Keyword: pensionfunds

Brevity: Headers | « Text »
  • California pension funds are running dry

    11/15/2014 5:32:20 PM PST · by SeekAndFind · 54 replies
    Los Angeles Times ^ | 11/15/2014 | MARC LIFSHER
    A decade ago, many of California's public pension plans had plenty of money to pay for workers' retirements. All that has changed, according to a far-reaching package of data from the state controller. Taxpayers are now on the hook for billions of dollars more to cover the future retirements of public workers, with the bill widely varying depending on where they live. The City of Los Angeles Fire and Police Pension System, for instance, had more than enough funds in 2003 to cover its estimated future bill for workers' retirement checks. A decade later, it is short $3 billion. The...
  • Public Pension Funds Face $2 Trillion Shortfall, Moodys Warns

    09/26/2014 11:53:54 AM PDT · by george76 · 31 replies
    zh ^ | 09/26/2014 | Tyler Durden
    the 25 biggest systems by assets averaged a 7.45% return from 2004 to 2013, but liabilities tripled over the same period leaving them facing a $2 trillion shortfall as investment returns can’t keep up with ballooning obligations. The top 25 funds account for 40% of the entire US public pension system with Illinois, Kentucky, Connecticut, and Louisiana at the top of the 'most underfunded' list. .... the New York-based credit rater’s calculation of liabilities tripled in the eight years through 2012, ... liabilities are crowding out spending for services, roads and schools.
  • Government Pensions Make Big Bucks Off 'Corp Deserters'

    08/06/2014 7:02:38 AM PDT · by SeekAndFind · 3 replies
    Fox Business News ^ | 08/06/2014 | By Elizabeth MacDonald
    It’s not just fat cat hedge funds, banks or Wall Street investment companies that benefit when U.S. companies cut their tax bills by moving their headquarters overseas via mergers with foreign concerns. More than a dozen state government pension funds that run retirement accounts for government workers like teachers, cops and firemen own big chunks in these “corporate deserters,” too. Five U.S. companies merging with overseas concerns have big state government pension investments amounting to nearly $2 billion, based on data provided by Richard Peterson, senior director at S&P Capital IQ. But you don’t hear about government pension investments in...
  • Rezko gave Gutierrez a deal on town house (Gutierrez, IL Dem Rep)

    11/14/2010 8:06:03 PM PST · by STARWISE · 11 replies
    Chicago Sun Times ^ | 11-8-10 | Natasha Korecki
    Congressman told FBI he asked for -- and got -- free home upgrades ### Convicted political fixer Tony Rezko gave U.S. Rep. Luis Gutierrez free upgrades on a riverfront town house after the congressman asked for them, Gutierrez told the FBI, the Chicago Sun-Times has learned. Gutierrez's comments to federal agents in a previously undisclosed 2008 interview contradict what the congressman told the Sun-Times in 2006 about the purchase. "I walked in with my wife -- as any other consumer could have -- and purchased the unit at the listed price, with no considerations," the Northwest Side congressman said then,...
  • Reevaluating Pension Entitlements in the Public Sector

    01/06/2011 2:14:55 AM PST · by Scanian · 24 replies
    NY Post ^ | January 06, 2011 | William Sullivan
    Unfunded state and city pension liability has been isolated by many analysts as the next big crisis on the horizon. But it looms in relative silence, largely because Americans simply do not want to talk about it. Let's be honest; it's not exactly dinner table conversation. Many Americans have family and friends that work in public jobs and many of them expect a considerable pension that could be compromised if the system is altered. So the issue is far too personal for public pensioners to embrace any logic that could suggest the system is flawed, while non-pensioners usually want to...
  • The First 10 City Pensions That Will Run Out Of Money

    12/27/2010 8:03:23 AM PST · by FromLori · 35 replies · 1+ views
    The Business Insider ^ | 10/27/10 | Gus Lubin
    The first total municipal pension default happened last week: Prichard, Ala. ran out of money stopped mailing pension checks. Hundreds of cities could be right behind. Projections by Robert Novy-Marx and Joshua Rauh [PDF] show the average city has $15,000 per household in unfunded pension liabilities. These massive liabilities are ignored by common government accounting (see chart). Insolvency means benefit cuts or borrowing from the already-near-broke states. Many of the 77 cities surveyed by Novy-Marx and Rauh are facing insolvency within the next decade. Other small cities like Prichard could go even sooner.
  • Bolivia cuts retirement age, nationalizes pensions

