Pensions are of critical importance to many American workers.Yet, as municipal, state and federal governments grapple with budget issues, pensions become a costly expenditure. The prevalence of public pensions has resulted in a recent wave of pension reform issues in several cities and states nationwide. The first US public pension fund filed for bankruptcy in early 2012. A pension is a fixed sum payment, received after retirement. Many workers count on their expected pension when making retirement plans, which makes changing any pension scheme complicated. Yet, an aging population and credit crunch make keeping pension programs solvent a big challenge.
On one of the more contentious issues in a state that has almost become a byword for corruption and financial ineptitude, the Illinois public pension plan faces a nearly $97 billion shortfall.
On Tuesday, the California Public Employees Retirement System (CalPERS) voted to sell off its investments in Smith and Wesson Holding Corp. and Sturm Ruger & Co.
Three months ago, legislators in California passed public pension rollbacks. Public employees in the state have heavily denounced the legislation, claiming that they would bring the issue before voters, or.
The Department of Justice has sentenced a New Jersey CPA for his role in a fraud case involving PCI, Ltd and hundreds of millions of dollars.
Most seniors had a stable plan for retirement, be it a pension plan, 401(k), or for the more savvy, savings in a CD or other bonds. With the 2008 credit crash, obviously some of those assets dwindled to near non-existence, or disappeared altogether.
The US is undoubtedly affected by the situation across the Atlantic, and the sentiment about European financial markets plays out on Wall Street. Even indirect effects of the Euro crisis would be severe for American markets and consumers.
