Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Where's Oil Money Going? Maybe to Your Pension

Petroleum proceeds boost retirement funds

By Kevin Spak, Newser Staff

Posted Jul 7, 2008 2:12 PM CDT

(Newser) – Wall Street brokers and energy speculators aren’t the only ones lining their pockets thanks to skyrocketing oil prices, the Washington Post reports. Many pension funds have pushed heavily into commodities, bringing big returns in a time of economic strife. “Our commodity investment has... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

Washington Post (Source Grid »)

Pensions object to anti-speculation bills
Wall Street Journal

We're all speculators
Atlanta Journal-Constitution

US • Money

pensions • oil price • commodities • pension funds • speculators

More Newser Stories

Speculators Didn't Do It

Traders take blame for high oil prices, but global demand is the real culprit

(NEWSER) - Politicians are blaming high oil prices on an old scapegoat: speculators, writes Dean Barnett in the Weekly Standard. But if speculators were hoarding oil, it would be stockpiled, and inventories would soar. Instead, inventories remain constant. This is obvious "to anyone who took an introductory economics class," Barnett writes. "Demand is relatively high. That means higher prices." More»

As Prices Soar, Congress Aims at Speculators

Out-of-control traders may be driving up oil, food costs, pols say

(NEWSER) - Congress is blaming rampant commodity speculation for rocketing gas and food prices, and berating regulators for letting it happen, the New York Times reports. Unless watchdog groups like the Commodities Futures Trading Commision crack down, Carl Levin says, "we don’t have a cop on the beat.." Joe Lieberman has even introduced a bill to ban institutional investors from commodity markets. More»

Big Biz Seeking to Cut Pension Funding

Companies complain they're being forced to sit on too much cash

(NEWSER) - Low interest rates are forcing major employers to put too much money into their pension funds, according to business groups urging Congress to allow contributions to be cut. A measure attached to the Senate highway bill would change the formula major employers use to calculate contributions to defined-benefit pension plans, allowing them to divert funds elsewhere, reports the Wall Street Journal . The measure before Congress would allow firms to use a 10-year average of bond yields, instead of a 2-year average. If it passes, it would be the sixth relaxation in the pension formula since 2002. More»

As US Hits Debt Limit, Treasury Taps Fed Pensions

Move staves off default until Aug. 2

(NEWSER) - Washington hit the debt ceiling today, barring the Treasury Department from borrowing from the public, so it will begin borrowing from federal workers’ pensions to keep the government afloat. Treasury is legally bound to reimburse the pensions, so retirees won't be affected, notes the Washington Post , but if the debt ceiling isn’t raised by Aug. 2, secretary Timothy Geithner warned again today that the US will hit default. More»

State Pension Funds Come Up $1.26T Short

Market losses, aging population leave funds in dire straits

(NEWSER) - States' pension and health care funds had a disastrous year in 2009, saving a whopping $1.26 trillion less than they’ll need to pay the retirement benefits they’ve promised to their workers, according to a new study from the Pew Center on the States. Part of the problem is that market losses related to the financial crisis savaged funds across the country, but states also just aren’t contributing enough to their funds to deal with their aging workforces, the Washington Post explains. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Where's Oil Money Going? Maybe to Your Pension

Petroleum proceeds boost retirement funds

pensions • oil price • commodities • pension funds • speculators

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Speculators Didn't Do It

Traders take blame for high oil prices, but global demand is the real culprit

As Prices Soar, Congress Aims at Speculators

Out-of-control traders may be driving up oil, food costs, pols say

Big Biz Seeking to Cut Pension Funding

Companies complain they're being forced to sit on too much cash

As US Hits Debt Limit, Treasury Taps Fed Pensions

Move staves off default until Aug. 2

State Pension Funds Come Up $1.26T Short

Market losses, aging population leave funds in dire straits

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?