17 07, 2018

Jeremy Gold, Actuary Who Warned of Pension Crisis, Dies at 75

2018-07-17T09:21:15-07:00July 17th, 2018|Categories: Pension Funding|Tags: |

Jeremy Gold, an actuary who more than 25 years ago warned of the financial debacles now slowly playing out among the cities and states that sponsor pension plans for their teachers, police officers, bus drivers and other workers, died on July 6 in Manhattan. He was 75. The cause was myelodysplastic syndrome and leukemia, his son, Jonathan, said. In 1985, Mr. Gold became one of the first American actuaries to work on Wall Street, straying from the profession’s typical [...]

15 06, 2018

More than 150 pension plans may run out of money, businesses tell Congress

2018-07-13T15:28:26-07:00June 15th, 2018|Categories: Pension Funding|Tags: |

The pension crisis that threatens the retirement savings of 1.5 million Americans, including 60,000 Ohioans, also poses the risk of driving the U.S. economy into a tailspin, a panel of witnesses told a congressional panel. Witnesses from the U.S. Chamber of Commerce and businesses including UPS told the Joint Select Committee on the Solvency of Multiemployer Pension Plans that should the estimated 150 to 200 multiemployer pension plans that are in danger become insolvent, the companies that paid into [...]

30 04, 2018

Unions look for jobs to go with their infrastructure investments

2018-04-30T09:27:52-07:00April 30th, 2018|Categories: Pension Funding|Tags: , , |

As they push for more infrastructure spending, some unions also are flexing their financial muscle to make a direct connection between union jobs and where $500 billion in union pension assets are being invested. "We are making sure all of our resources are utilized to support our mission, not to undermine it," said Sean McGarvey, North America's Building Trades Unions president, at a Washington legislative conference in mid-April. "We are getting smarter and taking control of our own destiny. [...]

26 04, 2018

Bentley Workers Mull Strike over Pension Closure

2018-04-26T09:30:55-07:00April 26th, 2018|Categories: Pension Funding|Tags: , |

In a move toward a possible strike, workers at Bentley Motors headquarters in Crewe, UK, have voted in support of industrial action in a consultative ballot over plans to close the company’s defined benefit pension plan. Members of union Unite, including car production workers, senior staff, and managers, backed a strike action by an overwhelming 98% on a 92% turnout in the consultative ballot. The union warns that the move to close the pension plan could cost Bentley workers tens [...]

29 03, 2018

Union Says University Pension Cut Violates Pension Benefits Act

2018-03-29T09:34:09-07:00March 29th, 2018|Categories: Pension Funding|Tags: , , |

Striking workers at a Canadian university have complained to a government agency that a 15-year-old provision in their pension plan, allowing their employer to reduce their pension benefits, is invalid. Lawyers for the Canadian Union of Public Employees (CUPE) Local 2424, which represents striking workers at Carleton University, filed a complaint with the Financial Services Commission of Ontario (FSCO), saying that a 2003 pension plan amendment violated Ontario’s Pension Benefits Act. […]

27 03, 2018

Union says Tops plans to cut payments to employee pension plan

2018-03-27T09:31:38-07:00March 27th, 2018|Categories: Pension Funding|Tags: |

Tops Markets plans to ask a bankruptcy court judge to allow it to reduce its contributions by nearly two-thirds to the already underfunded pension plan that covers most of its employees, according to officials from the largest union representing workers at the supermarket chain. Tops has not yet asked the U.S. Bankruptcy Court to reduce the payments, but officials from Local One of the United Food and Commercial Workers said they have been told by attorneys representing the supermarket [...]

16 03, 2018

A Case Against Cuts to Public Pensions

2018-03-16T10:15:08-07:00March 16th, 2018|Categories: Pension Funding|Tags: , |

Dave Low is the chairman of Californians for Retirement Security, a coalition of public employee unions that was founded about 15 years ago to defend workers against calls for pension cuts. Today, with retirement costs ballooning, the pressure is sure to rise. While the California Legislature and leading candidates for governor have carefully avoided any substantive discussion on pensions, cities are struggling. Rising retiree costs have forced many cities and school districts to divert more of today’s budgets to [...]

2 02, 2018

Tax Reform Fuels DB Plan Accelerated Funding

2018-02-02T09:49:41-08:00February 2nd, 2018|Categories: Pension Funding|Tags: , |

Since, under tax reform, the corporate tax rate will be lower in the future than what had previously been in effect, more voluntary defined benefit (DB) plan contribution activity is expected, according to Michael A. Moran, managing director and chief pension strategist with Goldman Sachs Asset Management (GSAM). In a Q&A on GSAM’s website, Moran explains that contributions to corporate DB plans are generally tax deductible up to certain limits. For plan sponsors that were contemplating making a contribution in [...]

10 01, 2018

Sen. Schumer, Teamsters Push for Bill to Cover Pensions

2018-01-10T14:19:26-08:00January 10th, 2018|Categories: Pension Funding|Tags: , , |

Sen. Chuck Schumer and Rep. Peter King joined Long Island Teamsters Jan. 2 in calling for union pension shortfalls to be funded through Treasury bonds tied to the federal budget. Schumer (D-N.Y.) and King (R-Seaford) are pushing Congress to pass the Butch Lewis Act, which would create a new office within the Treasury Department to allow pension plans to borrow for any shortfall using Treasury bonds issued by the government to sell to financial institutions. […]

7 12, 2017

Schumer backs Teamster pension rescue proposal; Senate bill to create Treasury agency would ease impact of cuts to benefits

2017-12-07T14:29:37-08:00December 7th, 2017|Categories: Pension Funding|Tags: , , |

Across the country, 114 of these multi-employer pension plans, covering more than 1.3 million workers, are underfunded by $36.4 billion and expect to become insolvent within the next 20 years. Teamsters whose pension benefits were cut could see some future relief under a proposal backed by Senate Minority Leader Charles E. Schumer, D-N.Y. Schumer and several other Democratic senators are backing legislation that would create a remedy through the Treasury Department. […]

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