    12/03/2010 9:28:25 PM PST · by Cardhu · 14 replies
    Business Week via AP ^ | December 3rd 2010, | CARLOS VALDEZ
    LA PAZ, Bolivia Bucking a global trend, leftist-led Bolivia is lowering its retirement age and nationalizing its pension funds. Bolivia's Congress approved legislation early Friday to make Bolivians eligible for full pensions at age 58. The country's 70,000 miners will get to retire two years earlier. The previous retirement age was 65 for men and 60 for women. Bolivia's decision to lower its retirement age runs counter to a global trend to raise retirement ages as life expectancies rise, birth rates drop and national treasuries come under strain from pension obligations. France raised its minimum retirement age to 62 last...
  • Mayor demands apology after Limbaugh takes shot at Bristol (city in CT, not Palin)

    12/06/2010 8:44:38 AM PST · by Tolerance Sucks Rocks · 51 replies · 2+ views
    The Bristol Press ^ | December 5, 2010 | Steve Collins
    BRISTOL — America’s most popular radio talk show host, Rush Limbaugh, blasted Bristol the other day for supposedly making off with some of the $3.3 trillion in loans given to businesses by the Federal Reserve during the recession. While the charge is false – even absurd given the city’s paltry place in the financial arena – Limbaugh didn’t stop there. He described Bristol to his millions of listeners as nothing more than ESPN. “That’s all that’s there: ESPN and a couple of cheap hotels,” Limbaugh said on his nationally syndicated show Thursday. That was more than enough to stir Bristol’s...
  • Colo. Amasses $3.7B In Unpaid Obligations : $1.1 Billion Shortfall Anticipated In 2011-12

    12/05/2010 3:28:14 PM PST · by george76 · 28 replies · 1+ views
    ch 7 News ^ | December 5, 2010 | Justin Adams
    In its struggles to deliver balanced state budgets over the past 10 years, Colorado has amassed $3.7 billion in obligations that it may never pay. That sum includes severance taxes taken from municipalities, funds collected for such state services as tourism promotion and waste tire cleanup that were never delivered, prison and school bus costs that were never paid for, and other accounting tricks. State budget analysts told the Legislature's Joint Budget Committee in November that the 2011-2012 budget, with an anticipated $1.1 billion shortfall, no longer includes the $3.7 billion cut over the years. The amounts were included in...
  • What happens if Chicago pension funds run out of money?

    12/05/2010 4:08:04 PM PST · by george76 · 32 replies · 2+ views
    Tribune ^ | November 16, 2010 | Jason Grotto
    Illinois Constitution raises questions about who's on the hook if they become insolvent. With some city pension funding levels dropping below 40 percent, a question arises that seemed unthinkable just a decade ago: If a pension fund runs out of money, who pays for the retirement security promised to city workers? The answer is complicated by changes to the Illinois Constitution in 1970 that made retirement benefits for public employees a contractual guarantee that could not be diminished. Union leaders say pension benefits are guaranteed not only for retired workers but for those still working, and that if a fund...
  • Pasco Judge: Explain Why You're Screwing People

    11/19/2010 9:25:59 AM PST · by FromLori · 10 replies
    The Market Ticker ^ | 11/18/10 | Karl Denninger
    Heh, Judge Gardner finally drank some coffee! DADE CITY - Pasco County Circuit Judge Susan Gardner decided to take a closer look at her foreclosure cases after law firms were accused recently of overbilling and forging documents. She doesn't like what she's finding – a mountain of fees to serve notice of foreclosure lawsuits to homeowners and to people who don't exist. "Routinely, routinely, I'm seeing charges of $1,600, $1,800, $1,000, $800, any of those are ridiculous, and there had better be a good reason for it," Gardner said, noting that these fees should typically be $45 to a couple...
  • SOMEBODY'S GOTTA SAY IT ... GOVT. EMPLOYEE UNIONS ARE THE ENEMY

    11/10/2010 6:45:34 PM PST · by FreeKeys · 25 replies
    Nealz Nuze ^ | November 10, 2010 9:07 AM | Neal Boortz
    Here come the howls of outrage. "You are anti-union." Well, you're only partially right. I'm anti-government employee union. I don't have a particular problem with the legality of private-sector unions, so long as: (1) Employees vote by secret ballot as to whether or not the union will be formed; and (2) No employee should ever be forced to join a union nor should they be forced to pay dues to any union. Government employee unions? Those are a completely different matter. These are people who spend millions of dollars to elect their bosses and then demand raises, pension plans and...
  • Why labor needs a Tea Party

