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Keyword: pensions

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  • Big Labor's Other Disaster: California

    06/07/2012 7:11:49 AM PDT · by SeekAndFind · 3 replies
    American Thinker ^ | 06/07/2012 | Thomas Lifson
    Voters in San Diego and San Jose, the 8th and tenth biggest municipalities in the United States, decisively voted to redistribute income from the rich (public employees) to the middle class taxpayers who earn far less on average. Both cities have strong Democratic registration majorities, indicating that the general public has fully absorbed the lesson that government jobs are wildly overpaid, and that it is necessary to choose between using money to serve the taxpayers, or using it to benefit the bureaucrats. Craig Gustafson of the San Diego Union-Tribune describes the measure approved in San Diego with 69 percent of...
  • Greedy Unions Raid Pensions, Then Blame Wall Street

    03/07/2012 5:37:02 PM PST · by Kaslin · 9 replies
    IBD Editorials ^ | March 7, 2012
    Politics: Reports from a variety of media reveal California state employees are spiking their pensions to stratospheric levels, leaving nothing for their brother employees. Sorry, can't blame Wall Street for this one. In a laudable instance of the mainstream media doing its job, the Los Angeles Times, the Sacramento Bee, Bloomberg News and City Journal have all exposed "pension spiking" by California public employees. Basically, they manipulate rigid unionized pay and promotion systems to raise their pensions well above what they earned during their working years. The Los Angeles Times on Saturday pieced together tough-to-get data from Kern and Ventura...
  • San Diego And San Jose Approve Pension Cuts In A Landslide Vote

    06/06/2012 7:37:23 AM PDT · by SeekAndFind · 94 replies
    Business Insider ^ | 06/06/2012 | AP
    SAN DIEGO (AP) — Voters in two major California cities overwhelmingly approved cuts to retirement benefits for city workers in what supporters said was a mandate that may lead to similar ballot initiatives in other states and cities that are struggling with mounting pension obligations. Supporters had a simple message to voters in San Diego and San Jose: Pensions for city workers are unaffordable and more generous than many private companies offer, forcing libraries to slash hours and potholes to go unfilled. "The public is frustrated," said San Diego Councilman Carl DeMaio, a Republican who staked his mayoral bid on...
  • Public Pension Reform Wins in... Wisconsin, San Diego and San Jose

    06/06/2012 2:16:14 AM PDT · by cakid1 · 11 replies
    cbs47 ^ | 6-6-12 | cakid1
    Some would argue this is a trend. In Wisconsin, Governor Scott Walker survived a recall election after he moved to cut the costs of public employee pensions. Here in California voters in San Diego and San Jose followed suit. Tonight.. Voters in San Jose approved Measure B. The passage of Measure B mean future employees will have to pay ....
  • Walker's moderate reforms

    05/31/2012 6:53:12 AM PDT · by Sopater · 5 replies
    Milwaukee Journal Sentinel ^ | May 30, 2012 | Jason Richwine
    In the contentious national debate over public pension costs, Wisconsin is "ground zero." Yet few taxpayers know how much they are paying for the state's public pension system. Here's an important piece of information: Using proper financial accounting methods, the pension plan for most state workers actually costs more than two-and-a-half times what the government's actuaries claim. Seen in this light, the recent pension reforms signed by Gov. Scott Walker are far from radical. And much more remains to be done. To understand the real cost of defined benefit pensions, it's helpful to review the basics of how they work....
  • Illinois politician (Mike Bost-R) Explodes on State House Floor

    05/30/2012 12:03:23 PM PDT · by tcrlaf · 11 replies
    Politico ^ | 5-30-12 | WILLIAM BERGSTROM
    A state representative blew his top Tuesday on the floor of the Illinois State House of Representatives, flinging a copy of a new pension reform proposal into the air and telling his stoic colleagues that they “should be ashamed” of themselves. “I’m sick of it!” state Rep. Mike Bost yelled, saying the bill was too long for lawmakers to read before voting on it. “These damn bills that come out here all the damn time, come out here at the last second. I’ve got to try to figure out how to vote for my people. … You should be ashamed...
  • Judge upholds suspension of pension increases for N.J. public employees

