Pension Plan Lawsuit

New York Transit Worker Pension Plans Sue Over Fund Mismanagement

New York’s Metropolitan Transportation Authority (MTA) Defined Benefit Pension Plan Master Trust, Manhattan and Bronx Surface Transit Operating Authority Pension Plan and MTA Other Post-Employment Benefit Plan have filed a lawsuit against Allianz Global Investors U.S. alleging mismanagement of an AllianzGI Structured Alpha (SA) fund caused “astonishing” losses.

Uh oh.

China has won AI battle with U.S., Pentagon’s ex-software chief says

(Recasts headline, adds U.S. comment) LONDON, Oct 11 (Reuters) – China has won the artificial intelligence battle with the United States and is heading towards global dominance because of its technological advances, the Pentagon’s former software chief told the Financial Times.

Inflation

Producer inflation accelerated in August, as wholesale prices rose record 8.3% from a year ago

Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, the Labor Department reported Friday. The producer price index accelerated 0.7% for the month, above the 0.6% Dow Jones estimate.

Surprise, Surprise…

Social Security won’t be able to pay full benefits by 2034

Social Security will have to cut benefits by 2034 if Congress does nothing to address the program’s long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.

A Recent Opinion…

The Baby Boomer Bond Dilemma

U.S. Treasuries have been the bonds of choice for safe retirement income. But they could deliver no real return for the next decade. Today’s record low bond yields could not come at a worse time for many baby boomers. Owning U.S.

Inflation Projections Revised

White House More Than Doubles Its Inflation Forecast in New Update

WASHINGTON-The White House more than doubled its forecast for annual inflation in new projections released Friday, as supply chain disruptions stemming from the Covid-19 pandemic continue to put upward pressure on prices. The Office of Management and Budget said it expects consumer prices will rise 4.8% in the fourth quarter from a year earlier, up sharply from the 2% rise that the Biden administration forecast in May.