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Cop Shocks Wife With New Will After Killing Himself

Mike Smith wanted his Russian-born girlfriend to have everything

(Newser) - On the one hand, there's his wife. On the other, his blonde, Russian-born, NYPD lieutenant girlfriend. Who will receive the $810,000 pension benefits of Brooklyn cop Mike Smith after he shot himself in the head in his apartment in 2017? Complicating matters is the fact that Smith died... More »

He Didn't Enter School During Shooting, Gets Huge Pension

'This infuriates me,' parent of Marjory Stoneman Douglas shooting victim says

(Newser) - The school resource officer widely criticized for his response to the Feb. 14 Parkland shooting is now the target of abuse over his six-figure pension. Scot Peterson, 55, who retired a week after 17 people died in the shooting at Marjory Stoneman Douglas High School as he stood outside, began... More »

Obama's Pension Now Under Congressional Microscope

Jason Chaffetz wants to re-up vetoed bill that would cap, limit ex-presidents' allowances

(Newser) - Jason Chaffetz had a concise response to a Wednesday USA Today headline, which read "Obama's $400,000 speech could prompt Congress to go after his pension": "Yes, it will." That speech, one Obama will make at a Cantor Fitzgerald conference, is earning him some heat , prompting... More »

Early Cheerleaders of 401(k) Plans Are Now Changing Tune

They point to major issues, such as dependence on stock market, high fees

(Newser) - When 401(k) plans emerged in the '80s, they were supposed to complement pensions, not replace them. But as the Wall Street Journal reports, only 13% of workers in the private sector today hold pensions thanks to the 401(k) revolution—and original proponents of the tax-deferred savings plans are now... More »

Hastert Fights for $17K-a-Year Teacher's Pension

It's $17K a year, and disgraced ex-House speaker says he's entitled to it

(Newser) - Dennis Hastert is serving a 15-month prison term in a hush-money case that stemmed from his sexual abuse of students when he taught at an Illinois public school over 35 years ago—and the ex-US House speaker is now pointing to a technicality to argue that a state body should... More »

Bob McDonnell May Lose Pension Under Law He Signed

Former Virginia governor is now a felon

(Newser) - New felon Bob McDonnell might have a much lighter wallet thanks to a bill that he signed into law in his former life as a governor. As CBS 6 explains, the 2011 Virginia law prohibits state employees from collecting their pensions if convicted of a felony. The misdeed must... More »

Boehner Calls No-Strings Vote on Debt Ceiling

Boehner drops plan for military pension rider

(Newser) - With the clock ticking, House Republicans ditched their last attempt to tie a policy rider to the debt ceiling today. John Boehner told fellow Republicans that he would instead bring a "clean" bill to the floor, raising the debt ceiling without conditions, the Wall Street Journal reports. Yesterday, Boehner... More »

Detroit Went Way Overboard Paying Pensions: Report

Money went to workers who hadn't retired

(Newser) - In its path to declaring bankruptcy , Detroit didn't help itself on the pension front: The city, it seems, was overly generous with its pension payments to the tune of billions of dollars. The city offered extra cash to workers still on the job, while retirees got bonuses and families... More »

We've Got a Choice: Schools or Nursing Homes?

Robert Samuelson doesn't think our economy is strong enough to pay pensions

(Newser) - If anyone tries to tell you that Detroit's bankruptcy is an isolated incident, "don't be fooled," writes Robert Samuelson at the Washington Post . The truth is that for governments across the country, "the scramble for scarce resources is intensifying. Schools compete with nursing homes."... More »

Welcome to 'Unsteady States of America'

'Economist' magazine sees Detroit as warning signal to nation

(Newser) - The Economist has a cheery new nickname for the US: "the Unsteady States of America." In an editorial that accompanies a cover story on Detroit's bankruptcy , the editors argue that other cities and states will make a huge mistake if they dismiss this warning. Yes, Detroit is... More »

NJ Sent $24M in Benefits— to Prisoners

Agencies didn't check databases to see if recipients were in prison

(Newser) - New Jersey sent nearly $24 million in taxpayer money to prisoners in the form of unemployment, welfare, pension, and other benefits, reports the New York Times . An audit released yesterday uncovered 20,000 prisoners who received benefit money between July 2009 and April 2011, including tales such as one man... More »

Benedict's Pension: $3.3K/Month

Which is kind of a lot, considering the Vatican will pay his living expenses

(Newser) - Thinking about "pope" as your career goal? Consider the retirement package, which is apparently around $3,340 per month. That's how much Pope Benedict will get when he abdicates later this month, and while it may seem a bit low for someone who was the leader of the... More »

Bin Laden Shooter Only Has Himself to Blame: Admiral

SEAL knew what he was giving up: admiral

(Newser) - The SEAL who killed Osama bin Laden may be missing out on a pension, healthcare for his family, and other benefits, but that's on him, according to the commander of Naval Special Warfare Command. Rear Adm. Sean Pybus says "the Shooter," as he was called in the... More »

Hostess Diverted Pension Money to Run Business

Bakers union was fuming over move

(Newser) - For months, Hostess diverted funds intended for employee pensions and used that money to help run the sagging business, the Wall Street Journal reports. It's not clear how much workers lost, and experts say it probably wasn't illegal, but Hostess CEO Gregory Rayburn admitted it was a "... More »

Sandusky: I Want My Pension

He says state had no legal grounds to revoke it

(Newser) - Jerry Sandusky worked hard for his pension, and he doesn't think he should lose it over a few dozen pesky rape convictions. The former Penn State coach has appealed a decision to revoke his $59,000-a-year pension , arguing that he's still legally entitled to it, the AP reports.... More »

State Paying Sandusky's $5K-a-Month Pension

He gets almost $5k per month, partially taxpayer-funded

(Newser) - Jerry Sandusky may wind up spending the rest of his life in prison, but apparently that's no reason to deny him his hard-earned pension. Sandusky will continue receiving his $4,908-a-month state pension, which is partially funded by taxpayers, ABC 27 reports. In order to strip Sandusky of his... More »

California Voters Slash Public Pensions

Public worker unions battled measures

(Newser) - It's been a rough week for public workers. Following Scott Walker's survival as Wisconsin governor, two major California cities have easily approved cuts to city employees' pensions. Some 66% of San Diego voters approved such a measure, with 34% against it; in San Jose, 70% backed the plan,... More »

Paterno Pension: $13.4M

Penn State charities to get $1.5M

(Newser) - Joe Paterno's 61 years at Penn State brought him a state pension of $13.4 million. His wife will get an initial payment of $10.1 million this month, and the family will donate $1.5 million to Penn State charities, the AP reports. Paterno didn't get any... 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,... More »

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 »

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