    05/30/2012 1:33:42 AM PDT · by SMGFan · 20 replies
    Star Ledger ^ | May 29, 2012 | By MaryAnn Spoto
    TRENTON — In a victory for Gov. Chris Christie’s pension revisions, a Superior Court judge has ruled that about 800,000 retired public employees are not entitled to increases based on the cost of living. The ruling by Superior Court Judge Douglas Hurd in Mercer County affects all current and future retirees in pension systems funded by the state, including state workers and judges as well as local police, firefighters and teachers. The pension law the governor signed last June says current and future retirees will not get any cost of living adjustments — better known as COLAS — until the...
  • San Jose pension fight could have nationwide implications

    05/29/2012 3:51:40 PM PDT · by Oldeconomybuyer · 31 replies
    San Jose Mercury News ^ | May 29, 2012 | By John Woolfolk
    The eyes of the nation are on San Jose as a landmark June 5 measure to trim soaring pension costs puts residents of the 10th largest U.S. city at the center of a $1 million-plus battle for their votes. Should San Jose's Measure B pass, as Mayor Chuck Reed and the business and taxpayer groups behind it expect, it would be a key test of a city's authority to reduce future pension costs that exceed expectations and revenues, despite earlier promises to employees. Government employee unions maintain that the measure is illegal, unfair and unnecessary. "It will have nationwide implications...
  • Prison escapee Armin Christian caught in R.I. after 32 years

    05/27/2012 12:00:14 PM PDT · by kiryandil · 51 replies
    CBS News ^ | May 25, 2012 | Crimesider Staff
    Rhode Island police have arrested a man they say escaped from a South Carolina prison on Christmas Day over 30 years ago... ...Christian had been living in Bristol. He was arrested and charged with escaping a correctional facility. A South Carolina prisons spokesman says Christian walked away from the now defunct Piedmont Work Center near Greenville on Christmas Day in 1980. He was sentenced to 11 months in prison in November 1980 for domestic non-payment of child support...
  • Gov. Christie's pension issue: N.J. probe looks at running mate, double-dipping

    05/14/2012 7:13:00 AM PDT · by ZULU · 18 replies
    MSNBC ^ | May 14, 2012 | Mark Lagerkvist
    New Jersey Gov. Chris Christie — a rising star in the national Republican Party — called an overhaul of the state pension system his "biggest governmental victory." He now faces embarrassment from flaws his reforms failed to fix.
  • Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft (Illinois)

    05/02/2012 5:07:10 AM PDT · by KeyLargo · 62 replies
    Champion News ^ | Apr 27, 2012 | Bill Zettler
    Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft April 27, 2012 By Bill Zettler Michael Corn, a retired college teacher, recently wrote a letter-to-the-editor at the Daily Herald equating the unfunded Illinois pension system with theft. And I agree it is theft but I would argue the thief is the public employee not the legislature or taxpayer as Mr. Horn claims. Mr. Corn laments that he paid 8% for his pension and for that unholy contribution he feels he has earned his $12,707.59 monthly pension or $152,490.84 per year. Mr. Corn paid his 8% for all of...
  • The Downfall of IBM

    04/29/2012 8:00:09 AM PDT · by Daffynition · 107 replies
    BetaNews.com ^ | April 27, 2012 | Robert X. Cringely
    Reducing employees by more than three quarters in three years is a bold and difficult task. What will it leave behind? Who, under this plan, will still be a US IBM employee in 2015? Top management will remain, the sales organization will endure, as will employees working on US government contracts that require workers to be US citizens. Everyone else will be gone. Everyone.
  • Pension Tsunami (overview of the multiple pension crises)

