pension plan

6 Stories

A First for US Public Pension Fund: Bankruptcy

Northern Mariana Islands' fund could run out of money in 2 years

(Newser) - It's a high-profile milestone out of a not-so-high-profile place. The Northern Mariana Islands' public pension fund sought bankruptcy protection last month, a notable move in that it's the first such US fund to do so. The Wall Street Journal paints a picture of a complicated road to collapse... More »

Weiner Still Gets Super-Sweet Pension

It's worth more than $1M

(Newser) - Maybe he won't need that Larry Flynt job after all: Anthony Weiner may be out of work, but his ultra-generous congressional pension alone will make him a millionaire, writes Jack Hough at SmartMoney . And that's after only 12 years of service, something that most workers in the private... More »

3 European Countries Grab at Private Pensions

Hungary, Bulgaria, Poland call for citizens' savings

(Newser) - As European governments seek new sources of revenue, private retirement plans are taking a hit. Since most are organized by the state, "European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this... 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 »

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 »

Lewis Due a Mere $53M From BofA Pension Plan

But President Obama's pay czar could yet step in on that, millions in stock

(Newser) - An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top... More »

6 Stories