The Pension Benefit Guaranty Corp. has assumed control of seven pension plans covering workers and retirees of the Chicago Sun-Times newspaper, a move which is expected to cost the pension guarantor some $49 million. Get the full story »
Inside these posts: Pensions
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EU chief calls for 70 as retirement age
The European Union’s executive says Europeans should not retire before 70 to save cash-strapped state pension funds.
In a paper to be published Wednesday, the European Commission says four workers’ contributions to state pensions help support two retirees. Get the full story »
Source: GM plans to file IPO in mid-August
General Motors Co. plans to file its initial public offering in mid-August, a source familiar with the situation said Friday.
General Motors is also in talks with banks for a revolving line of credit worth $5 billion. Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley each have agreed to provide $500 million worth of credit. Get the full story »
U.S. states face hurdles in cutting worker benefits
Reuters | U.S. state governors working to close yawning deficits are again eyeing a tempting target — the billions of dollars in benefits and wage hikes that public workers won in boom times.
So far, they have achieved only limited success due to ironclad union contracts, federal and state constitutional protections and lawsuits filed by public workers and others.
The stakes are high. All 50 states have a collective $1 trillion shortfall in their retirement funds, says the Pew Center on the States in Washington.