    04/29/2012 6:32:36 PM PDT · by Lorianne · 14 replies
    The oncoming wave of pension debt is even bigger than it seems. The purpose of this website is to provide an overview of the multiple pension crises that are about to drown America's taxpayers. Our primary focus is on California, but we also track other states, corporate pensions, social security and international trends. PensionTsunami.com is a project of the California Public Policy Center.
  • Public-Employee Unions Gone Wild (Their excessive demands are squeezing local governments)

    04/27/2012 6:18:01 AM PDT · by SeekAndFind · 15 replies
    National Review ^ | 04/27/2012 | Patrick Brennan
    Terry List, a teacher in Saginaw Township, Mich., has a depressing lesson for her students: “I would not recommend to my pupils to become a teacher in Michigan.” What’s discouraging her? A proposed pension-reform bill in Michigan would derail her plans to retire — at age 47. After these rapacious reforms, List would have to work another 16 years, to age 63, in order to earn her retiree health-care benefits. “I understand we have to tighten our belts,” she laments, “but we don’t have to use a tourniquet and cut off the blood supply entirely.” Under the reforms, such a...
  • The Bailout Of The US Postal Service Begins: Cost To Taxpayers - $110,000 Per Union Vote

    04/26/2012 8:49:05 AM PDT · by mojito · 19 replies
    ZeroHedge ^ | 4/26/2012 | Tyler Durden
    A week ago, when reading between the lines of what had heretofore been considered an inevitable USPS episode of austerity in which hundreds of thousands of labor union workers would lose their jobs but in the process would streamline a thoroughly outdated and inefficient US Postal Office bureaucracy, we asked if a US Postal Service bailout was imminent, focusing on the following: "Enter Ron Bloom, Lazard, and the very same crew that ended up getting a taxpayer funded bailout for GM. From the WSJ: "The Postal Service's proposal to close thousands of post offices and cut back on the number...
  • More taxes for schools? Not exactly…

    04/24/2012 11:18:44 AM PDT · by Mark Landsbaum · 1 replies
    What’s the old adage? How can you can tell when a politician is lying? His lips move. Gov. Jerry Brown, who in an earlier incarnation insisted he detested the idea of more taxes, now says Californians must tax themselves even more. Why is that? It’s for the children, the governor assures us. What cold-hearted person would be against a few billion more in taxes when it’s for the children? The trouble is, not even that much is true...
  • Public Unions Bankrupt Illinois

    04/24/2012 8:29:07 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | April 24, 2012 | Mike Shedlock
    Governor Pat Quinn rammed through the largest tax hikes in Illinois history last year. On January 13, 2011, Governor Pat Quinn signed off on a 67% hike in personal income taxes and a 46% hike in corporate taxes. The result is not what the governor thought. Businesses have fled, more have threatened to leave and Quinn responded with sweeteners. Moreover, Illinois pension plans are still the worst funded in the nation, and the state is still struggling to pay bills. Bloomberg reports Illinois ‘Treads Water’ as Unpaid Bills Top $9 Billion
  • Man Bites Dog…Likes the Taste

    04/22/2012 5:08:23 AM PDT · by Kaslin · 17 replies
    Townhall.com ^ | April 22, 2012 | Derek Hunter
    The theater of the absurd that is our presidential election keeps chugging along with all the vigor our economy doesn’t. One can’t blame Democrats for attempting distraction upon distraction, given the alternative of talking about President Obama’s record. After all, if it is indeed about the economy, stupid, the only votes there for Democrats are mindless drones who don’t care that nary an economic indicator has improved since Barack Obama took office $5 trillion in new debt ago. Those of us with eyes open and an IQ above that of our shoe size can’t help but notice. The spin of...
  • Twinkies maker Hostess gives unions 'final' offer

    04/14/2012 6:35:54 PM PDT · by Jet Jaguar · 88 replies
    AP ^ | April 14, 2012 | By DAVID KOENIG
    The company that makes Twinkies, Wonder bread and Ding Dongs says it's making a final offer to workers to accept cost-cutting before it asks a bankruptcy court to impose the cuts. Hostess Brands Inc. wants the Teamsters and bakers' unions to accept reduced pension benefits and changes in work rules to lower costs. It wants to outsource some delivery work. The company said Saturday that if the unions reject the offer, it will push ahead with efforts in bankruptcy court to throw out the unions' collective bargaining agreements. A union official warned that could lead to a strike. Hostess Brands...
  • Surprise! You owe another $54 billion

