Pension

Trade Group Defends General Electric’s Pension Strategy Amid Legal Challenges

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Washington, D.C. – A challenge in court to actions taken by General Electric Co. and other companies, which involves shifting pension responsibilities to different financial entities, has been labeled by industry groups as a legitimate strategy under attack. This pertains to the 2020 initiative by General Electric to transfer over $1.7 billion of pension obligations to subsidiaries of Athene Holding Ltd., a move that has come under scrutiny from retirees. In what is known as pension risk transfers, companies often reassign pension liabilities to insurance companies to manage the financial risk associated with retirees’ pensions. … Read more

Bristol-Myers Squibb and State Street Face Legal Action Over Pension Risk Transfer Deal

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NEW YORK — In a significant legal confrontation, Bristol-Myers Squibb and financial services giant State Street are facing a lawsuit involving complex pension risk transfer strategies. The litigation centers on the claim that these corporations failed to uphold their fiduciary responsibilities in managing their employees’ retirement plans. The legal action, initiated by a group of pension plan participants, alleges that Bristol-Myers Squibb and State Street mishandled their pension strategies, resulting in substantial financial losses for plan members. The participants argue that the firms did not act in the best interests of the plan beneficiaries, thereby … Read more

Nevada County Debates Future of Pension Funding as Grand Jury Raises Concerns

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Nevada City, Calif. — Concerns over the financial sustainability of Nevada County’s pension system were highlighted during a crucial meeting of the Board of Supervisors this week. The discussion, spurred by a report from the County Grand Jury, questioned whether the county could continue to meet its future pension obligations without significant financial restructuring. The Grand Jury report, which casts doubt on the county’s ability to fund pensions in the coming years, suggested that only about 68% of the necessary pension funds are currently available. This sparked a debate over the need for potential new … Read more

Steuben County Clerk Stripped of Pension in Landmark Anti-Corruption Crackdown

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Bath, NY – In a groundbreaking application of state anti-corruption laws, the clerk of Steuben County has been stripped of her pension following a conviction for misconduct, marking a significant enforcement of legislation aimed at curbing unethical behavior among public officials. The former clerk, whose actions have set a precedent in the utilization of these measures, was found guilty of misappropriating government resources for personal gain. The decision not just to impose a traditional penalty but also to revoke her pension highlights a tough stance on corruption and might serve as a deterrent against similar … Read more