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Keyword: pension

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  • New Hampshire Supreme Court Upholds Pension Right-to-Know Ruling

    11/07/2011 12:40:46 PM PST · by Stayfree · 7 replies
    Lawyers & Lawsuits ^ | Nov. 4, 2011 | Greg McDonald
    The New Hampshire Supreme Court has ordered that the names of public-pension recipients be disclosed, ruling that the public has a right to know the amount of their retirement-benefit payments. The Union Leader had sought to have the names of the 500 highest-paid recipients publicly disclosed by New the Hampshire Retirement System in early 2010 when the state legislature was considering making changes to the state pension fund.
  • Pension lawsuit could cost the state $860 million (Florida Unions Screwing Taxpayers Again!)

    11/03/2011 4:31:59 PM PDT · by Recovering_Democrat
    htpolitics ^ | 11/3/11 | Lloyd Dunkelberger
    A lawsuit challenging the new state law making public employees pay 3 percent of their salaries for their retirement plan could punch an $860 million hole in Florida’s budget and take some $600 million away from county governments if it is upheld by the courts.
  • Pension lawsuit could cost the state $860 million (Florida Unions Screwing Taxpayers Again!)

    11/03/2011 4:31:59 PM PDT · by Recovering_Democrat · 6 replies
    htpolitics ^ | 11/3/11 | Lloyd Dunkelberger
    A lawsuit challenging the new state law making public employees pay 3 percent of their salaries for their retirement plan could punch an $860 million hole in Florida’s budget and take some $600 million away from county governments if it is upheld by the courts.
  • 11 charged in $1B NY rail pension fraud case

    10/27/2011 3:43:24 PM PDT · by WZ90 · 9 replies
    SFGate ^ | October 27, 2011 | LARRY NEUMEISTER
    Hundreds of Long Island Rail Road employees may have cheated their way to big pensions through a $1 billion fraud by paying off doctors to say they were unable to work, authorities said
  • Ex-teachers union boss gets $242,000 state pension

    10/22/2011 11:04:19 AM PDT · by mdittmar · 13 replies
    Chicago Tribune ^ | October 23, 2011 | Ray Long
    SPRINGFIELD —— Reg Weaver receives a state pension of $242,657 a year, not because it's based on his last salary as a teacher, but because he gets to count the $300,000-plus check he made as president of the National Education Association.It's one of the highest pensions paid by the heavily indebted Illinois Teachers' Retirement System.Weaver, whose last salary as a south suburban teacher was $60,000, is one of 116 active and inactive members of the Teachers' Retirement System who can base their retirement income on their salaries and service in the National Education Association, the Illinois Education Association, the Illinois...
  • Madoff Whistleblower: Big Banks Are Ripping Off Pension Funds

    08/21/2011 5:13:36 AM PDT · by Java4Jay · 41 replies
    Yahoo The Daily Ticker ^ | 8/19/2011 | Peter Gorenstein
    The story is about growing scandal in the banking industry centered around banks allegedly overcharging pension funds for currency transactions. The man who uncovered the alleged scam, Harry Markopolos, expects all 50 states to eventually join the suit. If the name sounds familiar that's because Markopolos was a whistleblower on the Madoff Ponzi scheme, only to have his claims ignored by the SEC for the better par of a decade.
  • Interest Rate Pressure Creating "Perfect Storm" of Corporate Pension Deficits

    10/06/2011 11:58:09 AM PDT · by the invisib1e hand · 6 replies
    Train of Thoughts ^ | 100611 | Train of Thoughts
    This is a big story that you're not hearing much about. cites a forbidden source: This is nearly a half-trillion dollars that the Federal government is on the hook for, which might not be showing up in deficit numbers. Another "perfect storm."
  • Report: Ex-labor chief works 1 day, nets $158,000 city pension (Chicago)

    09/22/2011 10:25:17 AM PDT · by Libloather · 5 replies
    MSNBC ^ | 9/22/11
    Report: Ex-labor chief works 1 day, nets $158,000 city pensionFormer president of Chicago Federation of Labor, city officials defend payout as legal msnbc.com news services updated 48 minutes ago A retired Chicago labor leader has secured a $158,000 public pension — roughly five times greater than what a typical retired public-service worker in the Windy City receives — after spending just one day on the city payroll, local news reports said. According to The Chicago Tribune, Dennis Gannon stands to collect approximately $5 million in city pension funds during his lifetime. He now draws the pension while working for a...
  • Law gives huge pension perks to union leaders (The Chicago way...)