    09/29/2010 3:24:22 AM PDT · by Scanian · 14 replies
    NY Post ^ | September 28, 2010 | Michelle Malkin
    The Service Employees International Union plans to send 25,000 rank-and-file workers on 500 buses to Washington this weekend to protest the Tea Party movement, Republicans and Fox News. If SEIU members had any sense, they'd be demonstrating at their own bosses' DC headquarters. It's the Big Labor left, not the Tea Party right, that is flushing union workers' hard-earned dues down the collective toilet in these hard times. The co-organizer of the so-called "One Nation" protest by a coalition of progressive groups is George Gresham, president of the behemoth SEIU Local 1199 based in New York. Perhaps Gresham should pay...
  • It Takes A Pillage

    07/01/2010 5:25:54 PM PDT · by Kaslin · 9 replies
    IBD Editorials ^ | July 1, 2010 | Investment Business Daily staff
    Retirement: Argentina nationalized private pension funds in 2008 under the guise of shielding them from the economic meltdown. But the funds have been used by lawmakers. That couldn't happen here, could it? Socialist President Cristina Fernandez de Kirchner said the state was protecting private retirement from "policies of plunder." By moving tens of billions from the private sector and placing it in the public fisc, she claimed to be providing "an example" for others to follow as the global financial crisis heated up. The Argentine Congress, making a promise it didn't intend to keep, said it would make sure the...
  • AG eyes LI Ivy's poison; Hid Madoff scam

    05/13/2010 3:47:10 AM PDT · by Liz · 8 replies · 251+ views
    NY POST ^ | 5/12/10 | KAJA WHITEHOUSE
    ..... hedge-fund firm Ivy Asset Management is accused of hiding "disturbing facts" about Madoff from clients on fears the truth would crimp their revenue.....a civil lawsuit claims former CEO Lawrence Simon and ex-CIO Howard Wohl, were aware for some 10 years that Madoff's operation was suspect, but they "kept clients in the dark," pocketing $40M in advisory and due-diligence fees between 1998-2008 that led hundreds of investors, and dozens of NY union pensions and welfare plans, to lose a combined $227M.
  • Argentina grabs private pension funds (Is this the future of America if we run out of cash?)

    04/14/2010 8:50:15 AM PDT · by SeekAndFind · 28 replies · 1,365+ views
    American Thinker ^ | 04/14/2010 | Thomas Lifson
    April 14, 2010Argentina grabs private pension fundsThomas Lifson In a move sure to be observed by other cash-pressed governments, Argentina has seized control of privately-managed pension funds. Ambrose Evans-Pritchard writes in the UK Telegraph: Here is a warning to us all. The Argentine state is taking control of the country's privately-managed pension funds in a drastic move to raise cash. [...] Here is a link from La Nacion and another from El Pais for Spanish speakers.... ... over $29bn of Argentine civic savings are to be used as a funding kitty for the populist antics of President Cristina Kirchner. This...
  • Argentina seizes pension funds to pay debts. Who's next?

    04/12/2010 9:17:42 PM PDT · by george76 · 20 replies · 1,789+ views
    Telegraph ^ | October 21st, 2008 | Ambrose Evans-Pritchard:
    Here is a warning to us all. The Argentine state is taking control of the country’s privately-managed pension funds in a drastic move to raise cash. Should we worry about our pensions? It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap. The G7 states are already acquiring an unhealthy taste for the arbitrary seizure of private property. My fear is that governments in the US, Britain, and Europe will display similar reflexes. Indeed, they have already done so. The forced-feeding...
  • States Skip Pension Payments, Delay Day of Reckoning

    04/10/2010 5:16:37 AM PDT · by reaganaut1 · 19 replies · 855+ views
    Wall Street Journal ^ | April 9, 2010 | Gina Chon
    State governments from New Jersey to California that are struggling to close budget deficits are skipping or deferring payments to already underfunded public-employee pension plans. The moves could help ease today's budget pressures, but will make tomorrow's worse. New Jersey's governor, a fiscal conservative, has proposed not making the state's entire $3 billion contribution to its pension funds because of the state's $11 billion budget deficit. Virginia has proposed paying only $1.5 billion of the $2.2 billion required pension contribution. Connecticut Republican Gov. M. Jodi Rell is deferring $100 million in payments this year to the pension fund for state...
  • Public Pension Funds Are Adding Risk to Raise Returns

