FedEx to Shift $6 Billion in Pension Obligations to MetLife

Via American Journal of Transportation, By Mary Schlangenstein and Katherine Chiglinsky FedEx Corp. is transferring $6 billion in U.S. pension obligations to MetLife Inc. to reduce administrative costs. The deal covers the pension benefits of 41,000 retirees and beneficiaries who currently receive a monthly payout and meet certain conditions, the courier said in a statement Tuesday. FedEx, which said it would take a non-cash charge related … Continue reading FedEx to Shift $6 Billion in Pension Obligations to MetLife

Chattanooga Pension Fund Sues Wells Fargo for Alleged Fraud Over Revenue Sharing

Via Pensions&Investments, By Rob Kozlowski Chattanooga (Tenn.) Fire and Police Pension Fund has filed a lawsuit in Tennessee court against Wells Fargo, its custodian and trustee, alleging potential fraud and overcharging in its role as trustee, The suit, filed Tuesday in the Chancery Court of Hamilton County, alleges that Wells Fargo has not provided any disclosures regarding “significant compensation from third-party mutual funds and potentially … Continue reading Chattanooga Pension Fund Sues Wells Fargo for Alleged Fraud Over Revenue Sharing

Sweet Taste of Victory for Peeps Union Workers as Judges Rule Against Candymaker

Via SFGATE By Damian Paletta, The Washington Post When they went on strike in 2016, members in the union for marshmallow makers chanted, “No justice, no Peeps!” And on Thursday, a federal appeals court said the Peeps workers had a point. The U.S. Court of Appeals for the Fourth Circuit ruled that Just Born Quality Confections, the firm in Bethlehem, Pennsylvania, that makes the candy … Continue reading Sweet Taste of Victory for Peeps Union Workers as Judges Rule Against Candymaker

City, unions agree to cut pension costs

Via Times Herald By Jackie Smith New contracts with several Port Huron unions are expected to save the city $1.1 million in retirement costs a year. Port Huron City Council members approved new three-year collective bargaining agreements with four unions and potential adjustments for non-union employees during Monday’s regular meeting. After, City Manager James Freed said the changes affect about 220 employees and will help reduce … Continue reading City, unions agree to cut pension costs

a jar of pennies tipped over

Four Pension Funds Apply for Benefits Reductions

Via http://www.ai-cio.com Requests for benefits reductions have picked up this spring, as Treasury Department filings show four pension funds recently applied for benefits cuts under the Kline-Miller Multiemployer Pension Reform Act of 2014. They are the Sheet Metal Workers Local Pension Fund, the Plasterers Local #82 Pension Plan, the Pressroom Unions Pension Trust Fund, and the Plasterers & Cement Masons Local 94 and Pension Fund. … Continue reading Four Pension Funds Apply for Benefits Reductions

10-key pad calculator

States have a $1.4 trillion pension problem

Via CNN Money By Katie Lobosco In most states, public pension funds don’t have enough money to pay for benefits they’ve promised to government workers. The problem is getting worse. Overall, the shortfall across states grew by $295 billion between 2015 and 2016, according to a new report from The Pew Charitable Trusts. All together, state pension plans had just $2.6 trillion to cover a cumulative … Continue reading States have a $1.4 trillion pension problem

Stacks of coins.

Trouble in candy land: How Peeps, pensions and a lawsuit threaten to upend the American retirement system

Via The Washington Post By Damian Paletta, Andrew Braford On April 1, hundreds of millions of marshmallow chicks and bunnies called Peeps will peer out from Easter baskets at American children. They are a pastel symbol of Easter joy, but behind the wax-eyed candy is a company at war with its union workforce over rising pension costs — an escalating legal tangle that could soon upend … Continue reading Trouble in candy land: How Peeps, pensions and a lawsuit threaten to upend the American retirement system