In the Region
N.J. pension savings seen in 2018
One of the nation's top credit-rating firms, Moody's Investors Service, said pension legislation signed by Gov. Christie on Tuesday would not result in material savings until 2018. Still, "the reforms are a critical step in managing the state's long-term liabilities," said Moody's vice president Baye Larsen, author of a report on New Jersey health and pension reform. The state faces $37.1 billion in unfunded liability in its pension system, making it the seventh-lowest-funded state system in the nation, Moody's said. - Bob Fernandez
Brokerage to buy back securities
Pennsylvania, six other states, and the federal government won an auction-rate securities settlement of about $300 million from Raymond James Financial Inc. The St. Petersburg, Fla., firm agreed to pay 100 percent of what investors paid for the securities, but it neither admitted nor denied allegations of dishonest or unethical conduct. Two company units were accused in part of falsely describing the investments as "cash equivalents," "the same as cash," and "highly liquid." They were none of those, Florida securities official Frank Widmann said. - AP