    03/09/2010 3:07:02 AM PST · by reaganaut1 · 5 replies · 167+ views
    New York Times ^ | March 8, 2010 | Mary William Walsh
    States and companies have started investing very differently when it comes to the billions of dollars they are safeguarding for workers’ retirement. Companies are quietly and gradually moving their pension funds out of stocks. They want to reduce their investment risk and are buying more long-term bonds. But states and other bodies of government are seeking higher returns for their pension funds, to make up for ground lost in the last couple of years and to pay all the benefits promised to present and future retirees. Higher returns come with more risk. “In effect, they’re going to Las Vegas,” said...
  • State Pension Funds Down 59% On Private Equity Bets

    08/20/2009 5:09:38 PM PDT · by FromLori · 6 replies · 465+ views
    <p>Ah, the good old days, when diversification meant splitting your money between levered instruments (securities), somewhat levered and less liquid assets (like timber and commodities) and extremely levered investments (like private equity).</p> <p>That kind of diversification didn't work out so well, when everything collapsed at the same time -- those most-leveraged positions got crushed.</p>
  • Infighting Over Financial Power

    07/15/2009 10:22:59 PM PDT · by FromLori · 4 replies · 379+ views
    The best evidence that Larry Summers is headed to the Federal Reserve is the enormous amount of new power the Obama Administration wants to hand over to the Fed. Are they really doing this so that it can be handed over to the relative outsider, Ben Bernanke? Not likely. This is a power play by the ultimate troika, President Obama, Rham Emanuel and Summers. Of course, there is a reaction to this power play from the corners of Wall Street and beyond that don't have significant influence at the table of the troika. A report, by an alliance including two...
  • Retired From G.M. at 54. Pensionless at 74?

    07/01/2009 6:12:21 AM PDT · by reaganaut1 · 49 replies · 1,748+ views
    New York Times ^ | June 30, 2009 | Mary Williams Walsh
    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. And even as its pension fund faces this giant bulge in payouts, G.M. is not putting any new money in — the company is not required to make any contributions to the fund until 2013. The longer this goes on, the weaker...
  • Supreme Court clears way for sale of CHRYSLER...( Rule of Law ABOLISHED!?)

    06/09/2009 4:28:47 PM PDT · by Para-Ord.45 · 484 replies · 22,073+ views
    http://www.drudgereport.com/ ^ | june 9 2009 | drudge
  • Court asked to stop Chrysler sale [Obama steals pension funds from teachers and police]

    06/07/2009 11:20:33 AM PDT · by grundle · 23 replies · 1,031+ views
    BBC ^ | June 7, 2009
    Pension funds opposed to Chrysler's sale to Fiat have asked the US Supreme Court to block the deal immediately. Three Indiana state pension and construction funds filed papers at the court on Sunday calling for the sale to be halted so they can pursue an appeal. It comes after a US appeals court approved Chrysler's sale to a group led by Fiat, a union-aligned trust and the US and Canadian governments. Chrysler entered bankruptcy protection in April after falling vehicle sales. US carmakers have suffered from a massive slump in sales during the recession. The US government has backed its...
  • Supreme Court asked to block Chrysler sale to Fiat

    06/07/2009 5:29:35 AM PDT · by libstripper · 25 replies · 1,232+ views
    Associated Press ^ | June 7, 2009 | MARK SHERMAN
    Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early Sunday to put the sale on hold so they can pursue an appeal.
  • UPDATE: Pension Funds Ask High Court To Delay Chrysler Sale

    06/07/2009 6:52:45 AM PDT · by jimbo123 · 29 replies · 1,161+ views
    Wall Street Journal ^ | 6/7/09 | By Mark H. Anderson
    WASHINGTON (Dow Jones)--A group of Indiana pension funds opposed to Chrysler LLC's sale to Fiat SpA (FIATY) on Saturday filed an emergency appeal with the U.S. Supreme Court to stay the sale while they continue their attempts to block it. The emergency stay request, filed shortly before midnight Saturday, came after the 2nd U.S. Circuit Court of Appeals in New York approved the acquisition of most of Chrysler's assets by a group led by Fiat, the Italian auto manufacturer. A U.S. bankruptcy judge early last week approved the sale. A coalition of consumer groups lodged a separate stay request early...
  • Court asked to stop Chrysler sale [Obama steals pension funds from teachers and police]

