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Judge tells city to provide disability pension to ex-officer

Via Lexington Herald Leader By The Associated Press LINCOLN, NEB. – A judge has told Lincoln it must provide the disability pension a former police officer was previously denied. The Lincoln Journal Star reports that Judge Lori Maret agreed with Jonna Conlon, her attorney and her physicians that her back injuries made it impossible for Conlon to continue her career as an officer. Read the article … Continue reading Judge tells city to provide disability pension to ex-officer

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Michigan Governor Signs a Teacher Pension Plan that creates a new 401(k)-style defined contribution plan with an automatic employer contribution of 4% of the employee’s salary.

via plansponsor.com, by Rebecca Moore, PlanSponsor July 27, 2017 The signed bill modernizes the Michigan Public School Employees Retirement System (MSPERS), and increases the state’s share to defined contribution plans, while reducing the unfunded liabilities of the overall system. Read the full article. Continue reading Michigan Governor Signs a Teacher Pension Plan that creates a new 401(k)-style defined contribution plan with an automatic employer contribution of 4% of the employee’s salary.

Pension Benefit Guaranty sues Fay Construction over terminated pension plan

via PennRecord by Louie Torres, PennRecord July 19, 2017 PHILADELPHIA — A government corporation dealing with terminated pension plans is suing Fay Construction Co. Inc., as plan administrator for the Fay Construction Co. Inc. pension plan, alleging breach of contract. The Pension Benefit Guaranty Corporation, a government entity located in Washington, D.C., filed a complaint on June 16 in U.S. District Court for the Eastern … Continue reading Pension Benefit Guaranty sues Fay Construction over terminated pension plan

Vote Cuts Pension Checks for Retirees

via Altoona Mirror by Kay Stephens, Altoona Mirror July 5, 2017 About six months ago, the Blair County Retirement Board voted to cut the percentage being used to calculate part of an employees’ monthly pension payment, based on money the employee contributed. Instead of 7 percent, the board agreed that 4 percent would be used. And since that vote, the change has been hitting home … Continue reading Vote Cuts Pension Checks for Retirees

20,000 Union Members, Retirees at Risk of Losing Pension Benefits

via The Washington Free Beacon by Bill McMorris, The Washington Free Beacon April 22, 2017 Five union pension plans are heading toward bankruptcy in the next 20 years if the federal government does not approve benefit cuts to retirees. In March, four unions filed applications with the U.S. Treasury Department requesting relief under a program established by the Obama administration that allows multi-employer pension plans to … Continue reading 20,000 Union Members, Retirees at Risk of Losing Pension Benefits

Bricklayers’ Pension Plan Latest to Seek Benefit Cuts

via bna.com, by Kristen Ricaurte Knebel, Bloomberg BNA, July 22, 2016, An Ohio-based multiemployer bricklayers’ pension fund has become the latest fund to seek Treasury Department approval to reduce benefits. The Bricklayers & Allied Craftsmen Local No. 7 Pension Plan, based in Austintown, filed an application on June 28 for benefit cuts under the 2014 law that opened the door to such moves, the Multiemployer … Continue reading Bricklayers’ Pension Plan Latest to Seek Benefit Cuts

GAO to Investigate Central States’ Investments

via pionline.com, by Hazel Bradford, Pensions&Investments, June 29, 2016, The Government Accountability Office will investigate the investment decisions made by the $17.8 billion Teamsters Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill., an agency official confirmed Wednesday. The investigation was requested June 21 by 10 senators and 41 congressmen, who asked GAO officials to consider several issues, including how the pension fund’s fiduciaries … Continue reading GAO to Investigate Central States’ Investments