Investment Instruments

We found that in all 10 states, the total annual cost of corporate subsidies, tax breaks and loopholes exceeds the total current annual pension costs for the main public pension plans administered by the states, a report stated.

The 45-year-old Democrat, a former equities analyst, this month appointed a commission to evaluate how investments are made for North Carolinas $83 billion public pension, the nations 10th largest.

State Streets clients include large investment management firms and pension funds.

An examination by the Securities and Exchange Commission found that pension fund consultants and other advisors were lax in vetting alternative investments.

The American Academy of Actuaries group called on the president, as well as Congress, to vow to ensure the long-term viability of Social Security and Medicare, something that has long been talked about with little to show for all the rhetoric.

Western Asset Management Co., a unit of Legg Mason Inc., will pay more than $21 million to settle charges of defrauding clients.