Title and Notes (if any) *Title from filename
||N O E R R O R
||State Underfunded Pension
- The value of state employee pension plans has plunged over the past
three years, with the assets in the plans now worth less than the benefits
they are committed to pay, according to a new study.
- Overall, the total value of assets in these plans declined from 115
percent of liabilities in 2000 to 91 percent at the end of 2002. The 79 percent
of plans that are underfunded is the highest in the history of the Wilshire
survey, which dates back to 1990.
||Civil Service Pension Tapped
- Treasury Department debt managers intend to soon carry out an accounting
maneuver that would free billions of dollars on paper to prevent the government
from breaching the $6.4 trillion ceiling on the national debt.
- Treasury Secretary John Snow, in a letter Friday to House and Senate
leaders of both parties, notified them that the department will - on paper
- suspend new investments in Treasury securities that would be credited to
the Civil Service Retirement and Disability Fund
||The Right's Attack on Public Pensions
- Gov. Arnold Schwarzenegger says getting rid of public pension plans
for California's state and local government workers is about helping to balance
- The governor has proposed privatizing government pension plans and
replacing them with individual 401(k)-style private accounts.
- In pursuing corporate reform, the pension funds are operating not
just in their own self-defense. They are also giving a powerful voice in
the boardrooms to the interests of millions of families that have invested
their savings in the markets.
- That's why the governor and his right-wing ideologues have targeted
the pension funds: not because the funds have strayed, but because they are
leading the fight on behalf of ordinary shareholders to put transparency
and accountability back into American capitalism.
||W.Va. Rejects $5.5B Pension Bond Proposal
- Voters on Saturday narrowly rejected Gov.
Joe Manchin's attempt to repair West Virginia's ailing retirement system
by selling up to $5.5 billion in bonds.
||Pension Fund Shortages Create Hard Choices - New York Times
- Almost half of the states have been underfunding their retirement
plans for public workers and may have to choose in the years ahead between
their pension obligations and other public programs
||State27 Percent Pension Shortfall
- U.S. states have nearly a 27 percent shortfall
in funding required to meet the $2.73 trillion in pension
||City Pension Funds Lose Billions - June 26, 2008 - The New York Sun
- In the nine months leading up to March 31, the city's five pension
funds lost a total of nearly $5 billion, or 4.4%, according to data from
the city comptroller's office.
||Pension Costs for Local Governments May Triple - NYTimes.com
- Local governments in New York State face an unprecedented
increase in pension costs that will force them to triple their contributions
to the state pension system over the next six years, according to an analysis
prepared by the comptrollers office.
- Weve promised more than we can deliver,