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PRESS CLIPS- Pension
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Tackle Social Security first
By Alice M. Rivlin & John W. Kingdon; Belleville News-Democrat ~ Jun 15, 2008 With the large baby boom generation retiring and Americans living longer, the ratio of workers to Social Security beneficiaries is falling fast. Quite soon the payroll taxes coming into the Social Security system will be inadequate to pay all the benefits promised to retirees. Restoring the system's solvency is crucial to almost everyone's retirement security. The longer we put off setting Social Security on a firm footing, the more expensive the fix will be...
Study Finds Pension-Plan Returns Top 401(k)s in Rally
By Rick Levinson; Bloomberg.com ~ Jun 18, 2008 Pension-plan returns outperformed 401(k) retirement accounts from 2003 to 2006, the most recent bull market, according to a study...
Supreme Court rejects AT&T appeal in pension case
Associated Press - June 9, 2008
The Supreme Court on Monday rejected AT&T Inc.'s appeal of a lower court's $31.2 million verdict against the company in a class action lawsuit over retirement benefits. At issue in the case is whether a pension plan administered by Ameritech, a local phone company, improperly reduced retirement benefits paid to an employee in 1999...
Pension Plans Say Thank You Subprime for Return to Overfunded
By Miles Weiss; Bloomberg.com ~ Jun 04, 2008
The subprime-mortgage crisis that crushed home sales and financial stocks during the past year was a boon to at least one group of investors: pension plans at some of the largest U.S. companies. The global credit shortage and its effect on interest rates helped companies in the Standard & Poor's 500 Index cut estimates of pension obligations as their returns from U.S. government bonds increased...
Republic Steel Retirees' pensions slashed by PBGC
By Barbara Rose, Chicago Tribune - May 29, 2008
Hundreds of retired steelworkers from the former Republic Technologies International are being notified their pensions will be cut, in some cases by as much as 75 percent, to less than $300 a month, due to new calculations by the Pension Benefit Guaranty Corp. Some of the 3,300 retirees affected by the revisions are being told they must pay back tens of thousands of dollars in pension overpayments since Republic Technologies declared bankruptcy in June 2002....
Growing Deficits Threaten Pensions; Accounting Tactics Conceal a Crisis For Public Workers
By David Cho, The Washington Post - May 11, 2008 The funds that pay pension and health benefits to police officers, teachers and millions of other public employees across the country are facing a shortfall that could soon run into trillions of dollars...
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