pension
Increase in Retirement Age for California Employees Upheld
A federal judge on Wednesday ruled against claims by a state workers’ union that California’s pension system unfairly changed the terms of a pre-existing collective bargaining agreement.
Read moreOregon Weighs Privatization to Cure $5 Billion Pension Shortfall
Ideas to address an estimated $5 billion shortfall in funding for the retirement plans promised to Oregon public employees focused heavily on privatizing public assets at a task force meeting on Monday, including privatizing state universities and liquor sales and selling off public water rights.
Read moreNYC Pensions First to Divest From Private Prisons
New York City’s pension funds became the first in the nation Thursday to fully divest from the private-prison industry, an effort that trustees estimated liquidated $48 million in stocks and bonds.
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Teamsters Must Face Suit by Ex-World Airways Workers
Reviving claims over a defunct airline’s pension plan, the Second Circuit found Tuesday that a former World Airways worker sued the Teamsters union within the legal timeframe.
Read moreHigh Court Expands Religious Exemption for Retirement Plans
The exemption in federal pension law for church retirement plans should apply even to plans not initially established by a church, the U.S. Supreme Court ruled Monday.
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Houston Firefighters Challenge Pension-Reform Plan
A Houston pension-reform plan designed to eliminate $8.2 billion in debt is now in limbo as the local firefighters’ retirement fund sued city officials, seeking an injunction to block the plan that was approved by state lawmakers.
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Texas Lege Helps Houston Bail Out of Pension Disaster
The Texas Legislature approved a bill Wednesday to overhaul Houston’s pension funds, putting the city on track to pay off $8.2 billion in pension debt.
Read moreChicago School Board Files New Suit Over Funding
Chicago’s Board of Education sued Illinois and Gov. Bruce Rauner in an amended complaint, saying the state’s funding of its school system discriminates against students of color, leaving Chicago’s heavily minority public schools with substantially less money than other districts.
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Firefighters’ Demands Hold Up Houston’s Escape From Fiscal Crisis
Houston’s mayor is depending on the Texas Legislature to pass bills needed to rein in the city’s pension debt, but amendments to appease Houston firefighters have cast doubt on the mayor’s assumption lawmakers will approve his pension-reform plan.
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Judicial Double-Dipping Struck Down in NY
New York’s high court served up defeat Thursday for state judges who wanted to collect their pension as well as a salary if they stayed on the job after hitting the statutory age of retirement.
Read moreHouston Pension Reform Moves Closer to Approval
A pension-funding crisis that has plagued Houston and raised the specter of job cuts is close to being resolved, as the Texas House will vote Saturday on a reform package that Houston’s mayor says will pay off the debt in 30 years.
Read moreJudge Tosses Chicago Schools Funding Challenge
A Cook County judge granted Illinois’ request to dismiss a lawsuit filed by the Chicago Board of Education accusing the state’s school funding system of racially discriminating against its students, but ruled the board could try again with an amended complaint.
Read moreAppeals Court OKs San Diego’s Pension Reform
A California appeals court on Tuesday confirmed a pension reform measure San Diegans approved in 2012, a ruling city leaders lauded for “upholding the will of the voters.”
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NYC Contractor at Heart of Fraud to Face High Court
The Supreme Court took up a class action Monday brought by retirement and pension funds that lost money in what has been called “the single largest fraud ever perpetrated on the city of New York.”
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Retired Judges Fight for Right to Double Dip
New York is cracking down on double-dipping — the practice by which state judges collect both pensions and salaries after they hit retirement age — but the Court of Appeals focused Tuesday on whether putting retirees to work is actually cost-effective.
Read morePension-Fund Manager Pleads Not Guilty to Bribery
An ex-portfolio manager pleaded not guilty on Wednesday to charges that he steered billions from the third-largest pension in the United States in exchange for cocaine, prostitutes and other bribes.
Read morePension Fund
A class of retirement plan participants and beneficiaries claims in a federal lawsuit that Essentia Health did not monitor and control the plan’s escalating costs, causing it to lose millions of dollars.
Read moreKentucky Teachers’ Pension Underfunded, Class Says
A class of current and retired teachers claims Kentucky’s retirement fund for educators is short nearly $25 billion because the state refuses to fund it.
Read moreJustices to Rule on Religious Hospital’s Pension Exemption
The Supreme Court said it will decide whether a federal pension law’s exemption for church retirement plans applies if the plan was not initially established by a church.
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