June 18, 2013 |
A pension fund for priests cited as a priority in a $200 million fund-raising campaign by the Archdiocese of Philadelphia has fallen precariously short of money, and church officials want parishes and retired clergy to help cover the shortfall. In meetings this spring, Archbishop Charles J. Chaput told priests the plan had been underfunded, poorly managed, and was spent on rising health-care costs for clergy, according to three priests who attended or were briefed on the talks. Chaput said the fund needed $90 million to be solvent but had less than $4.5 million, they said.
June 2, 2013
Each spring, dutiful shareholders fill out their proxy ballots to vote on a variety of corporate governance matters, including the election of directors. The votes are invariably lopsided affairs with shareholders, led by institutional investors such as mutual fund firms and pension funds, tending to rubber-stamp the candidates favored by the company. But on rare occasions, shareholders show their displeasure with a candidate by checking the "withhold" or "against" box more times than the "for" box. That happened to two directors at the May 28 annual meeting of Healthcare Services Group Inc., the Bensalem-based provider of housekeeping, laundry, and other services to nursing homes, retirement complexes, and hospitals.
May 15, 2013 |
Just as voters find it hard to muster enthusiasm for local elections in the year after a presidential election, shareholder activists seem to be subdued in the current annual shareholder meeting season. The meeting that tends to attract the most attention locally is Comcast Corp. The Center City-based cable TV and Internet service provider will hold its meeting in the Perelman Theater at the Kimmel Center for the Performing Arts at 9 a.m. Wednesday. But this year's proxy statement contains just two shareholder-sponsored proposals, compared with four in 2012.
April 28, 2013 |
Pension funds are probably not among the top five worries for most nonprofit hospital executives, but a Standard & Poor's report this week showed a trend that could be trouble for financially struggling hospitals. The pension funds in the S&P study had, on average, 69.4 percent of the money they needed to meet their pension obligations in fiscal 2012, down from 72.6 percent the year before and 90 percent in 2007. Most of last year's drop was caused by a decline in the rate used to adjust future obligations for the expected growth in investment values, the S&P said.
March 3, 2013
Gov. Christie's $32.9 billion budget shows sincere concern for New Jersey's most vulnerable citizens and continues his efforts to stabilize finances, but it disappoints on the environment and education. Christie swallowed his partisan pride and agreed to expand Medicaid, offered new housing for the disabled, and bolstered his efforts to treat, rather than incarcerate, nonviolent drug offenders. But the governor needs to push his compassion up a notch by restoring the earned income tax credit for low-income workers and agreeing to increase the state's minimum wage by more than the dollar he proposed.
February 17, 2013
In the Region Philly airport gets state cash Philadelphia International Airport said Friday that it has been awarded a $5.1 million state grant to make upgrades to airport mechanical facilities and airfield taxiways. Gov. Corbett announced the grants to 10 Pennsylvania airports for safety enhancements and improvements. The funds, approved by the State Transportation Commission, came from the Pennsylvania capital budget. - Linda Loyd AARP opposes utility plan AARP Pennsylvania announced it will oppose changes approved Thursday by a unanimous Pennsylvania Public Utility Commission that it says will make default electricity service more volatile and costly.
February 9, 2013 |
Philadelphia schools and the municipal pension fund would get at least $2 million a year if Penn National Gaming Inc. succeeds in its bid to build a South Philadelphia casino, Steve Snyder, senior vice president of corporate development, told City Council on Thursday. For the first time, officials of the Wyomissing, Pa., gaming company publicly spelled out its unique casino proposal - one of six under consideration by the state's Gaming Control Board for the city's second gaming license.
February 8, 2013 |
Philadelphia schools and the municipal pension fund would get at least $2 million a year if Penn National Gaming Inc. succeeds in its bid to build a South Philadelphia casino, Steve Snyder, senior vice president of corporate development told City Council members Thursday. For the first time, officials for the Wyomissing, Pa. gaming company publicly spelled out its unique casino proposal - one of six now under consideration by the state's Gaming Control Board for the city's second gaming license.
February 4, 2013
Politics becomes amusing when liberalism becomes theatrical with high-minded gestures. Chicago's government, which is not normally known for elevated thinking, is feeling so morally upright and financially flush that it proposes to rise above the banal business of maximizing the value of its employees' and retirees' pension-fund assets. Although seven funds have cumulative unfunded liabilities of $25 billion, Chicago will sacrifice the growth of those assets to the striking of a political pose so pure it is untainted by practicality.