Pension News
Reuters: GM-UAW agree to tackle pension risk issue-letter, by Deepa Seetharaman and Bernie Woodall. General Motors Co (GM.N), facing a pension shortfall that may rival its market value by year-end, has won an agreement from the United Auto Workers to consider ways to reduce the risk of its underfunded plan, a letter between the automaker and the union shows. (9/26/2011)
Read moreBloomberg: Pennsylvania Won’t Take Over Pittsburgh’s 62%-Funded Pension, by Romy Varghese. Pennsylvania won’t take over Pittsburgh’s pension system because the retirement plan can pay 62 percent of its promised benefits, a decision that will forestall higher city payments. (9/19/2011)
Read moreThe New York Times, Military retiree benefits vulnerable as Congress struggles to cut debt, by James Dao & Mary Williams Walsh. As Washington looks to squeeze savings from once-sacrosanct entitlements like Social Security and Medicare, another big social welfare system is growing as rapidly, but with far less scrutiny: the health and pension benefits of military retirees. (9/19/2011)
Read moreCNBC: The State of Pensions, by Lori Ann LaRocco. The fiscal challenges facing states is not new and the budget battles we saw in both Wisconsin and Ohio just showcases the problem. One of the biggest challenges states are facing when tackling their budget shortfalls is their pension deficits. (5/5/2011)
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News in the Mid-America Region
PA, 12/2/2011 - Legal Newsline, Pa. SC Decision Could Affect Philly Program, by Jon Campisi. A Pennsylvania Supreme Court ruling this week regarding firefighters in Erie could be felt across the state in Philadelphia. The ruling stated that stated a public employer cannot unilaterally eliminate pension perks without first engaging in collective bargaining with union representatives. The justices held that the City of Erie, located in the far reaches of northwestern Pennsylvania, violated municipal firefighters' rights when city officials eliminated a retirement pension benefit without first attempting to bargain with the union representing the firefighters.
PA, 11/30/2011 - New York Times, Other Orchestras Fear Paying Price for Philadelphia Pension Crisis, by Daniel J. Wakin and Mary Williams Walsh. A great orchestra’s glory lies partly in continuity, the passing of musical traditions among generations of longstanding members. And a good pension in the precarious world of the arts is one element that helps keep players ensconced in their chairs, ensuring that handoff of artistic heritage.
MI, 11/30/2011 - Huffington Post, Detroit City Council Eliminates '13th Check' for City Retirees, by Simone Landon. City retirees won't be receiving extra cash from the city pension plan this holiday season after Detroit City Council voted Tuesday to prevent the city's retirement system from distributing its excess earnings. Read more
KY, 8/13/2011- Kentucky pension fund walloped on Wall Street, by Roger Alford. The pension plan for state employees has lost $1.7 billion in recent weeks because of upheavals on Wall Street, an official said. Kentucky Retirement Systems Chief Investments Officer T.J. Carlson said the overall value of the pension plan fell from about $11.4 billion on July 1 to about $9.7 billion this week.
Read moreIN, 8/12/201- Indiana Pension Fund riding out Wall Street roller coaster, by Eric Bradner. Indiana Pension Fund Riding Out Wall Street Roller Coaster - The gyrating stock prices of the last two weeks have meant hundreds of millions of dollars in losses, and then gains, and then losses and gains again, for Indiana's public pension funds.
Read morePA, 8/12/2011- Philly pension board sets up $40M 'tactical' fund, by Bob Warner. Philadelphia's pension board voted Thursday to sell about $40 million in domestic stocks and use the money for "strategic and tactical" investments, hoping to cushion the $3.8 billion pension fund from further sudden downturns in world markets.
Read moreTN, 8/12/2011- Tenn. officials say state pension plan strong, by Lucas L. Johnson II. Tennessee financial officials say they're confident the state's pension plan is in good long-term shape despite the recent Wall Street sell-off and the likelihood of continued stock market volatility
Read moreMI, 8/10/2011- Groups in court filing: Michigan pension tax unconstitutional, by Tim Martin. The AARP and other retiree groups Wednesday said they will argue before the Michigan Supreme Court that parts of the state's new tax on pensions are unconstitutional, particularly related to public employees.