    04/07/2012 7:22:29 AM PDT · by Oldeconomybuyer · 15 replies
    Chicago Tribune ^ | April 7, 2012 | Editorial
    A new report forces the question: How could Illinois pols do this to taxpayers? The state of Illinois admits to $83 billion in pension underfunding, a staggering weight on today's and tomorrow's taxpayers. Add to that the as yet uncalculated billions in unfunded pension obligations for city, county and other local governments. Beyond that $83 billion in unfunded pensions, state government alone faces an unfunded liability of more than $54 billion in retiree health liabilities over the next 30 years. We've noted before that many states similarly fund unaffordably generous retiree health benefits on a pay-as-you-go basis. But those states...
  • New Ideas on Pensions: Use States (Teresa Ghilarducci strikes again!)

    03/27/2012 2:29:30 AM PDT · by abb · 20 replies
    The New York Times ^ | March 27, 2012 | Mary Williams Walsh
    As growing numbers of baby boomers face retirement with inadequate savings, some state officials are considering a novel proposal to rebuild America’s ailing retirement system — having state pension funds run retirement plans for companies. Because more companies are ditching their own pension plans or not offering retirement benefits at all, the idea would be to give companies a way to offer a firm pension without having to run the plan themselves. On Monday, the labor economist Teresa Ghilarducci, who developed the proposal, held a public forum at the New School for Social Research with New York City’s comptroller, John...
  • Michigan school worker retirement plans are underfunded by over $17 billion

    03/14/2012 4:52:58 PM PDT · by MichCapCon · 7 replies
    Michigan Capitol Confidential ^ | 3/13/2012 | Manny Lopez
    Unfunded liabilities tied to public employee pension plans are bankrupting communities and school districts and are doing so without much attention from state officials, says Michael J. Hicks, director of the Bureau of Business Research at Ball State University, and an adjunct scholar with the Mackinac Center for Public Policy. Politicians don’t address the issue because the effects of the promises they or their predecessors made come long after they leave office. But it is urgent that the unfunded liabilities of state pension funds be addressed immediately, Hicks said at a March 7 speech in Lansing sponsored by the Mackinac...
  • Broken Promises: Pensions All Over America Are Being Savagely Cut Or Are Vanishing Completely

    03/14/2012 7:51:32 AM PDT · by SeekAndFind · 45 replies
    The Economic Collapse ^ | 03/12/2012 | Michael Snyder
    How would you feel if you worked for a state or local government for 20 or 30 years only to have your pension slashed dramatically or taken away entirely? Well, this exact scenario is playing out from coast to coast and in the years ahead millions of elderly Americans are going to be affected by broken promises and vanishing pensions. In the old days, things were much different. You would get hired by a big company or a government institution and you knew that the retirement benefits that they were promising you would be there when you retired in...
  • A Victim of the Regime's White-Collar Payback

    03/08/2012 5:06:56 PM PST · by Tolerance Sucks Rocks · 4 replies
    The Rush Limbaugh Show ^ | March 7, 2012 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Cheryl in Fort Wayne, Indiana, where the Indianapolis Colts' flags are at half-mast. CALLER: (chuckles) Hi, Rush. RUSH: Hi. CALLER: Thanks for taking my call. RUSH: You bet. CALLER: I wanted to talk about the crony capitalism from a personal standpoint for myself. My husband was an engineer with Delphi, which is part of GM. And when the bankruptcy was taken care of and the auto bailouts and the whole thing that Obama's so proud of, what most people don't know is what happened to the salaried retirees from Delphi in the whole deal. The union people...
  • (Activist) Judge: Pension Rules Unlawful

    ...Fulford also ruled the mandatory pension payments represented an "unconstitutional taking of private property without full compensation" and a violation of collective bargaining rights of the public workers....
  • California: Bankruptcy Upon the Union Altar

