Before Detroit filed for bankruptcy, there was Stockton. The California city is nearly ready to climb out of bankruptcy but faces pension woes ahead.» Read More
The government is looking closely at the pay of all top G.M. employees after bailing out the automaker. And that includes the unit that manages the pension fund, whose name was changed to Promark Global Advisors this year, says the New York Times.
Charles E. F. Millard, head of the Pension Benefit Guaranty Corporation, is under investigation for inappropriate contacts with Wall Street firms seeking to obtain lucrative contracts.
Big as California’s budget woes are today, so are the problems lurking in its biggest pension fund. The fund, known as Calpers, lost nearly $60 billion in the financial markets last year. Though it has more than enough money to make its payments to retirees for many years, it has a serious long-term shortfall. Meanwhile, local governments in the state are pleading poverty and saying they cannot make the contributions that would be needed to shore it up.
Years of state and federal neglect have hobbled the nation’s unemployment system just as a brutal recession has doubled the number of jobless Americans seeking aid, the New York Times reported.
General Motors is using its huge pension fund in a way it never intended. It had planned — and put money aside — for a steady march of retirees over time. But instead, tens of thousands of blue-collar workers, most in their 40s and 50s, are all becoming eligible for retirement benefits now, as the company rapidly downsizes.
Washington blessed them as a way to put your 401(k) on automatic pilot and glide safely toward retirement. But popular target-date mutual funds have badly missed the mark - and now regulators are asking why.
A group of well-to-do German senior citizens, who lost their savings in the credit crunch, staged a revenge attack and held their terrified financial advisor to ransom, according to several published reports Wednesday.
Chrysler and Italy's Fiat urged the US Supreme Court late Tuesday to move quickly on Chrysler's proposed sale to Fiat, saying their government-brokered deal could still unravel if it doesn't close by a June 15 deadline.
The Government Accountability Office warns in a new study that the long-term stability of traditional, defined benefit pension plans "is now vulnerable to the broader trends of eroding retirement security."
Calpers, California’s public pension fund, told over two-dozen hedge fund managers this month that they could lose Calpers’ business unless it gets better terms such as changes in fee structures, according to the Wall Street Journal.
The U.S. Department of Labor filed complaints Wednesday accusing suspended NFL star Michael Vick of illegally spending about $1.3 million in pension plan funds for his own benefit, including paying restitution ordered in his dogfighting conspiracy case.
Police say vandals have attacked the home of Sir Fred Goodwin, the former CEO of Royal Bank of Scotland whose 700,000 pound ($1.2 million) annual pension has prompted public outrage.
The British government was unaware of the huge pension given to the former CEO of part-nationalized Royal Bank of Scotland and the bank ignored its own standards in awarding the massive payout, a Treasury minister testified Tuesday.
As the economy continues to struggle, the public is growing increasingly concerned about losing jobs, not having enough money to pay the bills and seeing their retirement accounts shrink, according to an Associated Press-GfK poll.
Pension under-funding is becoming the latest problem for corporations. In the last couple days, Hershey, U.S. Steel, Delta, and Canadian Pacific have noted that their company pensions were underfunded.
Despite its overall troubles, General Motors appears to have enough money in its pension fund to last a decade or more, the New York Times reports.
Stung by outsize investment losses, some of the nation’s biggest companies are pushing Congress to roll back rules requiring them to put more money into their pension funds, just two years after President Bush signed a law meant to strengthen the pension system.
A coalition of 200 businesses and trade groups—including some of the biggest companies in the world—is asking Congress for relief from a two-year-old federal law requiring them to more fully fund their pension plans.
As Democrats celebrate winning the White House and gains in Congress, the victory is rippling through the $11 trillion mutual fund industry in anticipation of reforms to retirement plans that could hurt earnings.
How to know if pension plan guarantees are worth the paper their written on.