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NEWS ABOUT: pensions

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Paterno Up for $500K Pension

But retirement system won't give official estimate

(Newser) - Joe Paterno may be out his 46-year career at Penn State, but chances are he won't be going hungry: Joe Pa looks to be in line for a pension of more than $500,000 a year. The AP analyzed state public pension records and determined that Paterno, who has... More »

Penis Pump Judge Loses Pension

Oklahoma judge violated oath of office, court decides

(Newser) - An Oklahoma judge who used a sexual device under his robe while presiding over jury trials has been stripped of his pension. Donald Thompson—who served 20 months in prison for indecent exposure after being caught using a penis pump—violated his oath of office and has no right to... More »

Britain Hit By Massive Public Worker Strike

Hundreds of thousands leave jobs over pensions

(Newser) - Britain’s public sector ground to a halt today as hundreds of thousands of workers walked off the job in protest of changes to their pension plans. Roughly a third of the country’s schools had to close, with many of the rest running on skeleton staffs, the New York ... 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... 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... More »

Town's Pension Collapse Seen as Warning Across US

When fund ran dry, it stopped paying its retirees

(Newser) - When an Alabama town’s pension fund ran out, it simply stopped sending money to its retirees—a decision that’s never been made before, pension experts believe. That left retired public workers struggling: Some returned to work, one filed for bankruptcy, and one died with no electricity or running... More »

Strikes Costing France $557M a Day

But pension protests beginning to wane

(Newser) - French workers fighting a plan to raise the retirement age to 62 are costing the country's economy over $500 million a day, the nation's finance minister warned yesterday. Oil refineries have been blocked for nearly two weeks and uncollected garbage has been piling up in several cities—but the protest... More »

The Next Big Crash: Japan

Country's aging population makes it a 'global time bomb'

(Newser) - The next great economic catastrophe could be looming in Japan, according to one financial analyst. “We try to avoid hyberbole as much as possible,” writes Hedgeye analyst Darius Dale in Fortune . But after examining Japan’s aging population and pension obligations, “we have to say that, in... More »

Schwarzenegger Opposes Pot Legalization

Prop 19 would make state a 'laughingstock,' Governator writes

(Newser) - Arnold Schwarzenegger, who just last year called for debate on legalizing pot, has come out against Proposition 19, a ballot initiative that would do just that. “Any patrol officer, judge or district attorney will tell you that Proposition 19 is a flawed initiative that would bring about a host... More »

McChrystal Will Retire With Four-Star Pension

White House promises, though he doesn't technically qualify

(Newser) - Stanley McChrystal will retire with his fourth star—and the bigger pension it brings. The White House will do "whatever is necessary" to make that happen, says press chief Robert Gibbs. It's an issue because McChrystal got the fourth star about a year ago and hasn't served with it... More »

Pittsburgh Looks to Tax College Students

City hopes 1% tax on tuition will help replenish pension fund

(Newser) - Cash-strapped Pittsburgh has come up with a new tax targeting an unusual group: college students. The city is proposing a 1% tax on university and college tuition to cover a shortfall in its $600 million pension fund for city workers. Students at pricey universities like Carnegie Mellon would pay $400... More »

Exec Pensions Soared as Stocks Tanked

Multi-million-dollar payouts escape pay watchdog scrutiny

(Newser) - Steep increases in the pensions of top execs passed largely unnoticed amid the recent uproar about pay and bonuses. The average pension for a top executive rose 19% last year even as share prices fell by an average of 37%. More than 200 execs saw pensions boosted by over 50%... More »

California Says Bank Fleeced Pension Funds

State seeks $200M from State Street Bank of Boston

(Newser) - California sued a Boston bank today and accused it of ripping off $56.6 million from two state pension funds. It wants all that money back, plus another $150 million in penalties. Attorney General Jerry Brown accused State Street Bank of "unconscionable fraud" and called it "just the... More »

Oldsters Refusing to Step Aside to Free Up Jobs

Reliance on volatile 401(k)s breeds reluctance to retire

(Newser) - Their retirement savings devastated by the financial crisis, older workers are increasingly postponing retirement, the New York Times reports, creating even more competition for scarce jobs. A recent survey found that four in 10 workers over 62 have remained at their jobs longer than they planned thanks to the recession.... More »

IRS May Cut 401(k) Contribution Limit

(Newser) - Low inflation could force the IRS to decrease the amount workers can contribute to their 401(k) plans to $16,000, USA Today reports. It would mark the first time the government has ever lowered contribution limits. Though a spokesperson says it’s too early for speculation, the IRS may not... More »

GM's Wagoner to Get $8.2M, Plus $75K Annual Pension

(Newser) - Now he can fly on all the private planes he wants: Former General Motors CEO Rick Wagoner will collect an $8.2 million payout package, plus a $74,000 annual pension, reports the Detroit Free Press. If he chooses, the 56-year-old Wagoner also can cash out a company life insurance... More »

Whistleblowers Eye 6-Figure Gov't Retirees

Amid criticism, group outs fat-cat pensioners on the public dime

(Newser) - A California interest group is on a mission to publicize the names of public retirees with outsize pensions, arguing that they’re bankrupting local governments, the Wall Street Journal reports. Atop one list sits a former small-town administrator who pulls in $499,674.84 a year. But critics say this... More »

Auto Workers Fear Deep Cuts in Pensions

If Chrysler, GM go to bankruptcy court, 1 million workers likely to take pension cuts

(Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post. Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says... More »

Vandals Target Former RBS Boss, Vow Further Action

Goodwin target of public outrage over his pension

(Newser) - After the Edinburgh home of the former boss of the Royal Bank of Scotland was vandalized last night, an unknown group is warning of further attacks on financial figures, the Scottish Daily Record reports. Sir Fred Goodwin has been the focus of controversy since he took early retirement—complete with... More »

Generous Pensions Toppling Hungarian Economy

Public spending dilemma threatens to engulf Eastern Europe

(Newser) - Pensions are at the heart of the Hungarian financial crisis threatening to drag down the Eastern European economy, the Wall Street Journal reports. Three out of every 10 Hungarians currently collects a generous government pension, but the cost—around 10% of GDP and rising—has made the country's deficit unmanageable,... More »

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