A judge ruled that an Illinois law aimed at easing the state's huge unfunded pension liability is unconstitutional.» Read More
The mail gets delivered in rain or snow but it might not include pension checks for postal workers. According to a June 22, 2011 press release from the United States Postal Service, it intends to suspend what it owes to its pension plan as a way to “conserve cash and preserve liquidity.” By doing so, it frees up $800 million in cash for the current fiscal year.
CNBC's Gary Kaminsky looks at weakenss in European financial stocks; and insight on taking a long term approach to investing, with Joe Dear, CalPERS CIO.
The nation’s space agency has budgeted more than half a billion dollars to cover retirement funds due to thousands of workers at a long-term shuttle contractor.
Public pension funds managing the retirement and health care benefits of teachers and firemen are pouring money into hedge funds, as much as doubling the money they allocate to the industry, in a desperate attempt to bridge the funding gap in their plans.
Indonesia's rupiah is on a roll and high frequency traders are on the prowl. Time for your FX Fix.
There's no doubt that states and municipalities have taken on more obligations than they can possibly pay. They can't afford the pensions, medical benefits and debt payments they've already promised to pay. When you add in the costs of basic services, such as education and policing, the situation is very obviously untenable.
Discussing how the nation's second-largest pension fund plans to boost its performance and investment opportunities, with Christopher Ailman, California State Teachers' Retirement System.
The fiscal challenges facing states is not new and the budget battles we saw in both Wisconsin and Ohio just showcases the problem. One of the biggest challenges states are facing when tackling their budget shortfalls is their pension deficits.
The basic accounting assumption that underlies pension fund valuations may be a huge gift to private equity funds.
Conventional wisdom and the laws and constitutions of many states have long held that the pensions being earned by current government workers are untouchable. But as the fiscal crisis has lingered, officials have begun to take a second look, to see whether there might be loopholes allowing them to cut the pension benefits of current employees. The New York Times reports.
A wise old fund manager once told me "never trust a man or woman under the age of thirty to manage your money; they ain't seen nothing yet."
In Wisconsin, new pension cost estimates are expected to show that contribution levels are too meager and more money will be needed from public workers, the NYT reports.
More Americans are seeing public servants as public enemies in some ways. It's a case of pension envy.
When it comes to retirement, Americans have high anxiety. And the three-lane highway of Social Security, retirement savings, and a traditional pension is full of potholes.
Florida Governor Rick Scott wants to get rid of his state's collective bargaining and start asking government employees to pay 5 percent into their pension plans, he told CNBC in an interview Wednesday.
With a wary eye on Wisconsin, Republican leaders in several states are toning down the tough talk against public employee unions and, in some cases, abandoning anti-union measures altogether.
The mass protests from state workers in Wisconsin and the revolt by Democrats in the state Senate should set off alarm bells for investors in municipal bonds.
The first time Illinois tried to bail out its teetering pension fund by borrowing billions of dollars, it ended in disaster. Nevertheless, the state is trying again. The New York Times reports.
The first question anyone should ask about a change to how elections—whether for governments or corporations—are conducted is whether the results will be better government or worse. The next question is whether the proposal make the government or board of directors more representative of the preferences of the voters or less.
State pension funds, facing a potential multitrillion-dollar shortfall, find themselves in the center of a four-way battle: Employees and retirees expect to be paid their promised benefits; the pension systems have clear obligations but may not have the resources to pay them; politicians are looking for ways to resolve the underfunding and balance the burden among retirees and workers; and state taxpayers, challenged to provide for their own retirements, resent the additional tax load.