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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 [...] by Gary .. Robert Novy-Marx of the University of Chicago and Joshua D. Rauh of Northwestern’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. [...] |
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