A Look Back: The risky business of the stock market
A police-retirement fund recently sued one of Maine’s publicly traded companies, citing its fluctuating share price among the grounds for legal action. A similar discussion came up in the Jan. 23, 2006, issue of Mainebiz, in a story headed “Risky business” with the summary line, “Unhappy with their 401(k) retirement plans, police unions across Maine are asking towns to reinstate pensions.”
The trend toward 401(k) plans — which are less costly for employers and, for employees, come with all the risks and rewards of the stock market — riled some leaders. "Everyone thought they were going to be very comfortable in retirement and they were going to be able to retire at a young age,” one town manager told Mainebiz. “And then we all got slapped with the reality that the markets can go up and down."
Fun fact: In February 2006, actor William Shatner of “Star Trek” fame was hired as pitchman for the Law Offices of Joe Bornstein, a Maine lawyer who has shown a knack for marketing. “In new TV ads airing throughout Maine, Shatner implores accident victims” to call the law firm, Mainebiz reported. Shatner’s closing statement in the ads: “Tell them you mean business!”
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