Pensions Vex as Ranks of Retired Partners Grow

The funding of pension plans remains problematic for many employers, and on June 17 the federal government named well-known attorney and mediation maven Kenneth Feinberg to supervise a new program that allows some pension funds to cut retiree benefits.

Standard & Poor’s released a report June 18 saying that public pensions are in a state of transition as some states and municipalities have enacted reforms to address shortfalls while others lag behind.

Despite the continued attention on public and private retirement plans, lucrative law firm pensions afforded to retired equity partners have largely been overlooked. But with annual benefits at ...