    06/07/2009 2:50:19 AM PDT · by grundle · 31 replies · 1,185+ views
    BBC ^ | June 7, 2009
    Pension funds opposed to Chrysler's sale to Fiat have asked the US Supreme Court to block the deal immediately. Three Indiana state pension and construction funds filed papers at the court on Sunday calling for the sale to be halted so they can pursue an appeal. It comes after a US appeals court approved Chrysler's sale to a group led by Fiat, a union-aligned trust and the US and Canadian governments. Chrysler entered bankruptcy protection in April after falling vehicle sales. US carmakers have suffered from a massive slump in sales during the recession. The US government has backed its...
  • Fannie Mae and Freddie Mac were a politicized financial disaster wait until pension funds implode

    02/03/2009 9:28:11 AM PST · by shielagolden · 27 replies · 2,045+ views
    reason.com ^ | 02/02/09 | Jon Entine
    Next Catastrophe Think Fannie Mae and Freddie Mac were a politicized financial disaster? Just wait until pension funds implode. Funds worth trillions of dollars start to plummet in value. Political pressure to be “socially responsible” distorts the market decisions of government-related enterprises, leading to risky investments. Investors who once considered their retirements safely protectedwake up to a sinking feeling of uncertainty and gloom. Sound like the great mortgage-fueled financial crisis of 2008? Sure. But it also describes a calamity likely to hit as soon as 2009. State, local, and private pension plans covering millions of government employees and union workers...
  • Argentina to Nationalize Pension Funds

    11/23/2008 10:31:07 PM PST · by rabscuttle385 · 20 replies · 861+ views
    The Washington Post ^ | 2008-11-21 | Joshua Partlow & Brian Byrnes
    RIO DE JANEIRO, Nov. 20 -- Argentina's Senate on Thursday night gave final approval to the government's plan to nationalize the private pension system in an attempt to protect retirement investments from the international financial crisis. The proposal by President Cristina Fernández de Kirchner last month to nationalize about $25 billion in private pension funds provoked an outburst of criticism that the government was seizing retirement savings for cash to shore up its finances. But after 12 hours of deliberation Thursday, Fernández de Kirchner's plan was approved 46 to 18 by senators who argued that the private pension system never...
  • (NJ) State: Pension fund took $23B hit

    11/23/2008 5:07:19 PM PST · by Coleus · 6 replies · 584+ views
    star ledger ^ | November 21, 2008 | DUNSTAN McNICHOL & CLAIRE HEININGER
    New Jersey's pension fund has lost more than $23 billion this year, dropping to its lowest level since 2003 as a collapsing financial market battered its investments, a state report showed yesterday. The latest losses -- nearly $9 billion in October, and another $3 billion so far this month -- mean the fund is now worth $57.8 billion, or less than half the $118 billion in benefits it is due to pay out over time, state reports show. "I don't think any of us in the division have ever seen anything like it," said Bill Clark, director of the state's...
  • Main Street, not Wall Street, should fix crumbling U.S. infrastructure (some barfiness present)

    05/09/2008 9:09:46 AM PDT · by Tolerance Sucks Rocks · 6 replies · 200+ views
    Yahoo! News / Christian Science Monitor ^ | May 7, 2008 | Kathleen Sebelius and Andy Stern
    Topeka, Kan. and Washington - At its best, America's infrastructure has powered our economic prosperity, created well-paying jobs, and served the public interest. Today, however, it has fallen into a dangerous state of disrepair. The Minnesota bridge collapse last summer brought home the urgency of repairing and modernizing our nation's system of highways, bridges, tunnels, power plants, transmission lines, and airports. But doing so will be prohibitively expensive. Current plans seek to exploit the nation's need for private profit. But there's a better source of capital at hand: public pension funds. The American Society of Civil Engineers estimates that $1.6...
  • Pension Plans Take Chance on Mortgages

    03/21/2008 7:59:25 PM PDT · by BenLurkin · 18 replies · 425+ views
    Associated Press ^ | Friday March 21, 11:15 am ET | Jim Davenport,
    COLUMBIA, S.C. (AP) -- The subprime mortgage crisis has yielded at least one benefit for states: Mortgage-related investments have become so cheap that they are luring some pension funds to buy. Retirement systems in South Carolina and Pennsylvania are nibbling at the securities, betting that they have been beaten down so much that the ones with good credit ratings could yield strong returns later. South Carolina is looking to buy $100 million of mortgage-related investments for its $30 billion state pension fund. Pennsylvania, which made money off those securities' troubles in its hedge funds last year, is also betting that...
  • California bill to divest Iran investments signed ( Teacher's Union not happy ? )

