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Tag Archives: pensions
California Dreamin’ is Meetin’ with Reality
CalPERS Earned 1.1% on Investments in 2011, Plan Assumptions are 7.75%: The nation’s largest public pension fund, the California Public Employees’ Retirement System, posted a 1.1% return on its investment portfolio in 2011, Chief Investment Officer Joseph Dear told his … Continue reading
Labor Bureau: Govt. Workers Paid 40% More Than Private Workers
Wall Street Journal – Government Workers Cost More to Employ: It costs about $12 more per hour to employ a state or local government worker versus a private sector employee, the Labor Department said Wednesday. Employers spent $39.81 per hour … Continue reading
NY Times on Public Pensions
Padded Pensions Add to New York Fiscal Woes: In Yonkers, more than 100 retired police officers and firefighters are collecting pensions greater than their pay when they were working. One of the youngest, Hugo Tassone, retired at 44 with a … Continue reading
PEW Study: States Have $1 Trillion Pension/Benefits Gap
Mish – PEW Study Shows Trillion Dollar State Pension Gap; Can Anything Be Done? A $1 trillion gap. That is what exists between the $3.35 trillion in pension, health care and other retirement benefits states have promised their current and … Continue reading
New Jersey’s $2.2 billion state of fiscal emergency
Chris Christie declares fiscal ‘state of emergency,’ paving way for N.J. spending cuts. Along with eliminating programs “that sounded good in theory but failed in practice” across state departments, Christie is cutting $475 million in aid to school districts, $62 … Continue reading
Cali. pension fund admits board member took $50 mil. in fees to make bad investments
Wall Street Journal – Calpers Rocked by ‘Pay to Play’: America’s largest public-pension fund, Calpers, revealed that a former board member had reaped more than $50 million in fees for arranging investments that could saddle state taxpayers with hundreds of … Continue reading
Kansas U: Kansas public pension fund is “bankrupt under current operating assumptions”
KU School of Business – THE FUNDING CRISIS IN THE KANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM (PDF link):
Low interest rates are bad for pension funds
iTulip.com – Corporate Pension Fund shortfalls weigh on recovery: Corporate pension funding shortfalls are a major operating cash flow problem for the corporations that experience shortfalls because by law corporations must finance pension funds to 100% over time. Pension fund … Continue reading
CalPERS actuary says pension costs “unsustainable”
Mish – CalPERS Admits California “Pension Costs Unsustainable” – So What To Do About It? The CalPERS chief actuary says pension costs are “unsustainable,” and the giant public employee pension system plans to meet with stakeholders to discuss the issue. … Continue reading
California’s farce continues towards its final act
Courthouse News – California won’t accept its own IOUs for payment: SAN FRANCISCO (CN) – Small businesses that received $682 million in IOUs from the state say California expects them to pay taxes on the worthless scraps of paper, but … Continue reading
CALPERS plans riskier bets to recoup losses on previous risky bets
New York Times – California Pension Fund Hopes Riskier Bets Will Restore Its Health: Mr. Dear wants to embrace some potentially high-risk investments in hopes of higher returns. He aims to pour billions more into beaten-down private equity and hedge … Continue reading
California pension funds lose $100 billion in a year
LA Times – California’s biggest government pension funds lose almost $100 billion: CalPERS’ preliminary losses were $56.2 billion in the fiscal year that ended last month, while the California State Teachers’ Retirement System lost $43.4 billion. On Tuesday, the country’s … Continue reading
Californians are getting the best government IOUs can buy
It was 29 days ago that the California comptroller predicted the state would be out of money in 50 days. Unless California’s rich uncle dies (and his estate goes through an exceptionally fast probate) California will be broke in three … Continue reading
More underfunded public pensions
Baltimore Sun – Baltimore pension dispute illuminates public/private divide: Severe market downturns lay bare any number of Ponzi schemes, and under-funded defined benefits pensions, public and private, can be justly described as such schemes. The problem with private plans is … Continue reading
Indiana state pensions sue to stop Obama’s Chrysler deal
Obama’s plan for Chrysler demoted senior debt holders (whom he maligned as “speculators”) to benefit UAW union members. As a consequence of that decision Obama’s plan shortchanged police and teachers unions who had Chrysler investments in their pension funds. Now … Continue reading
Posted in Economics
Tagged bailout, government motors, jesus chrysler, obama, pensions, unions
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Automaker collapse will send worker pensions to government hands
New York Times – Plight of Carmakers Could Upset All Pension Plans: Pension experts predict that a government takeover of the two giant plans would spur other auto companies and all types of manufacturers to abandon such benefits for competitive … Continue reading
Guess what GM’s employee pension plan was invested in?
GM’s pension plan was invested in GM’s own stock. Brilliant. Congratulations of sorts go to GM and State Street Bank and Trust Co., the plan’s financial manager, for one final display of ineptitude. Is this a case of better late … Continue reading
Moody’s may downgrade local govt bonds
New York Times – Muni Bonds May Face Downgrade: Moody’s Investors Service assigned a negative outlook to the creditworthiness of all local governments in the United States, the agency said Tuesday, the first time it had ever issued such a … Continue reading
Pension Benefit Guaranty Corporation lost its shirt in stocks
Boston Globe – Pension insurer shifted to stocks: Just months before the start of last year’s stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to … Continue reading
Posted in Economics
Tagged government motors, jesus chrysler, pensions, we're from the government
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Judge rules that Vallejo, CA can cancel public union contracts
Via Mish: In the first ruling of its kind, a bankruptcy judge held the city of Vallejo, Calif. has the authority to void its existing union contracts in its effort to reorganize, holding public workers do not enjoy the same … Continue reading
Posted in Economics, Politics
Tagged bankruptcy, municipal bankruptcy, pensions, unions
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