July 22, 2009 |
With a state budget agreement at hand, look for Gov. Arnold Schwarzenegger to tackle the state's troubled retirement system. On Tuesday, the country's two biggest public pension funds reported losing almost $100 billion in the fiscal year that ended June 30. And the governor is expected to highlight the new numbers as he renews a campaign to trim the cost of providing lifetime, fixed benefits to hundreds of thousands of government retirees.
January 3, 2007 |
New York's pension funds asked Home Depot Inc., Blockbuster Inc. and Par Pharmaceutical Cos. to let shareholders vote on whether they approved of top executives' pay packages. The formal proposal submitted by New York City Employees' Retirement System trustees, including City Comptroller William C. Thompson Jr. and Mayor Michael R. Bloomberg, would allow investors in the three companies to cast a vote of no confidence in management.
July 8, 2005 |
The California Public Employees' Retirement System and the California State Teachers' Retirement System, the largest and third-largest U.S. pension funds, should oppose CNOOC Ltd.'s bid for Unocal Corp., state Controller Steve Westly said. Westly, who sits on the boards of both funds, sent letters to other members urging them to vote against an acquisition of the El Segundo-based oil company by China's CNOOC. Westly said a union of the two posed a threat to U.S.
June 12, 2004 |
CACI International Inc. is facing growing pressure over the Abu Ghraib prison scandal from California pension funds that own large stakes in the company, prodded by the state's treasurer who says CACI owes shareholders a full explanation. Directors of one of the funds, the California Public Employees' Retirement System, plan to meet Monday to discuss concerns about management controls, training and legal procedures at the Arlington, Va.-based government contractor.
June 12, 1998 |
The California Public Employees' Retirement System and a number of pension funds in New York said they had filed suits against Cendant Corp., alleging the business and consumer services company misled investors about its financial results. In a statement, CalPERS, New York State Common Retirement Fund and several New York City pension funds said the suits were filed in U.S. district courts in New Jersey, Connecticut and Pennsylvania. The funds estimate they have lost $89 million as a result.
February 13, 2000 |
Stock prices are rising in Germany as middle-class Germans, anxious about saving for retirement, get the stockholding habit and foreign pension funds from the United States and other countries pour money into shares of German companies. Stocks of such major companies as Siemens, SAP and Deutsche Telekom have risen more than 100% in the last year.
June 16, 2002 |
The nation's pension funds have lost money in the last two years, and that spells big changes ahead for corporate earnings growth, the stock market and the personal retirement plans of millions of Americans. Corporate pension plans have lost $630 billion since 1999, a 14% decline, according to a new study by Cerulli Associates Inc., a Boston-based research firm.
August 7, 2002 |
New Jersey will sue companies whose misleading financial reports or mismanagement led to losses in the state's $73-billion pension funds, Atty. Gen. David Samson said. The state has identified at least $1 billion in losses that may be due to improper actions by corporations whose stock was held by the funds, the attorney general's office said. The funds have declined 22% over the last two years because of a falling stock market and increased pension payments.
September 7, 1988 |
First Union's Capital Management Group has won a contract to manage $30 million in pension funds for the city of Lake Worth, Fla.'s employee, police and firefighters. The agreement includes all money for the employee and police portfolios, and half the firefighters' fund. First Union operates more than $6 billion in equity, balanced and fixed-income portfolios, including 21 public funds, officials said. First Union National Bank of Florida is a unit of First Union Corp. of Charlotte, N.C.