    02/26/2012 4:50:45 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | February 26, 2012 | Mike Shedlock
    Bondholders of Stockton, California debt are about to be punished as City Manager Takes Steps Toward Bankruptcy. Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt and bookkeeping errors that misrepresented accounts, city officials said today. The Stockton City Council will meet Feb. 28 to consider a type of mediation that allows creditors to participate, the first move toward a Chapter 9 bankruptcy filing under a new state law. The council will also weigh suspending some payments on long-term debt of about...
  • Pension battlefield shifts to San Jose and San Diego

    02/26/2012 9:58:02 AM PST · by SmithL · 3 replies
    Sacramento Bee ^ | 2/26/12 | Dan Walters
    Gov. Jerry Brown says he's serious about reforming California's "unsustainable" public employee pension system, and has warned state legislators that if they don't do it, they could doom voter approval of new taxes this year. "Examine it. Improve it," Brown said in his State of the State address. "But please take up the issue and do something real." Critics of Brown's 12-point plan – a union-backed coalition, primarily – were not moved. They've made it clear that they don't want any fundamental changes in California's relatively generous state and local government pensions and are urging the Legislature to just make...
  • Democrats want to extend guaranteed retirement savings to private sector

    02/23/2012 1:50:36 PM PST · by SmithL · 15 replies
    SacBee: The State Worker ^ | 2/23/12 | Jon Ortiz
    New legislation unveiled this morning aims to build a sort of CalPERS-for-all retirement savings system that the measure's author says could cover an estimated 7 million working Californians in the private sector. Senate Bill 1234 by Los Angeles Democratic Sen. Kevin de León would require businesses with five or more employees to enroll them in a new "Personal Pension" defined benefit program or offer an alternative employer-sponsored plan. De León, Senate President Pro Tem Darrell Steinberg and other political and labor leaders who touted the measure noted that public discourse has focused on public employee pensions. The press event came...
  • Former Rep. William Jefferson (Convicted RAT-LA) unaffected by measure to block pensions for felons

    02/18/2012 6:27:18 PM PST · by Libloather · 11 replies
    NOLA ^ | 2/04/12
    Former Rep. William Jefferson unaffected by measure to block pensions for felonsBy Times-Picayune Staff Published: Saturday, February 04, 2012, 11:59 PM **SNIP** Former Rep. William Jefferson, D-New Orleans, who was convicted of 11 of 16 corruption charges in a 2009 trial, was unaffected by the 2007 law and will remain so if the new Senate language becomes law. Attorneys have told Congress that it doesn't have the authority to retroactively take back benefits from people, including members of Congress. The bribery-related charges against Jefferson occurred before the 2007 law. Jefferson is receiving a pension of between $40,000 and $50,000 a...
  • Nany Pelosi: Federal Workers should not have to contribute more to their pensions.

    02/17/2012 2:45:43 PM PST · by GlockThe Vote · 25 replies · 1+ views
    yotube ^ | 2/17/2012 | Stretch
    http://www.youtube.com/watch?feature=player_embedded&v=aIdGqVRuoz8
  • VEA Day of Mourning or "Black Friday" (Virginia teachers union upset about pension reform)

    02/16/2012 2:52:42 PM PST · by wac3rd · 16 replies · 1+ views
    VEA Facebook page for Black Friday ^ | 2-16-12 | Kitty Boitnott.
    Wear black on Friday, February 17, 2012 to illustrate your collective mourning over the attack that has been launched against Virgnia's teachers and students by legislators with the open disrespect and disdain as demonstrated by eliminating continuing contract status for ...new teachers, an effort to diminish our pension benefits, and general underfunding of our schools resulting in too large class sizes, under resourced schools and classrooms, and salaries that lag embarrassingly below the national average in spite of the fact that Virginia is the 7th wealthiest state in the nation.
  • Wisconsin union holding federal funds hostage

