The California State Teachers’ Retirement System cut payments to a former San Francisco Bay Area superintendent after concluding that a $61,000 raise in his final year of work was intended to boost his pension.
Timken Co., the bearings maker that trades at the lowest earnings multiple among its peers, is costing shareholders the chance to recoup $1.3 billion in market value lost this year by not spinning off its steel unit.
California Governor Jerry Brown unveiled a sweeping package of changes to the biggest U.S. public-employee pensions that would shunt new workers into a hybrid of conventional and 401(k)-style coverage to lower costs.
Congressional Republicans are using scare tactics to push a bill blocking bailouts of state pensions as a way to undermine government unions, said John Stanton , a lawyer for the California State Teachers’ Retirement System.
Rockrose Development Corp. is in negotiations to buy a midtown Manhattan office tower from Larry Silverstein and the California State Teachers’ Retirement System for $370 million, a person with knowledge of the talks said.
A partnership that includes New York developer Larry Silverstein agreed to sell 575 Lexington Ave., a midtown Manhattan office tower that had been threatened with foreclosure, to Normandy Real Estate Partners LLC and New York Life Insurance Co., said two people with knowledge of the deal.
AEG Worldwide, responding to Los Angeles officials, cut the amount of municipal bonds it wants the city to issue to build a convention center addition and make way for a proposed $1 billion football stadium.