STORE

pension

Jerry Sandusky

Court Rules Pennsylvania Must Repay Jerry Sandusky’s Pension

On Friday, the Pennsylvania Commonwealth Court ruled that the state must make restitution to convicted child molester and former Penn State assistant football coach Jerry Sandusky for the pension funds denied him after his conviction three years ago.

Reuters / Max Whittaker

Pension Crisis: Cut 30% of Payroll or Overturn Prop. 13

Each new California legislative session starts with Republicans yakking about cutting state and local public pension benefits that are over $1 trillion underfunded. But as a minority party and with many of its loudest advocates hypocritically receiving a public pension, reform has just been about yakking. But with CalPERS’ actuaries demanding a pension funding increase from $3.7 billion to $7.25 billion by 2020, the state must either cut payroll by 30 percent or find a massive new tax source, like overturning Prop. 13.

REUTERS/RICK WILKING

Labor Dept: 235 Union Pension Funds ‘Endangered’

The Labor Department announced that 235 union multi-employer-multi-employee pension funds are “endangered,” meaning they lack the assets to pay 80 percent of their promised benefits.

Deadbeat Illinois

Pension Crisis Pushes Illinois Towards Default

Illinois’ current credit rating is A-, the lowest of any state in the union, one notch about junk bond status. This dismal rating is driven largely by the state’s enormous pension costs.