in a bind
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