Pension

Battling the Oil Giant: Texas Judge Rules in Favor of 7,000 BP Retirees in Pension Dispute

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Houston, Texas—A federal judge in Texas has ruled in favor of more than 7,000 BP retirees who claimed that the energy company interfered with their pension plans and shortchanged their retirement benefits. The judge’s decision comes after a lengthy legal battle between the retirees and BP, and could have significant financial implications for the oil giant. The retirees alleged that BP manipulated their pension plans, resulting in lower retirement benefits than what they were entitled to. The class-action lawsuit, which was filed in 2019, accused BP of violating federal pension laws and breaching its fiduciary … Read more

Kansas Senate Votes to Increase Death Benefit and Expand Pension System Investments in Alternative Assets

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In Topeka, Kansas, the state Senate has voted to increase the lump-sum death payment for retirees in the Kansas Public Employee Retirement System (KPERS), as well as raise the maximum amount of the pension system’s portfolio tied to alternative private equity or infrastructure investments. The Senate voted 25-14 in favor of Senate Bill 172, which would raise the death benefit to $6,000 from the current $4,000. The cost of this adjustment over a 20-year period is estimated to be $108 million, to be covered by KPERS contributions and investment income. The death benefit has not … Read more