June 11, 1985 |
United Airlines, facing losses from its strike by 5,000 pilots, announced Monday that it will terminate the pension plans covering its pre-strike work force to recapture nearly $1 billion in excess pension fund assets. United officials described the action as unrelated to the 25-day-old strike and said they would immediately create a new pension plan for "current" employees.
April 5, 1985 |
A proposal to cut $4 billion from the $18.2 billion that the Defense Department plans to pay into its pension fund next year was introduced Thursday by House Armed Services Committee Chairman Les Aspin (D-Wis.). But, instead of spelling out how military retirement benefits would be cut, Aspin's plan would require the Defense Department to propose legislation designed to save the $4 billion. He recommended that the Pentagon leave untouched the benefits of today's 1.
April 14, 2000 |
The chief investment officer of the nation's third-largest public pension fund, the California State Teachers' Retirement System, has tendered his resignation, effective July 15. The pension fund said late Thursday that Patrick Mitchell will leave to pursue other opportunities. Under Mitchell's direction, the investment portfolio grew from $74.8 billion in June 1997 to $113.6 billion by March 31 of this year, the pension fund said in a statement. The fund posted an 18.
May 11, 2005 |
Pension-fund giant TIAA-CREF on Tuesday said its chief financial officer, Elizabeth Monrad, is taking an unpaid leave of absence after receiving word from regulators that she may face charges stemming from her previous work at one of Berkshire Hathaway Inc.'s insurance companies. Monrad, who asked for the leave, received a so-called Wells notice from the Securities and Exchange Commission, a sign that she is likely to face charges of violating securities law.
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.
March 31, 2007 |
San Diego County's pension fund has sued Amaranth Advisors over losses from the investment firm's collapse last year after a series of disastrous natural-gas trades. The San Diego County Retirement Assn. said Amaranth's failure stemmed from "excessive and unbridled speculation" that was contrary to promises that its investments would be diversified and risk-controlled. The lawsuit, filed Thursday in U.S.
May 1, 1998 |
Three years after risky investments sent Orange County spiraling into bankruptcy, extraordinary returns from Wall Street have unexpectedly pumped an extra $220 million into the county pension fund. The windfall means that 6,800 of the county's retirees will get a lump-sum payout that is twice what they were expecting--if the Orange County Retirement System's board votes to disburse the funds at its meeting Monday.
March 16, 2002 |
Dissident Hewlett-Packard Co. director Walter Hewlett gained ground in his bid to scuttle the Compaq Computer Corp. acquisition, as four state pension funds said they would vote against the Palo Alto computer company's proposed deal. Officials for the New York State Teachers' Retirement Fund, the New York State Common Retirement Fund, the State of Michigan Retirement Systems and the Public Employees' Retirement Assn. of Colorado said they planned to vote their 15.
June 9, 1992 |
The Supreme Court agreed to decide whether employers can contribute property instead of cash to meet funding obligations for pension plans that cover 40 million American workers. The court will study arguments by an Alexandria, Va., real estate agent that such pension-fund contributions don't have to be in cash. In 1984 Dallas C. Wood created a pension plan in which he was the sole participant.
December 1, 1992
A major pension fund has cut its stake in Calabasas-based Xircom Inc. by about 154,200 shares. Between Nov. 2 and 9, the State of Wisconsin Investment Board, which manages funds for Wisconsin state employees, sold off about 1% of its holdings in Xircom and now owns 7.6% of the firm, or 1.1 million common shares. The divested shares were sold for $9 to $9.50 each.