Cuomo seeks probe of public retiree payments

2010-03-18T12:17:14Z

<div><p>NEW YORK (Reuters) - New York authorities, agencies, and local governments that pay public workers some of the highest salaries and benefits in the state must explain how they are calculated, the attorney general said on Thursday in a new bid to root out abuses.</p><p>Pension payments to retirees in two funds that are funded by the state's $129 billion...

Calif. pension fund seeks to boost its influence

2010-03-15T18:15:26Z

<div id="subtitle">Calif. pension fund makes move likely to increase its influence over corporations</div><div><p>The board of California's giant public pension fund voted Monday to remove the limit on the number of shareholder proposals it can issue to companies in its portfolio.</p><p>Lifting the number of proposals its board can file each year means the fund's influence is likely to grow among publicly tra...

Ex-official admits guilt in NY pension probe

2010-03-10T14:30:13Z

<div id="subtitle">Ex-official pleads guilty in NY pay-to-play pension probe, admits politics guided investments</div><div><p>A former top investment officer for New York's state pension fund admitted Wednesday that he helped channel hundreds of millions of dollars in public retirement money to investment firms that paid kickbacks to other officials to get the business.</p><p>David Loglisci pleaded guilty Wednesd...

FDIC prodding pension funds to invest in failed banks: report

2010-03-07T22:15:18Z

<div><p>(Reuters) - U.S. regulators are encouraging public pension funds that control more than $2 trillion to inject capital directly into the banking system by buying failed lenders, Bloomberg said, citing people briefed on the matter.</p><p>The Fe...

U.S. to assume Toyota/GM joint venture pensions

2010-03-03T14:33:21Z

<div><p>WASHINGTON (Reuters) - The U.S. agency that insures corporate pensions will assume plans covering 5,800 workers and retirees of a joint venture in California between Toyota Motor Corp <7203.T> and

It looks like more pain for California's taxpayers, as CALPERS will reduce the return assumption on its state employee pension plan. The lower the assumed return, the higher the annual contribution needed from employees and taxpayers to pay out retirees.

3 Ohio pension funds get group status in AIG claim

2010-02-23T13:00:11Z

<div id="subtitle">Federal judge grants 3 Ohio pension funds class-action status over claims against AIG</div><div><p>A federal judge is allowing shareholders suing insurance giant American International Group to proceed as a single class.</p><p>U.S. District Court Judge ...

BMW to offload UK pension liabilities to Deutsche

2010-02-21T17:15:14Z

<div><p>LONDON (Reuters) - German car maker BMW <BMWG.DE> is set to announce a deal on Monday to offload 3 billion pounds ($4.62 billion) of longevity risks from its UK pension scheme to Deutsche Bank <DBKGn.DE>, the

Pew Study Finds States Face $1 Trillion Shortfall in Retiree Benefits

2010-02-22T08:25:52Z

&lt;div id="subtitle"&gt;Pension gap problem might be worse than previously reported&lt;/div&gt;&lt;div&gt;&lt;p&gt;Social Security isn't the only retirement system in trouble.&lt;/p&gt;&lt;p&gt;A new report from the Pew Center on the States finds a $1 trillion gap at the end of fiscal year 2008 between the $2.35 trillion ...

Study: States must fill $1 trillion pension gap

2010-02-22T08:55:31Z

<div id="subtitle">States urged to address $1 trillion funding gap for public pensions, retiree health care</div><div><p>States may be forced to reduce benefits, raise taxes or slash government services to address a $1 trillion funding shortfall in public sector retirement benefits, according to a new study that warns of even more debilitating costs if immediate action isn't taken.</p><p>The Reader's Digest says UK subsidiary files for administration, a form of bankruptcy protection</div><div><p>The British subsidiary of Reader's Digest Association Inc. has filed for administration, a form a bankruptcy protection, freeing the parent company to complete restructuring in the BT Group PLC on Thursday said profits tripled in the third quarter, but its shares slumped after regulators questioned its plans to close a massive hole in its pension fund.</p><p>BT shares were down 6.6 percent at...

State Pension Funds At Risk, Report Warns

2010-02-22T20:02:40Z

<div id="subtitle">California's problems may be just the tip of the iceberg</div><div><p> California's budget crisis has grabbed the headlines, but other states are grappling with revenue shortfalls as well. Two researchers say, as bad as the budget figures look, a growing state worker pension shortfall could be even worse news. </p><p> </p>&l...

Agents get millions for CA pension fund business

2010-02-22T20:09:32Z

<div id="subtitle">Funds paid placement agents $125 million to get business with giant California pension system</div><div><p>Documents released Thursday show placement agents have received more than $125 million in fees from private investment funds for getting business with the giant Employees' Retirement Association board OKs reform plan for Colorado state pensions</div><div><p>The board that oversees Colorado's troubled state pension plan has approved a proposal by lawmakers to fix it.</p><p>Proposed changes to the

Calpers gets new board member, another reelected

2010-02-23T00:57:20Z

<div><p>SAN FRANCISCO (Reuters) - Calpers, the biggest U.S. public pension fund, said on Tuesday that unofficial election results show Kurato Shimada and Joseph 'J.J.' Jelincic winning member-at-large seats on its board.</p...

Pension boost seen giving $180 billion to U.S. companies

2010-02-23T01:13:18Z

<div><p>LONDON (Reuters) - The recovery in financial markets last year helped bring significant improvement to the financial health of U.S. pension funds, potentially adding $180 billion to companies' balance sheets, a survey showed on Tuesday.</p><p>Mercer, a leading pension advice firm, said U.S. pension funds were 8...

Calpers tightens ethics rules for board members

2010-02-23T08:20:59Z

<div><p>CHICAGO (Reuters) - The California Public Employees' Retirement System Board , the largest U.S. public pension fund, has tightened policies governing board members' invol...

NJ lawmaker proposes public pension reform

2010-02-23T08:42:20Z

<div id="subtitle">New Jersey lawmaker seeks to bar nongovernment workers from enrolling in state pension system</div><div><p>A New Jersey lawmaker is planning to introduce legislation that would bar nongovernment workers from enrolling in the state's taxpayer-funded pension system.</p><p>Assemblyman Paul Mor...

New NY teachers trying to get into better pension

2010-02-23T11:31:39Z

<div id="subtitle">Future NY teachers scramble to avoid pension reforms, less generous benefits effective Jan. 1</div><div><p>Prospective full-time teachers are scrambling to get into the current state pension tier before a reform measure designed to save New York taxpayers billions of dollars takes effect New Year's Day.</p><p>The change adopted earlier this month ...

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