Read moreIN, 8/3/2011- Ind. government employee pensions recoup most stock losses, by Dan Carden. Indiana Government Employee Pensions Recoup Most Stock Losses - The pension fund for Indiana government employees has recouped nearly all of its losses from the 2008-09 stock market dip.
Read moreMI, 6/15/2011- Detroit News: Police, Firefighter Pensions Clear Michigan Senate for Tax Exemption, by Chris Christoff. Less than a month after Gov. Rick Snyder signed new taxes on pensions, the Senate voted Tuesday to exempt most police and firefighter pensions from Michigan’s income tax.
Read moreTN, 6/6/2011- The Commercial Appeal: Shelby County Approves Less Generous Pension Plan for New Hires, by Daniel Connolly. "The Shelby County Commission voted 7-4 Monday to approve a new, less generous pension plan for new employees, a step estimated to save the government $900,000 in the short term and much more in the years to come."
Read morePA, 4/29/11- With Philadelphia Mayor Michael Nutter: Pension Crisis 'Should Stop Now' [UPDATE]
Read moreKY, 2/12/2011- Lexington Herald-Leader: Kentucky Senate approves bill to end guaranteed public pensions, by John Cheves. The state Senate passed a controversial bill on Friday that would end guaranteed pensions for new state and local government employees to resolve the public pension funds' growing liability.
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Pension Resources
The U.S. Department of Labor
The U.S. Department of Labor has a wealth of information on retirement including articles about when an employer goes bankrupt, warning signs of pension misuse, and more.AARP
AARP is an organization for anyone over fifty years old. AARP has information on retirement, Medicare, healthcare, and more.Pension Benefit Guaranty Corporation
Can't find your pension? Did your employer go out of business? Try the Pension Benefit Guaranty Corporation (PBGC).Derpartmetn of Licensing and Regulatory Affairs
Did the corporation you worked for move or go out of business? Look at the Michigan Corporation Dissolution site to see if any contact information remains for the corporation.Social Security Online
This will lead you to the form required to verify employment dates. You may need this if you are having difficulty obtaining dates of employment for a pension, social security application, or personal reason. Please note: fees apply depending on the number of years you are requesting.
Women's Pension Issues and Resources
Older Women's League (OWL) focuses on women's issue as they age. You can find information ranging from healthcare to Social Security.
Women's Institute For A Secured Retirement discusses the issues women face in retirement, how to plan for a better retirement, and how to avoid retirement risks.
Forbes: Financial Tips for Women Facing Grey Divorce, by Jeff Landers. Many women –and some attorneys, too! –often make the mistake of assuming that their divorce settlement agreement will fully protect their rights to their portion of their husband’s retirement account. This is usually not the case, and that’s why it’s critically important to use a properly prepared QDRO. (6/22/2011)
Read moreRichmond Times Dispatch: Women face extra obstacles to secure retirement (5/8/2011)
Read moreMSNBC: Women face extra obstacles to secure retirement. Fear of ending up destitute gnaws at many women, by Dave Carpenter (5/9/2011)
Read moreReuters Blog: Women hand over the reins on retirement: survey, by Ashleigh Patterson. Among those surveyed, nearly 40 percent of married women will leave their retirement planning up to their spouse or significant other. Nearly 30 percent say they have no idea what their main source of retirement income will be. (4/29/2011)
Read moreThe Street: Women Still Far Behind in Retirement Plans, by Anne Arvia. We've all seen headlines calling out the retirement savings crisis facing American workers and the need for them to take steps to protect their financial futures. One aspect of this issue that deserves more attention is the role gender can play in retirement readiness. (4/25/2011)
Read moreCFO Daily News: Women lag way behind in retirement savings, by Jared Bilski. A new study uncovered an alarming difference between what men and women have socked away for retirement. (2/8/2011)
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Fact Sheets