    02/09/2012 10:51:20 AM PST · by OldGoatCPO · 5 replies
    Examiner ^ | 24 Jan 2012 | Examiner
    Wisconsin Education Association Trust, a not-for-profit health insurance company created by the state's largest teachers union. The union trust is doing this in a bid to retain its dominant position as the state government's largest health care insurance provider. The funds in question derive from the much-maligned Early Retiree Reinsurance Program. Obamacare created ERRP as a taxpayer-funded subsidy intended to lower the cost of early retiree health care. Instead, the Obama administration has used ERRP funds to give political payback to preferred special interest groups. Top ERRP recipients include the United Auto Workers ($206.8 million), state governments and government unions...
  • Unions lambaste pension overhaul plan from Calif. Gov. Brown

    02/04/2012 8:09:52 AM PST · by BenLurkin · 18 replies · 1+ views
    tri-cityherald ^ | Friday, Feb. 03, 2012 | Jon Ortiz
    Gov. Jerry Brown laid out a detailed plan to alter California's state and local public retirement systems on Thursday – and immediately drew fire from his core labor constituency. The details delivered to the Legislature on Thursday generally tracked with an outline he unveiled in October. Representatives of a union coalition hoped to negotiate what they consider a less severe package. On Thursday, they said they felt blindsided. "To launch this bomb in the early stages of the legislative season can only be counterproductive," said Steve Maviglio, spokesman for the union coalition Californians for Retirement Security. "The timing and severity...
  • Pension Fix: Heading Off a Disaster

    01/28/2012 10:38:13 PM PST · by Lancey Howard · 26 replies
    Courier Times of Bucks County via phillyBurbs.com ^ | January 27, 2012 | Courier Times Editorial
    The pension bubble: It’s a well-documented, potentially disastrous phenomenon. State pensions for public employees are underfunded by about $30 billion, give or take a billion. That’s money that was promised to workers upon their retirement and is guaranteed, regardless of stock/bond market performance. By law, investment shortfalls have to be made up by the state or some other government entity. The choices when that happens are slim and equally unappealing: cut services or hit the taxpayers harder. The bubble is about to burst, perhaps within a year, and that could result in huge — we’re talking really huge — tax...
  • Treasury dips into pension funds to avoid debt

    01/17/2012 6:54:19 PM PST · by John W · 110 replies · 1+ views
    Reuters ^ | January 17, 2012 | Reuters
    The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills. "I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress. The House of Representatives is expected to vote on Wednesday on the Obama administration's request to raise the country's legal debt limit to $16.394 trillion.
  • Supervisor: Hefty Retiree Payouts Put LA County Budget, Pension Funds At Risk

    01/09/2012 9:47:32 AM PST · by BenLurkin · 7 replies
    CBS) ^ | January 9, 2012 9:03 AM | Vytas Safronikas
    Thousands of Los Angeles County workers who collected a reported $48 million in unused vacation pay could dramatically impact both the county’s budget and pension funds, according to county officials. KNX 1070′s Vytas Safronikas reports the Board of Supervisors is outraged over a new report showing dozens of retirees receiving hefty compensation packages. The Los Angeles Times reported on one Los Angeles County Sheriff’s Lt. Marie Hannah who retired with a $143,000 annual pension and a one-time payment of $183,683 for unused time off. The package was reportedly for a combination of 325 days of vacation pay, sick time, comp...
  • Retiree costs loom large over St. Paul schools

    01/08/2012 4:57:17 PM PST · by WOBBLY BOB · 12 replies
    pioneer press ^ | 1-8-12 | Mila Koumpilova
    A $409 million tab projected for retiree benefit costs looms for the cash-strapped St. Paul Public Schools. Some on the school board are urging the district to tackle the liability more aggressively. But officials say there's little they can do to put a dent in the costs, which have bumped up tax bills and diverted money from the classroom. St. Paul recently started socking away money to help cover the benefits, slated to sunset in 2014. But the investment came later and started out smaller than planned, and recent market turmoil chipped away at it. "I feel we're throwing a...
  • Starting now, state workers, families to pay more for medical care

