Source: Indianapolis Star | Indiana |
September 10, 2012
The Indiana Electrical Workers Pension Trust Fund IBEW has emerged as a lead plaintiff among investors who believe Wal-Mart's officers and directors breached their fiduciary duty to shareholders by stifling an internal company probe of the alleged bribery operation.
Gov. Jerry Brown and Democratic lawmakers unveiled a long-awaited deal Tuesday that for the first time would set statewide public pension formulas for new hires in both state and many local government jobs. The plan, which is likely to win approval in the Democratic-controlled Legislature, assumes higher contributions from existing employees and imposes pension caps, and raises the retirement age for new workers.
Source: Washington Post | Nation |
August 17, 2012
Already-strapped state and local governments are coming under increasing pressure to reduce pension benefits or increase taxpayer contributions that help pay for them because of new rules that would require them to report those obligations more honestly, advocates say.
Source: Chicago Tribune | Illinois |
August 17, 2012
Former lawmakers will cost the state less money when they fatten their state pensions with short-time lucrative jobs with cities, counties and other local governments under a law Gov. Pat Quinn signed.
Last year, Rhode Island enacted what experts said was the most far-reaching, sophisticated public pension reform in the country to date. Yet the smallest state in the United States can't say it has won the fight.
Source: Boston Globe | Massachusetts |
August 10, 2012
The Massachusetts state pension agency is set to give a huge $815,000 performance bonus package to most of its 25-member staff, including a nearly $100,000 payout to its executive director, despite the fact that the fund sputtered through a fiscal year that ended with a slight loss in value.
Lawmakers have become acutely familiar with the financial challenges caused by pension underfunding, and they're certainly aware of the political difficulties involved in trying to change pension formulas. But the legal hurdles involved in changing pension benefits can be formidable as well.
New York City was sued by the U.S. government on Thursday over allegations it unlawfully reduced pension benefits for police officers who have served in the military since the September 11, 2001, attacks.
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