    09/21/2011 8:19:52 AM PDT · by Kozel89 · 6 replies
    Chicago Tribune ^ | Sept 21, 2011 | Jason Grotto
    All it took to give nearly two dozen labor leaders from Chicago a windfall worth millions was a few tweaks to a handful of sentences in the state's lengthy pension code. The changes became law with no public debate among state legislators and, more importantly, no cost analysis. Twenty years later, 23 retired union officials from Chicago stand to collect about $56 million from two ailing city pension funds thanks to the changes...
  • £34,000 pension for former porn star who served one term as Italian MP

    09/21/2011 3:30:34 AM PDT · by TigerLikesRooster · 12 replies
    Telegraph ^ | 09/20/11 | Nick Squires
    £34,000 pension for former porn star who served one term as Italian MP Italians' anger over lavish perks enjoyed by their MPs has been fuelled by the revelation that a former porn star who served as an MP will soon receive a £34,000 pension. By Nick Squires, Rome 2:30PM BST 20 Sep 2011 Ilona Staller, better known to Italians as "La Cicciolina", distinguished herself during her five-year term in office by proposing a series of bills which revolved almost exclusively around sex, including a proposal to set up "love parks". The Hungarian-born porn actress, who made political speeches with one...
  • Jeffrey Miron: States Are Underestimating Budget Crisis By Trillions

    09/19/2011 6:38:14 AM PDT · by Kartographer · 18 replies
    Daily Ticker/YahooFinance ^ | 9/19/11 | Peter Gorenstein
    Jeffrey Miron economics professor at Harvard university and a senior fellow at the Cato Institute isn't so doubtful. He's out with a report of his own that states, "state government finances are not on a stable path; if spending patterns continue to follow those of recent decades, the ratio of state debt to output will increase without bound." Driving those costs he says are health care costs. "Things are bad for basically all the states for almost identical reasons," Miron says in the accompanying interview with The Daily Ticker's Aaron Task. In addition to the bad fundamentals, many states are,...
  • Defined-Contribution Retirement Reform Introduced in Michigan

    09/15/2011 10:21:56 AM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 9/14/2011 | James Hohman
    Sen. Rick Jones, R-Grand Ledge, has introduced legislation that would offer new Michigan public school employees a defined-contribution retirement plan instead of the state’s current pension plan. This would begin to contain the underfunding problems of government pension problems and save taxpayers billions over time while ensuring that the state meets its promises to retirees. Plus, it would help bring government employees’ benefits in balance with the private-sector. The benefits provided by the public school retirement system are expensive, costing each district 23 to 24 percent of an employee’s salary. It also requires most workers to pay up to 6.4...
  • Hollywood Voters Appear To Favor Pension Reform (Very Liberal Florida Town Refutes Union Thugs!)

    09/13/2011 6:06:51 PM PDT · by Recovering_Democrat · 8 replies
    Shun-Sintinel ^ | 9/13/2011 | T. Alanez
    HOLLYWOOD With nearly two-thirds of the ballots counted, voters appear to be favoring pension reform for the police, firefighters and general employees as a means of helping to remedy the city's financial crisis. As of 8:30 p.m., 52 of 70 precincts had reported their votes, according to the Broward County Supervisor of Elections web site. The city, which has declared "financial urgency," has asked voters to increase retirement ages, eliminate automatic cost-of-living adjustments, alter formulas that calculate pensions and exclude overtime and vacation pay from police, firefighter and general employees pension plans. Such moves would plug $8.5 million into a...
  • Feds plan their exits: Interest surges in retirement seminars

    09/13/2011 8:05:02 AM PDT · by Poundstone · 13 replies
    FedSmith ^ | September 12, 2011 | Stephen Losey
    Earlier this year, Army employee Louis Bornman watched the news grow worse and worse. Pay freezes. Budget cuts. Politicians demonizing federal employees. But for Bornman, the final straw was when Congress began looking at cutting federal pensions as a way to reduce the deficit. His last day as an operations research analyst at Fort Leavenworth, Kan., was July 30. "I couldn't afford not to retire," Bornman said. "You never know when things will change." Bornman's not alone. Federal employees across the nation are becoming more nervous about proposals to slash their benefits, and many are eyeing the exit door to...
  • Retired Portland police and firefighters sue city to keep ($3 million in) pension overpayments