    01/04/2012 7:28:28 AM PST · by afraidfortherepublic · 21 replies
    Wisconsin State Journal ^ | 1-1-12 | Steven Verburg
    State workers and their families will pay more for medical care starting Jan. 1 under the latest changes to emerge from a state law that wiped out most public employee union rights. The changes in the state health plan require 183,000 participants to pay 10 percent of their bills for doctor visits, tests, surgeries and hospitalizations up to an annual maximum of $500 for single people and $1,000 for families. Health plan administrators have explained the new system previously, but they expect to get a lot more questions when workers begin reaching into their pockets. "I think the reality will...
  • Assets of major public pension funds slid 8.5% in third quarter

    12/28/2011 1:42:14 PM PST · by Oldeconomybuyer · 5 replies
    Los Angeles Times ^ | December 28, 2011 | Jim Puzzanghera
    The stock market's summer slide took a toll on public pension funds, with the assets of the 100 largest ones down 8.5% in the third quarter of 2011, the Census Bureau reported Wednesday. The quarterly decline was the first since early 2010, and the steepest since the fourth quarter of 2008, when the asset total plummeted 13.5% at the height of the global financial crisis. The latest drop brought the value of investments and cash held by the biggest pension funds -- including the California Public Employees' Retirement System, the California State Teachers' Retirement System and the Los Angeles City...
  • Dead Retiree Receives $7.7 Million in Government Pension Payment (CA)

    12/16/2011 1:42:41 PM PST · by Syncro · 39 replies · 1+ views
    Americns For Prosperity California ^ | December 16, 2011 | AIP
    Dead Retiree Receives 7.7 Million Dollars in Government Pension Payment  California State Senate aide retired in 1969 at age 56 after 22 years of work with a "super escalator" pension from the state. Almost a decade after his death he is awarded $7.7 million in an additional pension payout.Watch the video... Uploaded by AFPCalifornia on Dec 16, 2011 California State Senate aide retired in 1969 at age 56 after 22 years of work with a "super escalator" pension from the state. Almost a decade after his death he is awarded $7.7 million in an additional pension payout.http://calpensions.com/2011/12/12/bid-to-trim-pension-fails-7-7-million-settl...Ventura County Taxpayer Associationhttp://www.vcta.org/California Common...
  • Philadelphia goes after pensioners who owe back taxes (owe nearly $13 million)

    12/11/2011 9:55:13 AM PST · by Libloather · 15 replies
    Post-Gazette ^ | 11/25/11
    Phila. goes after pensioners who owe back taxesFriday, November 25, 2011 Associated Press Officials in Philadelphia say they will begin withholding pension benefits from municipal retirees who owe taxes to the city. **SNIP** Those who do not make voluntary repayment arrangements could have up to 25 percent of their benefits deducted from their pension checks.
  • Heartbreaking Video Of Italian Minister Bursting Into Tears While Announcing Pension Reforms

    12/04/2011 6:04:01 PM PST · by blam · 47 replies
    TBI ^ | 12-4-2011 | Joe Weisenthal
    WATCH: Heartbreaking Video Of Italian Minister Bursting Into Tears While Announcing Pension Reforms Joe Weisenthal Dec. 4, 2011, 5:05 PM We're not sure exactly what Welfare Minister Elsa Fornero saying, but obviously announcing reforms to pension systems is an emotional subject, as it means more pain for seniors on fixed incomes. (via Hugo Dixon). A commenter translates part of her statement: "I'm sorry. The people who work have no more money to give you. As a result, the pension age will go to 62 years old for woman, and 65 years old for man. No longer can we afford to...
  • Parisites are Devouring the Host Culture

    11/25/2011 12:48:15 PM PST · by Outlaw Woman · 38 replies
    FlickR From Yahoo ^ | October/November 2011 | Unknown
    Why work in America?
  • Christie attacks jurists' motives in pension case (judges paying more for insurance, pensions)

