Given the steep plunge in Tesla shares this year, the AFT president is urging money managers to “safeguard retirement assets” and urgently review their current holdings in electric carmaker Tesla, which is a target of political protests amid growing animosity for the brand.
Retirees claim that AT&T selected a "risky" insurer to conduct the $8.05 billion transfer of plan assets, but the company claims it is not responsible for a decision made by its independent fiduciary.
A House Committee alleges the PBGC allowed over $127 million to flow to deceased pension-plan participants; the PBGC asserts funds were not "improperly" paid.
The conglomerate announced its plan to halt pensions for non-union workers shortly after IBM's announcement that it will resurrect defined-benefit plans.
Private pension funds are not as fragile as state and municipal pensions because they have tighter regulatory rules that govern their accounting and contribution rate requirements, according to Equable Institute.
