A report finds that several “financially-strapped” Chicago pension funds invested $68 million in a “shaky” real estate deal brokered by a man associated with Chicago Mayor Richard Daley and Barack Obama that ultimately resulted in a $54 million loss.
The State Council of Firefighters broke with tradition and endorsed Kansas Secretary of State and conservative populist Kris Kobach in the state’s gubernatorial race on Friday.
The non-partisan “Truth in Accounting” project, which analyzes government financial reports, has awarded California an “F” grade for claiming surpluses instead of a $269.9 billion deficit.
The European Union (EU) is expecting the UK to pay an extra £10 billion towards the so-called Brexit ‘divorce bill’ to cover the rapidly increasing cost of Eurocrats’ generous pensions.
The California Public Employees’ Retirement System (CalPERS) is slashing pensions for retirees of government entities that elect to leave CalPERS without paying the hefty termination toll or “exit fee.”
LONDON (AP) — Britain accelerated plans to increase the pension age Wednesday, as rising life expectancy continues to put pressure on the public purse.
A vote by congressional Republicans last week ended California Gov. Jerry Brown’s effort to force 6.8 million private sector workers into a “Secure Choice” public-run retirement plan.
As the #CalExit movement continues to draw favorable press — mostly in liberal publications bitter over Trump’s victory — its downfall just might be found in the fiscal realities facing CalPERS, the agency responsible for managing pensions and benefits for over 2 million California state employees.
Brussels has insisted the UK taxpayer foots a bill of more than £5 billion for the pensions of 1,730 retired British European Union (EU) bureaucrats after it voted to leave the block.
Chicago Mayor Rahm Emanuel persuaded the Illinois legislature to pass a law in 2014 changing city pension plans to increase employee contributions and to reduce benefits, but now the state’s Supreme Court has ruled the law unconstitutional and has thrown
Santa Barbara County, Kern County, Fresno County, San Mateo County and Ventura County now spend about 10 percent or more of their total revenue on pension contributions, according to a new study.
Texas first responder groups have come out in strong opposition to the gubernatorial appointment of Josh McGee to the Texas Pension Review Board.
In a radio interview airing on Sunday, former U.S. Comptroller General and chief of the Government Accountability Office Dave Walker asserted that America’s national debt is over three times the official figure, which dramatically understates the government’s financial commitments.
Los Angeles County Beach Lifeguards and other public employees will receive the equivalent of a 10 percent pay raise over the next two years, while retirees on Social Security will receive zero increases.
In a recent Los Angeles Times “Economy Hub” post on public-sector pensions, Michael Hiltzik took a shot at the California Policy Center for analyzing the average pensions of full-career Calpers retirees–those who work at least 30 years–in its pension analyses.
CalPERS, the Golden State’s public employee retirement system, is seeking to shift the cost and risk of pensions to taxpayers after a $5 billion shortfall in 2014.
The California State Teachers’ Retirement System (CalSTRS) has sold its investment in Remington Outdoor, the parent company for Bushmaster firearms–the firearm that Adam Lanza stole and used in his his heinous attack on Sandy Hook Elementary.
The most pressing budget issue that the State of Illinois faces is its spiraling public pension debt. The problem is proving difficult to fix, not necessarily because the legislature refuses to try to fix it — though they are doing darn little — but because the problem is ensconced in the state’s Constitution, causing the state Supreme Court to rule against any changes in the pensions.
The California Teachers’ Retirement Trust (CalSTRS) board directed its staff and consultants last week to evaluate the risks of investing in thermal coal companies.
Few public policy issues are more boring than public employee pensions.
Really, who wants to sit around the dinner table and talk about pension amortization, funded ratios, or unfunded liabilities? By comparison, C-SPAN 2 looks like a summer blockbuster.
Editor’s Note: This article was authored by and submitted to Breitbart Texas by Bill Frazer, CPA.
Investors celebrated the NASDAQ stock market topping the 5,000 level this week for the first time since March 2000. But there were no celebrations in Sacramento for the anniversary of the last time that California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) were over 100 percent funded.
Ed Miliband’s insistence that Labour will cut university tuition fees from £9,000 to £6,000 a year may spark a civil war inside his party, insiders have claimed. The handout to students would be funded by a new raid on pension pots, prompting
A new report finds that nearly 5,000 New York teachers are being paid six-figure pensions courtesy of tax payers.
Once again, California Gov. Jerry Brown is heading for a confrontation with labor groups, social welfare groups, and Democratic legislators who want Brown to raise taxes and expand spending. The newly re-elected Brown successfully pushed through temporary sales and income taxes three years ago with Proposition 30, but refuses to continue whole-heartedly in that direction, preferring to let the taxes die by 2018.
With California facing what Steven Greenhut calls “Death by Pension,” former Democrat Speaker of the California Assembly and newly elected State Senator Bob Hertzberg released details of his Senate Bill 8 tax manifesto. What he refers to as the “Upward
