pensions

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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...

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...

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...

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 "...

Sandusky: I Want My Pension
 Sandusky: I Want My Pension 
Dec 6, 2012 9:27 AM CST

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....

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...

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,...

Paterno Pension: $13.4M
 Paterno 
 Pension: 
 $13.4M 
May 22, 2012 5:25 PM CDT

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...

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,...

Joe Paterno Up for $500K Pension After Penn State Ouster
 Paterno Up for $500K Pension 
Nov 16, 2011 5:14 AM CST

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...

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...

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 ...

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...

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...

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...

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...

The Next Big Crash: Japan
 The Next Big Crash: Japan 
Analysis
Sep 27, 2010 1:19 PM CDT

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...

Schwarzenegger Opposes Pot Legalization
Schwarzenegger Opposes Pot Legalization
OPINION
Sep 24, 2010 11:49 AM CDT

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...

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...

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...

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