    10/16/2007 8:50:24 AM PDT · by george76 · 8 replies · 258+ views
    Reuters ^ | October 15
    California Gov. Arnold Schwarzenegger signed a bill on Sunday, as he previously said he would, to bar the two biggest U.S. public pension funds from investing in companies doing business in Iran. The bill, which affects the California Public Employees' Retirement System and the California State Teachers' Retirement System, comes amid heightened tensions between the United States and Iran. Schwarzenegger's office had issued an announcement last month stating he would sign the bill while he was in New York as Iranian President Mahmoud Ahmadinejad was appearing at Columbia University. "I couldn't be more proud to sign this bill," Schwarzenegger echoed...
  • Senators Push for Answers on Pensions in New Jersey

    04/16/2007 12:15:00 PM PDT · by george76 · 20 replies · 1,046+ views
    ny times ^ | April 12, 2007 | MARY WILLIAMS WALSH
    State senators from both political parties said at a hearing on Wednesday that they had been shocked to learn that they had voted again and again in recent years for measures that had left the state pension in great distress, and they faulted the state treasury for failing to explain to them the risks of what they were doing. “I had no idea we were in the company of some of the same corporations that I have condemned for not funding their pensions,” said Senator Shirley K. Turner, a Democrat from Mercer County. “And now, it seems, we’re in the...
  • Divesting from terror

    03/28/2007 2:17:24 PM PDT · by 3AngelaD · 1 replies · 77+ views
    GuflNews.com ^ | 28/03/2007 | Howard LaFranchi
    When New Jersey legislators introduced a bill this month that would ban state pension funds from investing in companies doing business with Iran, it was part of an emerging battle cry across the country for "terror-free investing". Surveys show most Americans like the idea of deploying investment dollars to assist in the war on terror. And so a growing number of state officials and a few at the national level are promoting divestment from companies dealing with countries that the US considers state sponsors of terror. "This is an empowering action for Americans who have looked for a way to...
  • Kolkhorst files two bills that would kill the state's controversial corridor proposal

    02/28/2007 10:36:10 AM PST · by Tolerance Sucks Rocks · 19 replies · 406+ views
    Brenham Banner-Press ^ | February 27, 2007 | Brenham Banner-Press
    AUSTIN - State Rep. Lois W. Kolkhorst (R-Brenham) has filed two bills which she says would kill the state's controversial Trans-Texas Corridor highway proposal. If passed, House Bill 1881 will repeal the Trans-Texas Corridor from the transportation code, effectively killing the proposal by removing the enabling legislation which would have served as the foundation for any future corridor project. “I've been fighting against the Trans-Texas Corridor for several years, and it's not because I want to stop progress. We need to look at new ways to fund roads, but this isn't it,” said Kolkhorst. “Some toll systems work, such as...
  • THE REAL SCANDAL

    10/29/2006 7:33:50 PM PST · by neverdem · 4 replies · 635+ views
    NY Post ^ | October 27, 2006 -- | NICOLE GELINAS
    MEDIA attention on the comptroller's race has focused more on incumbent Alan Hevesi's use of a state worker to drive his ailing wife around the city than on a far bigger issue: the urgent need to reform New York state's massive pension fund. But the attention on the Hevesi scandal may not be too much of a distraction - for it illustrates that the pension fund concentrates far too much power in one place. As comptroller, Hevesi is sole trustee of New York's $145 billion in pension assets, which he invests in the financial markets to fund retirement benefits for...
  • CA: Pay to play - Pols hang 'for sale' sign on pension funds (CalSTRS)

    09/18/2006 9:58:47 PM PDT · by NormsRevenge · 3 replies · 389+ views
    San Diego Union - Tribune ^ | 9/18/06 | Editorial
    Even as it tackled a long-term $20 billion gap in funding for the state's school employees, the California State Teachers' Retirement Board found time at its meeting last week to plug another hole: the millions of dollars that firms which handle, or want to handle, pension fund investments have donated to board trustees who are also elected officers. The state treasurer, the controller and the superintendent of public instruction, each of whom by virtue of the office sits as a CalSTRS trustee, all run for election or re-election statewide. That takes money. If they decide to run for higher statewide...
  • NY Teacher Retirement System Urged to Dump Movie Gallery Stock (Largest pornography retailer)

    10/05/2005 5:34:14 PM PDT · by wagglebee · 17 replies · 601+ views
    Agape Press ^ | 10/5/05 | Jim Brown
    (AgapePress) - A pro-family group is calling on the New York State Teachers' Retirement System (NYSTRS) to divest of all stock holdings in the nation's largest retailer of triple-X porn videos and DVDs. The American Family Association (AFA) has written a letter to the president of the NYSTRS, asking the group to dump its more than one million shares of Movie Gallery stock. AFA Special Projects Director Randy Sharp insists that owning the video entertainment company's stock puts the teachers' retirement system in the hard-core porn business. The NYSTRS owns "billions of dollars worth of stock," Sharp says, "and certainly...
  • CA: More fiscal errors (San Diego - 641 million of them, overstatement of assets in 2002)