    11/11/2011 10:38:58 PM PST · by Libloather · 9 replies
    Philly ^ | 11/11/11 | Beth DeFalco
    Christie attacks jurists' motives in pension caseBy Beth DeFalco Associated Press Posted: Fri, Nov. 11, 2011, 3:00 AM TRENTON - Gov. Christie questioned the motives of two state Supreme Court justices Thursday after the court agreed to fast-track a case involving a Superior Court judge's challenge to a new requirement that judges - like other state employees - pay more toward their health insurance and pensions. The suit maintains that the higher contributions in effect reduce judicial salaries and thus violate the state Constitution provision that the salaries of Supreme Court and Superior Court judges "shall not be diminished during...
  • Ohio guards its rights

    11/09/2011 8:11:10 AM PST · by pickrell · 12 replies
    9 November 2011 | Ron Pickrell
    In the elections last night, Ohio voters decisively turned back "Ohio Senate Bill 5", which would have limited the power of the public service unions, and forced union members to pay a significant part of their own health care insurance premiums. Granted it was not as much of a share as the Ohio taxpayer had to fork out for their own coverage, but compared to what the union members had been paying... it was an outrage. The issue was settled by State Issue 2, which was a referendum on the Senate bill. The unions can now celebrate a key win,...
  • Education Degree’s ROI

    11/03/2011 7:49:17 AM PDT · by Academiadotorg · 16 replies
    Accuracy in Academia ^ | November 3, 2011 | Malcolm A. Kline
    Cost-benefit analysis may not be their strong suit but education majors may have figured out how to get the best return on their investment from college. “More than 50 years ago scholars were already noting the low grad­ing standards in university education departments,” Jason Richwine and Andrew G. Biggs wrote in a report published by the Heritage Center for Data Analysis. “The Journal of Higher Education reported in 1960 that 32 percent of students in education courses received ‘A’ grades, compared to just 16 percent in business courses.” “A half century later, the situation is little changed.” The report was...
  • US States Are Facing Total Debt of Over $4 Trillion (Give or take a few Trillion.)

    10/25/2011 12:35:26 PM PDT · by NormsRevenge · 13 replies
    CNBC ^ | 10/24/11 | Reuters
    The total of U.S. state debt, including pension liabilities, could surpass $4 trillion, with California owing the most and Vermont owing the least, a new analysis says. The nonprofit State Budget Solutions combined states' major debt and future liabilities, primarily for pensions and employee healthcare, unemployment insurance loans, outstanding bonds and projected fiscal 2011 budget gaps. It found that in total, states are in debt for $4.2 trillion. The group, which follows state fiscal conditions and advocates for limited spending and taxes, said the deficit calculations that states make "do not offer a full picture of the states' liabilities and...
  • 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.
  • 'Insane' even by Illinois standards? Union official to get $500,000 in pensions

    10/12/2011 10:00:57 PM PDT · by Justaham · 14 replies
    msnbc.msn.com ^ | 10-12-11
    A labor leader in Chicago is expected to receive pension payments of nearly $500,000 a year, while another could get about $438,000 a year, according to reports Wednesday. The Chicago Tribune and WGN-TV, which obtained information about union pension benefits during a joint investigation, said at least eight union officials in Chicago were eligible for what were described as inflated city pensions on top of union pensions for the same period of employment. The news organizations said this was due to "a charitable interpretation" of Illinois law by officials representing two city pension funds. "Can you name any place in...
  • Crime Pays for Police

    10/11/2011 10:51:43 PM PDT · by TenthAmendmentChampion · 41 replies
    The Boston Herald ^ | October 10, 2011 | Larry Salzman
    Russell and Patricia Caswell are a hard-working couple who may soon have their American Dream taken from them by the unholy alliance of local and federal law enforcement officials seeking to cash in on the Caswell’s property. The Caswells face this dilemma even though they have broken no law and have spent their entire professional career working to combat crime with the very police force that now seeks to take their property though civil forfeiture. What is happening to Russ and Pat, however, is by no means an isolated instance and local law enforcement’s end-run around state laws designed to...