Pensions

President Bush signed legislation Tuesday that frees businesses from having to pump billions into pension plans in the coming year, another sign of the nation's deepening economic crisis. The legislation has been a priority of business groups, which contend that some companies will have to freeze pension plans, lay off workers or even file for bankruptcy without the relief. Congress approved the bill this month in one of its final acts of the year.

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.

With disgraced ex-California Rep. Randy "Duke" Cunningham eligible to collect a congressional pension from behind bars, the Senate on Friday voted to deny taxpayer-funded retirement benefits to lawmakers convicted in the future of serious ethics offenses.

A federal agency said Friday that it had taken responsibility for pension plans covering nearly 900 workers and retirees of Kaiser Aluminum & Chemical Co. The Pension Benefit Guaranty Corp., which insures private defined benefit pension plans, estimated that the four pension plans had combined assets of $20.1 million to cover promised benefits totaling $29.6 million. The agency said it would be liable for $2.7 million of the $9.5-million shortfall. Kaiser Aluminum & Chemical Co.

The California Public Employees' Retirement System may begin managing retirement money for people who aren't public workers, putting it in competition with private mutual fund companies such as Fidelity Investments and Vanguard Group. The largest U.S. public pension fund is considering a plan to expand by selling some mutual-fund-type products to private employers and investors in California as a way to generate fees, said Russell Read, the fund's chief investment officer.

Former Rep. Randy "Duke" Cunningham has been gone from Congress for more than a year, but his criminal acts loomed large Tuesday in the chamber where he once served: His former colleagues voted unanimously to deny taxpayer-funded pensions in the future to lawmakers turned felons. The measure, which the former GOP lawmaker from Rancho Santa Fe once supported, won't affect him or any other legislator already convicted of a crime -- including ex-Rep.

Although out of office for two months, former Assemblyman Keith Richman is still sounding the alarm about the "ticking time bomb" effect of public employee pensions, calling it the greatest fiscal issue facing the state. Richman told a group of Ventura County taxpayers advocates Tuesday that unless changes are made, the pension debt will overwhelm the state's ability to fund higher education, build roads and develop technology.

They played for such teams as the Providence Steamrollers, the Tri-Cities Blackhawks and the pre-NBA Boston Celtics. Many of them put their education or career on hold during World War II. Yet, when the NBA created its pension in 1965, the plan locked out many players who had helped to build the foundation for the modern-day riches enjoyed by team owners and players.

Baseball has been very good to Larry Dierker. The right-hander tossed a no-hitter late in his 14-year career with the Houston Astros before moving to the broadcast booth and eventually becoming the team's manager. He also wrote books, newspaper columns and a blog about the game.

Goodyear Tire & Rubber Co. said it would scrap its pension program for current workers and raise retiree healthcare payments to save as much as $90 million annually. In 2009, Goodyear will replace defined-benefit pension plans with 401(k) programs with matching contributions. Corporate salaried and retail store retirees will pay more for health benefits beginning next year, and some insurance benefits will be canceled, Akron, Ohio-based Goodyear said.