Euro-area finance ministers may not make a decision on unlocking funds for Greece until late November as they await a full report on the country’s compliance with the terms of its bailout, a European Union official said.
Finance chiefs won’t make the call to release 31.5 billion euros ($40.1 billion) of aid for Greece that has been frozen since June when they meet in Brussels on Nov. 12, the official said [...]
DETROIT (Reuters) – General Motors Co will cut nearly a quarter of its U.S. pension obligation by transferring the management of its pension plans for 118,000 white-collar retirees to a third party and offering lump-sum buyouts.
The two moves unveiled on Friday will cut $26 billion from the automaker’s massive U.S. pension liability of nearly $109 billion. GM’s pension overhang is a top concern for investors. It was one of a handful [...]
The hole in the pension plans of US labour unions now stands at $369bnCredit Suisse has calculated with the aid of new reporting standards. This raises the prospect of higher pension contributions for employers and deteriorating industrial relations.
Multi-employer pension schemes, managed by trade unions on behalf of members working for many different employers, are now just 52 per cent funded, the bank calculates with m ost of the burden to close this gap [...]
The federal government is understating the liability for its employee pension plans by $80-billion because it does not use “real world” investment returns in its calculation, a new report says.
A C.D. Howe Institute study has concluded that the federal liability for pension plans now totals $227-billion, which is $80-billion more than the government reports in its Public Accounts.
“Ottawa’s calculations do not reflect investment returns available in the real world,” says co-author William Robson, chief executive [...]
.. Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwesternâ€™s Kellogg School of Management recently calculated the combined pension liability for all 50 U.S. states. What they found was that the 50 states are collectively facing $5.17 trillion in pension obligations, but they only have $1.94 trillion set aside in state pension funds. That is a difference of 3.2 trillion dollars. So where in the [...]
1) Pittsburgh pension liability grows
“The Pittsburgh pension fund’s unfunded liability grew 2.4 percent during the last quarter, to about $696.6 million, according to figures released today.
Since Dec. 31, the plan’s assets increased from $287.5 million to about $293 million.
However, the fund’s liability has topped $989.5 million, according to the latest calculation, performed in 2009.
The fund was 29.6 percent funded March 31, down from 32 percent Dec. [...]