Detroit may be moving to resolve its pension crisis, but New Jersey's pension problems are just heating up.» Read More
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.
Federal regulators are examining disclosures by Illinois about its unorthodox pension funding method, trying to determine whether the state misled bond investors about the risks. The New York Times reports.
US public pensions face a shortfall of $2,500 billion that will force state and local governments to sell assets and make deep cuts to services, according to the former chairman of New Jersey’s pension fund, reports the Financial Times.
Outgoing New York Democratic Gov. David Paterson cautioned that “everyone will suffer” if there’s a public pension meltdown in 2011.
A struggling city on the outskirts of Mobile was warned for years that if it did nothing, its pension fund would run out of money by '09. Right on schedule, its fund ran dry. The NY Times reports.
ETFs (exchange-traded funds) may be one of the greatest marketing tools of the 21st century, but, perhaps, not the best investing tool, founder and former CEO of Vanguard, John Bogle, told CNBC Thursday.
The finances of some state and local governments are so distressed that some analysts say they are reminded of the run-up to the subprime mortgage meltdown or of the debt crisis hitting nations in Europe. The New York Times reports.
Americans are skeptical that the mid-term elections will produce much change in Washington—and one reason is their own resistance to deep cuts in federal spending and deficits.
Honeywell took a bold step today when it changed its pension accounting, going going to the sometimes controversial (but generally preferred by accounting types) mark-to-market accounting.
Is Social Security a pension plan? No, but it was sold to the public in the 1930s as if it were one, and that matters. The New York Times explains.
Wilshire Associates estimates that as of June 2009, state pension plans were just 65 percent funded, while local government plan funding stood at 74 percent. The FT reports.
There’s no stopping Chinese IPOs. Twenty-four of them this year—double last year, according to Renaissance Capital. And investors love them: Bidding them up on average by 13 percent on the first day of trading. Why care?