For every dollar the state's public agencies pay in wages this year, those employers will have to fork over 25 cents on average to CalPERS to cover retiree benefits.
General Electric is freezing its pensions for 20,000 non-union workers and will offer pension buyouts for another 100,000 former employees. GE said the move will save $8 billion, part of a plan to shed some of the company’s considerable debt. The move, from one of America’s most iconic corporations, is just one more step in […]
The fund is short about $26 billion in what it owes to over 500,000 members.
Critics say the new law is unnecessary. They suspect China's state pension fund is running low on money and the government is passing the buck.