    09/11/2011 6:24:31 AM PDT · by Libloather · 14 replies
    Oregon Live ^ | 9/07/11 | Maxine Bernstein
    Retired Portland police and firefighters sue city to keep pension overpaymentsBy Maxine Bernstein, The Oregonian Updated: Wednesday, September 07, 2011, 11:15 PM More than 500 retired Portland police and firefighters and their spouses have brought a class action lawsuit against the city, arguing that Portland's public safety retirement fund breached their contract by trying to recoup nearly $3 million the fund mistakenly overpaid them in pension benefits. The lawsuit, filed initially by five plaintiffs in Multnomah County Circuit Court, seeks to stop the Portland Fire and Police Disability and Retirement Fund from withholding pension payments that the fund's board says...
  • I Earned These Entitlements

    08/29/2011 7:22:55 AM PDT · by Poundstone · 278 replies
    Redding Record Searchlight ^ | August 29, 2011 | John Cleckner
    I earned these 'entitlements' I believe that most citizens do not understand what a federal entitlement program is. There are earned entitlements versus a special government entitlement that is given to an individual who needs assistance that is mandated by law. What is a government entitlement? Note below that some are free and some are not! Why the government is lumping these programs together is beyond me: Only Congress would think this was a proper thing to do. How can a program like military retirement be linked with food stamps? The programs I am associated with should never be diminished...
  • Mapping America's Underfunded State Pension And Healthcare Liability Debacle

    07/26/2011 10:27:09 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 07/26/2011 | Tyler Durden
    div class="content">The map below, which shows the gravity of America's pervasive pension and healthcare liability underfunding problem, should certainly raise a few eyebrows. Sourced from the IMF's Article IV presentation which in turn sources the data from the Pew Center, the map shows that even despite the near doubling in the S&P since the March 2009 lows, there are still at least 9 states that have a minimum 35% underfunding in their pension and liability obligations. As a result, we expect that just like in the case of Illinois recently, many more states will be forced to issue debt to...
  • 14 Cities That Are Being Eaten Alive By Public Sector Workers

    07/18/2011 10:40:47 AM PDT · by fifedom · 36 replies
    Busiess Insider ^ | Jul. 13, 2011 | Grace Wyler
    After years of declining tax revenues, cities and towns across the country are now running out of ways to deal with their ballooning budget deficits. ... Public employee costs account for a large share of municipal budget woes.
  • Two Rulings Find Cuts in Public Pensions Permissible

    07/01/2011 9:26:16 AM PDT · by Qbert · 10 replies
    NYT ^ | 7/1/2011 | MARY WILLIAMS WALSH
    Judges in Colorado and Minnesota have dismissed court challenges by retired public workers whose pensions had been cut — developments that may embolden other states and cities to use pension reductions as a tool to help balance their budgets. The two lawsuits sought to reverse reductions in the cost-of-living adjustments that Colorado and Minnesota had previously promised to retired public workers. Generally speaking, once lawmakers have agreed to provide certain pension benefits to public workers, it is difficult, if not impossible, to roll them back because of protective language in state laws and constitutions and years of court interpretations. Public...
  • Guess what's the average San Francisco city pension? [ It's 2x the average wage in SF ]

    06/20/2011 11:43:01 AM PDT · by NoLibZone · 14 replies
    San Franciso Chronicle ^ | June 20 2011 | SF Chronicle
    Here's some fun facts. OK, maybe not so fun depending on your perspective. The average retiree from San Francisco city government earns an annual pension of $46,272, according to the San Francisco Employees' Retirement System. The average retiree who worked at least 30 years in city government earns an annual pension of $76,981. The average pension for a retiree from the fire department is $108,552. From the police department? $95,016. And everybody else? $41,136. The figures show most retirees aren't getting anywhere near the fat packages that outrage many city residents - like the $264,000 pension paid to former Police...