April 8, 2005
Gov. Arnold Schwarzenegger's decision to quit trying to privatize the state's public employee pension system may be the most encouraging thing to happen in Sacramento this year. With luck and political will, this concession will lead to negotiation of other Schwarzenegger plans and eliminate the need for a costly and contentious special statewide election this fall.
April 28, 2004 |
Latin America is a recognized leader in social security reform. But lately the golden years there have been anything but. Federal employees across Mexico have staged massive demonstrations to challenge government efforts to ax their pension benefits. Leaders in Brazil and Argentina are under fire from workers angered by cutbacks in their retirement funds. These frictions are cautionary tales for the U.S. as it struggles to fix its stressed Social Security system.
March 31, 2002 |
Two approaches to 401(k) reform are emerging from Congress after months of hearings spurred by the Enron Corp. debacle, which saw thousands of workers lose the bulk of their retirement savings when the energy trader filed for bankruptcy protection. One proposal, which could be voted on by the House next month, encourages more disclosure and investment advice to workers with 401(k) retirement plans.
May 23, 1991 |
Retirement is a long way off for 28-year-old Wallace Miles. So, the lack of a pension plan at the small Los Angeles market where he works does not bother him--yet. "I don't think too much about (a pension) at the moment," said Miles, who manages Papa's Grocery in the Crenshaw district. "Maybe down the road, I will have to have it . . . because it's going to help in the long run."
January 19, 2010
Public employee pensions have made it more difficult for the city of Los Angeles to weather recessions. When the economy falters, so do the investment earnings that keep the pension payments coming to former police officers, sanitation workers and other government retirees. The shortfall is filled out of the city budget, which leaves less money to pay for other municipal services. This year, city officials may ask voters to cut back on retiree benefits for newly hired city workers, creating a second tier of pensions.
May 18, 2001 |
A nationwide strike to protest pension reform brought Greece to a standstill Thursday, with banks and businesses closed and tourists blocked from ancient sites or stranded on islands. About 10,000 demonstrators marched outside Parliament during the second mass strike in three weeks. Labor unions strongly oppose the Socialist government's plans to overhaul Greece's near-bankrupt pension system.
October 25, 2003 |
Post offices and schools were closed, hundreds of flights were canceled and buses and trains were idled in Italy as millions stayed home to protest government plans to reform the pension system. The general strike was called by Italy's three largest unions, which also organized about 100 demonstrations in piazzas across the country.
January 24, 2011
This state doesn't fly Re "Boeing to lay off 900 at C-17 plant," Jan. 20 I found myself sad and angry reading the article concerning layoffs at Boeing's Long Beach factory. I remember that when I entered the Southern California aerospace industry in 1952, business was booming and jobs were plentiful. When I retired in 2005, aerospace was virtually dead in the region. The main reason for the decline relative to other states is the cost of doing business in California.
February 16, 1994 |
After five hours of sometimes angry debate, the Los Angeles County Board of Supervisors on Tuesday approved a watered-down pension reform plan that allows most senior county officials to continue receiving unusually high retirement benefits. The vote was a partial but disappointing victory for Supervisor Gloria Molina, who waged a two-year battle to rescind pension rules that boosted the retirement pay of senior county officials by 20% at a cost to taxpayers of more than $400 million.
November 2, 1997 |
Prime Minister Romano Prodi sealed an accord with union leaders on pension reform Saturday, hailing it as a "historic" deal that will clinch Italy's membership in Europe's single currency. The accord, which Prodi confirmed will trim about $2.4 billion from the state pensions bill next year, is part of overall welfare reforms that economists consider vital to Italy's hopes of joining European monetary union. The reforms "certainly will be sufficient for our European partners.