pensions

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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...

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%...

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...

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....

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...

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...

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...

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...

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...

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,...

Sullenberger: Airline Cuts Invite Risks

(Newser) - Hero pilot Chesley “Sully” Sullenberger told Congress today that cost-cutting by carriers is forcing experienced colleagues out of jobs, to the detriment of safety in the skies, the Chicago Tribune reports. “We will see negative consequences to the flying public,” the US Airways captain said. Sullenberger himself...

'Sneaky' Loophole Boosts Execs' Pensions

Through lump-sum payments, executives net millions extra

(Newser) - A change in federal disclosure requirements has revealed that some companies are inflating the value of retirement plans for—guess who?—top executives. By converting pensions, which generally pay out in installments over a retired employee’s lifetime, to a lump-sum payment, CEOs can increase the value by 10% to...

401(k) Matches Fall Victim to Downturn

Cost-cutting efforts increasingly extend to pricey employee benefit

(Newser) - Shrinking 401(k) accounts may soon seem like a bit of a luxury as more and more companies eliminate matching contributions to the retirement accounts, reports BusinessWeek. Some 2% of firms in a recent survey said they had already cut out the match, and another 4% said they’ll drop it...

Sinking 401(k)s Raise Debate on How to Save

Accounts tumble by up to 11%, but backers still love them

(Newser) - Tumbling stock markets have cracked open the piggy bank that many Americans use to store retirement savings—401(k) accounts—sparking fresh debate about how best to save money, the Washington Post reports. Supporters argue that 401(k)s offer bigger rewards than traditional pensions, which are less exposed to market turbulence. But...

Pal: Convicted OJ 'in Shock'
 Pal: Convicted OJ 'in Shock' 
Oct 6, 2008 10:40 AM CDT

Pal: Convicted OJ 'in Shock'

Former football star an't fathom why he's in jail for 'nothing incident'

(Newser) - OJ Simpson is “in shock” over his conviction and the prospect of spending the rest of his life behind bars. “I can't believe I'm in here for this nothing incident,” he said. “He's strong. He's just in shock,” a friend told the New York Daily ...

Retirees Hit Hard by Markets
 Retirees Hit Hard by Markets 
Sep 23, 2008 10:43 AM CDT

Retirees Hit Hard by Markets

Their money is in riskier investments these days

(Newser) - Among those hardest hit by the financial crisis are retirees, and they have less chance to recover than their younger counterparts, the New York Times reports. As companies have abandoned fixed pensions for 410(k)s, retirees can lose large percentages of their wealth in a short period. And low-risk investments, like...

United Should Be Liquidated
 United Should Be Liquidated
opinion
Aug 13, 2008 5:49 PM CDT

United Should Be Liquidated

Why the airline doesn't deserve a second chance

(Newser) - What with the oil price spike, times are rough all around for airlines, writes Roben Farzad for BusinessWeek. But United presents a uniquely bungled case, and it is irresponsible to pity it along with other struggling players in the industry. "Even if the airline devised a way to run...

Firms Gamble Pensions to Fund Exec Perks

Rank-and-file benefits may be at risk as companies use tax loophole

(Newser) - Companies from CenturyTel to Intel are funneling pension benefits to retired executives at the expense of workers, using a practice that potentially violates tax rules and puts pension plans at risk, reports the Wall Street Journal. Hundreds of millions of dollars in long-term benefits pegged for executives are draining plans...

Pensions, Benefits Have GM Stalled
Pensions, Benefits Have GM Stalled
OPINION
Jul 10, 2008 9:28 AM CDT

Pensions, Benefits Have GM Stalled

Automaker hamstrung by 1950s promises to unions—maybe fatally

(Newser) - General Motors is suffering as oil prices surge and consumer spending wanes, Roger Lowenstein writes in the New York Times. But the biggest, and perhaps fatal, culprit of its recent troubles—with stock prices near a 50-year low—are the generous health care and pension benefits it agreed to lavish...

Where's Oil Money Going? Maybe to Your Pension

Petroleum proceeds boost retirement funds

(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 really helped,” said the...

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