Louis C.K. Loses Court Battle With Union Over Pension Plans

The joke may be on comedian Louis C.K. this time around. A judge in New York federal court on Thursday told Louis C.K.’s production company, Pig Newton Inc., that it owed unpaid contributions to union-affiliated benefit plans for the star’s work editing his Louie series on FX. Louis C.K., a celebrity comedian, who’s real name is Louis Szekely, is Pig Newton’s sole owner, and the company employs him and Louie’s cast and crew under a collective bargaining agreements with Read more [...]

“Unconstitutional” Pension Reform Ruling Places Illinois In Fiscal Straightjacket

On Friday afternoon, Judge Jon Belz of the 7th Judicial Circuit Court in Sangamon county Illinois declared unconstitutional the pension reform that was signed into law in December 2013 (click here to read entire ruling).  If left to stand by the Illinois Supreme Court, this decision will place the State [...] Forbes - Personal Finance Read more [...]

Is Hobby Lobby Hypocritical Or Just Complying With U.S. Pension Law?

My fellow Forbes contributor Rick Ungar has hit a nerve with his piece entitled “Hobby Lobby Invested In Numerous Abortion And Contraception Products While Claiming Religious Objection.”  Quoting liberally from an earlier report in Mother Jones, Mr. Ungar states that it may be “the most stunning example of hypocrisy in [...] Forbes - Personal Finance Read more [...]

Detroit bankruptcy plan includes deep pension cuts

The blueprint to manage Detroit's $ 18-billion debt asks current and retired city employees to bear the brunt of cost-cutting measures. Unions aren't happy. Detroit's plan to emerge from bankruptcy this year largely hinges on significant cuts to city workers' pensions and retiree health benefits — actions vehemently fought by public employee unions — as well as decreased payments to bondholders, according to a blueprint filed Friday to restructure the city's $ 18-billion debt. Nation - latimes.com Read more [...]

Michigan governor offers pension aid to Detroit, with conditions

Michigan Gov. Rick Snyder wants the state to spend up to $ 350 million to help fund Detroit's pensions if unions agree to stop fighting the city's bankruptcy. Michigan Gov. Rick Snyder is recommending that the state Legislature approve up to $ 350 million to help fund pensions in Detroit, though he repeatedly emphasized that the funds would come with some strings attached, including that labor unions would have to agree to drop their legal challenges to the city's bankruptcy. Nation - latimes.com Read more [...]

Final-salary pension scheme shortfalls stubbornly high, advisers warn

Consultancy says funds hit by low returns from safe-haven assets face added burden from higher inflation expectationsThe shortfalls in final-salary pension funds remain "stubbornly high" at £150bn, despite a surge in stock market values since the financial crash, according to a report.The pensions adviser JLT Employee Benefits says the costs of rising life expectancy, and low returns from safe-haven assets such as government bonds, have offset many of the gains from the growth in share prices.The Read more [...]