    09/17/2005 10:03:32 AM PDT · by NormsRevenge · 12 replies · 272+ views
    San Diego Union-Tribune ^ | 9/17/05 | Matthew T. Hall
    Private auditors have found that San Diego overstated its net assets by more than $640 million in fiscal 2002 – a problem that portends greater difficulty for the city's restoration to sound fiscal health. The city's net assets will be lowered almost 10 percent from their reported total of $6.8 billion, a miscalculation used in three bond offerings, which opens the city to possible lawsuits and new federal sanctions and fines. The errors include the double counting of roads and bridges, delays in depreciating the value of water and sewer plants, and the inclusion of abandoned capital projects as well...
  • Dollar rebound delivers costly shock to investors (including Warren Buffett)

    08/14/2005 6:17:50 PM PDT · by Uncle Joe Cannon · 49 replies · 1,729+ views
    Financial Times ^ | August 14
    Dollar rebound delivers costly shock to investors By Steve Johnson in London Sun Aug 14, 3:45 PM ET Pension funds, trend-following hedge funds and private investors are all believed to have been hit this year because of the US dollar's unexpected strength. ADVERTISEMENT But more nimble investors, including many hedge funds, are now believed to have recouped most of their losses. The dollar fell by 38.7 per cent against the euro in the three years to 2004 as worries over the twin US external and budget deficits intensified. The sell-off was particularly acute in last year's fourth quarter, leading many...
  • Climate Change is 'All about Our Money,' Big Investors Say

    05/12/2005 2:06:24 AM PDT · by Einigkeit_Recht_Freiheit · 119 replies · 1,808+ views
    Associated Press ^ | May 11, 2005 | Charles J. Hanley
    UNITED NATIONS — In a daylong brainstorming "summit," a dozen U.S. state treasurers and hundreds of financiers and other major investors debated ways Tuesday to pressure more U.S. companies into dealing openly with the financial risk of climate change and with ways to reduce it. "Climate change poses a long-term financial and business risk for many of the companies in which we invest," said Connecticut Treasurer Denise L. Nappier, a co-chair of the event. "For us today it's all about our money." Harvard University environmental scientist John Holdren gave the more than 300 participants an update on the latest climate...
  • CA: Pension funds pursue the green stuff - CalPERS and CalSTRS seek firms..ahead of..curve on trends

    03/28/2005 3:29:40 PM PST · by NormsRevenge · 3 replies · 329+ views
    Sac Bee ^ | 3/28/05 | Gilbert Chan
    California's largest public pension plans want investors to think green - as in money and the environment. And they want deep-pocket investors to think beyond feel-good investments such as power-generating solar and wind farms - to wireless sensors to monitor power usage in supermarkets, or to home water-treatment systems. Investors can make money by mining opportunities in emerging clean technology ventures, say officials at the influential California Public Employees' Retirement System and California State Teachers' Retirement System. Or, they say, they can eventually lose money by ignoring the future financial risks of greenhouse gas emissions. "We're trying to look at...
  • Social Security Reform: If the Poor Must Work, Let It Be for Me!

    02/14/2005 3:56:58 PM PST · by freeholland · 8 replies · 760+ views
    CHRONWATCH.COM ^ | FEBRUARY 14, 2005 | RAYMOND S. KRAFT
    Yielding to my contrarian impulses, I decided to see if I could figure out a good reason for Republicans and other Conservatives to oppose the privatization of Social Security. And I did! Going to the Social Security Administration website and using the Quick Calculator there to estimate what I’m likely to receive when I retire, not too many years from now, I see that I will receive the maximum benefit, about $2,000 a month in 2005 dollars. Now, my other investments, including my PRAs (Private Retirement Accounts, but I call them my “401k” and my “Roth IRA”) will yield a...
  • Investing in the Stock Market: Good Enough For Public Employee and Union Pension Funds

