pension Archives - DR News - News, Retirement, Finance

Retirees’ 25% Pension Secure with $5.2 Million Fast-Tracked Bill in CNMI Legislature

Saipan, Northern Mariana Islands – The House of Representatives in the Northern Mariana Islands moved swiftly on Thursday to pass a bill allocating $5.2 million from the Commonwealth Economic Development Authority to cover 25% of government retirees’ pensions. The legislation, known as House Bill 23-104, House Draft 1, received unanimous support from the 14 House members present, with plans for it to be taken up by the Senate. Representative Blas Jonathan T. Attao introduced the …

Pension Fund Performance Soars to Record $55 Billion After Turnaround Under Treasurer Russell

Hartford, Connecticut – The state pension fund’s performance has recently hit an all-time high of $55 billion, as Wall Street continues to achieve record-breaking success. Throughout the 2023 calendar year, the pension funds experienced a notable increase of 12.8%, propelling Connecticut to higher ranks nationally. In a recent study conducted by the Yale School of Management, it was revealed that Connecticut had experienced a significant turnaround from previously being ranked as the second-worst pension fund …

Disney board battle sees US pension fund CalPERS backing Peltz and Rasulo

Sacramento, California – The US pension fund CalPERS has lent its support to Nelson Peltz and Jay Rasulo in their bid for seats on Disney’s board of directors. This backing comes as part of an ongoing battle for control over the entertainment giant’s leadership. CalPERS, one of the largest pension funds in the United States, announced its decision to support Peltz and Rasulo, citing their strategic vision and experience in the industry. The move is …

Pension Perk Push: Senate Republicans Betray Taxpayers in Albany

Albany, New York – State Senate Republicans in Albany recently made a controversial move on Holy Thursday, drawing criticism for potentially increasing costs for state and local employees’ pensions. The state’s taxpayer-guaranteed public-pension system has been a point of contention, with lawmakers in Albany pressing for changes that could impact pension benefits for thousands of employees. The issue stems from the escalating costs of pensions over the years, jumping from under $1 billion in 2000 …

Funding in Cohere Soars to $5 Billion with Canadian Pension Fund PSP Taking the Lead

Toronto, Canada – The Canadian Pension Fund PSP has announced its plan to co-lead the funding round for Cohere, a tech startup, at a valuation of $5 billion. This move represents a significant investment in the growing tech industry, showcasing the fund’s commitment to supporting innovation and entrepreneurship in Canada. Cohere, known for its cutting-edge technology in natural language processing, has been attracting attention from investors for its unique approach to machine learning. With the …

Pension Crisis: NY Lawmakers Push for Billions in Taxpayer-Funded Raises

Albany, New York – State lawmakers in New York are facing scrutiny for their recent decision to increase pensions for public employees, potentially costing taxpayers billions of dollars. The move, approved by both the State Senate and Assembly Democrats, involves changing the pension calculation formula for Tier 6 workers, those hired after 2012, from using the last five years of service to just the last three years. This adjustment is estimated to add $4.4 billion …

State Pension Triple Lock Policy Sparks Generational Resentment and Political Controversy

London, UK – The debate over the state pension in the UK continues to stir controversy, with both the Conservative and Labour parties pledging to maintain the triple lock system in their upcoming manifestos. The triple lock, introduced in 2010, guarantees that pensioners’ entitlements will increase annually based on whichever is highest: inflation, wage growth, or a minimum of 2.5%. This substantial expenditure on state pensions, exceeding £100 billion annually, raises questions about the distribution …

Pension watchdog agency under fire for $127 million in payments to deceased participants

Raleigh, North Carolina – A recent investigation into the handling of pension funds by the Pension Benefit Guaranty Corporation (PBGC) has revealed alarming findings. The probe uncovered that a substantial amount of money, totaling $127 million, was mistakenly paid out to at least 3,479 deceased participants in the Central States Pension Fund. This revelation has sparked outrage and raised questions about the oversight and management of these vital funds. The improper payments were flagged by …

Subpoenaed Federal Agency Impeding Investigation Into $127 Million Teamsters’ Pension Fund Scandal

Washington, D.C. – The House Education and Workforce Committee issued a subpoena to the head of a federal agency for obstructing an investigation into $127 million in payments made to a Teamsters’ pension plan, which included deceased participants. Chairwoman Virginia Foxx (R-NC) took action against Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis after facing resistance in obtaining information about overpayments to 3,479 deceased members of the Central States Pension Fund. The PBGC’s Office of …

Compensation Uncertainty Looms for Women Affected by State Pension Age Change

London, England – A minister’s refusal to confirm government compensation for women affected by the state pension age increase sparks controversy in the UK. The Women Against State Pension Inequality (WASPI) campaign group claims they were not adequately informed about the changes, leading to an ombudsman recommendation of apologies and payouts ranging from £1,000 to £2,950. In response to the ombudsman report, Minister Mel Stride expressed the need for proper consideration of the findings. However, …