Teamsters pension fund returns $127M to Treasury after overpaying almost 3,500 dead participants
The Teamsters pension fund returned $127 million in overpayments to the U.S. Treasury this week — months after an internal investigation revealed nearly 3,500 dead members in its kitty. Thomas Nyhan, executive director of the Central States Pension Fund, which handles retirement benefits for the International Teamsters Association, announced the repayment amounts Monday as part […]
Disney Bruised In Board Vote Battle As Pension Fund CalPERS Backs Nelson Peltz & Ex-CFO – Deadline
Aaron P/Bauer Griffin/GC Images/Getty Images A violent boardroom clash between the Mouse House and activist investor Nelson Peltz has turned one of the nation’s largest pension funds into a veritable battleground, about 100 hours before the deadline for all Disney shareholders to vote. fired a cannon. On April 3, the California Public Employees Retirement System […]
St. Louis reverses firefighter pension change – St. Louis Post-Dispatch
ST. LOUIS — Aldermen on Friday overrode Mayor Tishaura O. Jones’ veto and reversed changes to the firefighter pension system adopted years ago to rein in runaway spending. The vote still requires state approval and would return oversight of all firefighter pensions to a commission led by firefighters, as it was before the 2012 reform. […]
House Ed and Labor Committee subpoenas agency amid probe of $127M paid to Teamsters’ pension fund with deceased participants
The House Education and Labor Committee on Tuesday subpoenaed federal agency heads for obstructing an investigation into $127 million in payments to the Teamsters pension system, which included deceased participants. House Education and Labor Committee Chairwoman Virginia Foxx (R-North Carolina) criticized Gordon Hartgensis, director of the Pension Benefit Guaranty Corporation. subpoena “Two requests for information […]
401(k) vs. pension plans: What’s the difference?
Representative Andy Barr (R-Ky.), chairman of the House Financial Services Committee, is introducing a resolution to repeal controversial rules favoring ESG investing. Employers offer a variety of benefits to attract and retain employees, and helping employees save for retirement is one of the most common perks. There are two main types of retirement plans: 401(k)s […]
Swiss vote to give themselves a bigger pension – BBC.com
Written by Imogen Folkes BBC News, Geneva 53 minutes ago image source, AFP (via Getty Images) image caption, Additional pension supporters across the country celebrated the referendum result, like this photo from Bern Swiss voters are giving themselves an extra month’s pension each year in a nationwide referendum focused on living standards for older people. […]
Comptroller Tom DiNapoli cuts NY pension investment in more oil, gas stocks – Newsday
ALBANY — State Comptroller Thomas DiNapoli will cut the state pension fund’s direct investments in eight more oil and gas companies, including ExxonMobil, as part of a plan to fight global warming through Wall Street. DiNapoli argues that investing in oil and gas companies, even blue-chip stocks like ExxonMobil, poses long-term risks for investors. Because […]
A high cost of living and lack of pension strain Alaska teachers. Would bonuses help keep them? – Anchorage Daily News
Students eat breakfast and color in the Topaz Stotts second-grade classroom before the start of school Tuesday, Aug. 17, 2021, at Klatt Elementary School in Anchorage. (Emily Messner/ADN) JUNEAU – Cory Hughes moved to a remote village in Alaska to teach, but even though it was dark in the winter and the bathroom in his […]
Widower bilks $781K in pension payments sent to long-dead teacher wife: probe – New York Post
Metro by mary kay lindge and Susan Edelman issued February 10, 2024, 11:09 a.m. ET A Queens widow pocketed more than $781,000 in pension payments to the wife of a deceased schoolteacher for 18 years before city officials discovered the theft, an investigation has found. This staggering amount of money not recovered by the taxpayer-funded […]
IBM offers employees new retirement account that looks a lot like a pension – Yahoo Finance
On January 1, IBM put the brakes on the 5% salary-to-dollar competition for employees in its 401(k) plans and began offering portable “retirement accounts” to most of its U.S. employees. In other words, the company has eliminated some defined contribution plans and added something like an old-fashioned pension. While traditional defined benefit pension plans remain […]