    02/10/2005 7:30:36 AM PST · by JustaCowgirl · 3 replies · 485+ views
    Tax Foundation ^ | 02/02/05 | Scott A. Hodge and Curtis S. Dubay
    The debate over allowing younger workers to invest a portion of their Social Security payroll taxes in personal retirement accounts has become increasingly politicized, with some groups charging that the plan will amount to “gambling” in the stock market and giving billions in Social Security dollars to Wall Street pension fund managers. For example a recent series of television ads sponsored by the AARP depict a middle-aged man and woman saying, "If we feel like gambling, we'll play the slots...There are places in retirement planning for risk. Social Security isn't one of them." The AFL-CIO's website features member testimonies such...
  • Blue-state pension funds act to balance GOP control in Washington

    11/27/2004 11:54:26 AM PST · by NormsRevenge · 21 replies · 1,648+ views
    Bakersfield Californian ^ | 11/27/04 | Jim Wasserman - AP
    SACRAMENTO (AP) - On issues from global warming to corporate reform, public pension funds controlled by union officials and Democrats in states carried by Democratic presidential candidate John Kerry increasingly see themselves as counterweights to Republican control of the nation's political agenda. As Bush plans a second term, multibillion-dollar investment funds - especially in so-called "blue states" such as California, New York, Connecticut and Illinois - have already forged alternate agendas on clean energy, the environment, executive pay, even gay marriage rights that can run counter to "red state" values. They also view themselves as an increasingly important check on...
  • CA: California employee pension fund tenders PeopleSoft shares to Oracle

    11/19/2004 12:04:33 PM PST · by Ernest_at_the_Beach · 24 replies · 1,347+ views
    Computerworld ^ | NOVEMBER 19, 2004 | Nancy Weil
    The deadline for shares to be tendered is midnight tonight NOVEMBER 19, 2004 - The California Employees' Retirement System (Calpers) is tendering its 1.5 million PeopleSoft Inc. shares to Oracle Corp., giving the hostile suitor a boost in the final days of its takeover bid. Calpers' board voted on Wednesday afternoon to tender the shares, said spokesman Brad Pacheco. "Generally speaking, we just felt it made economic sense and it was a fair price," he said of Calpers' decision and Oracle's bid for PeopleSoft. Oracle's final offer stands at $24 per share for all outstanding shares of its rival. That...
  • Underfunded Pensions/Looted Pensions

    06/09/2004 11:29:37 PM PDT · by liveinchicago9855 · 1 replies · 177+ views
    Crain's Chicago Business ^ | June 09, 2004 | By Greg Hinz
    WEDNESDAY JUNE 9, 2004 CTA pension plan in peril Actuaries say fund will run dry by 2014 The Chicago Transit Authorityâ€s employee pension plan is likely to run out of money within a decade unless major changes are made to its finances, agency actuaries reported on Wednesday. Click here to view story http://chicagobusiness.com/cgi-bin/news.pl?id=12775&bt=state+pension+fund+under&searchType=all Teamsters in pension fund pileup http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=21487&bt=state+pension+fund+under&searchType=all http://finance.yahoo.com/q/sec?s=PGE Civic group blasts Blagojevich http://chicagobusiness.com/cgi-bin/mag/article.pl?article_id=21564&bt=state+pension+fund+under&searchType=all MerrionPublished 05/03/2004 in Crain's Chicago Business Author: Greg Hinz STATE REPEATING A MISTAKE BY UNDERFUNDING PENSIONS Andrew C. Wehrli's March 26 letter, "PENSION friction," makes some good points but also misses some others. I am...
  • Investors demand information on global warming

    11/24/2003 12:35:25 AM PST · by the invisib1e hand · 16 replies · 132+ views
    Financial Times ^ | November 23, 2003 | Mark Turner
    Investors demand information on global warming By Mark Turner at the United Nations Published: November 23 2003 19:52 | Last Updated: November 23 2003 19:52 Representatives of leading US institutional investors have announced an environmental "call for action", demanding that regulators, corporate boards and Wall Street firms make provision for the disclosure of risks posed by climate change. At a meeting at the United Nations headquarters in New York, the comptrollers of New York state and city, and the Treasurers of California, Oregon, Maine, Connecticut, Vermont and New Mexico, launched an "Investor Network on Climate Risk" on Friday, before an...
  • Dispute with Mellon begs question: What's a custodian?

    06/23/2003 10:25:32 AM PDT · by Willie Green · 5 replies · 149+ views
    The Pittsburgh Post-Gazette ^ | Monday, June 23, 2003 | Len Boselovic
    <p>Tales of small investors losing their shirts after throwing money into exotic investments they don't understand are a dime a dozen. Pension funds responsible for providing safe, dependable retirement income for workers and retirees are supposed to know better. A dispute between Massachusetts' third-largest pension fund and Mellon Financial Corp. demonstrates that's not always the case.</p>