From Alaska to Florida, America’s state and local governments have long been pushing their workers out of pensions into 401(k)-type retirement plans in response to looming budget deficits—misleadingly claiming the retirement benefits are comparable. Nearly two decades later, state workers have awakened to discover they were hoodwinked by their employers and retained financial advisors. Warnings that 401(k)-style plans provide significantly smaller benefits than pensions should have been heeded.

Shares of Accel Entertainment (ACEL) bucked today’s selling trend, rising more than 2% on solid Q4 results reported by the company last night. Indeed, boosted by contributions from its June 2022 acquisition of Century Gaming, Inc. and solid same-store sales growth of 6% in its primary market of Illinois, net revenues for the period climbed 44.6% from the prior year to $278.1 million and came in $2.6 million ahead of the consensus forecast. And with the company also continuing to do an excellent job being more efficient with its resources in light of the higher costs of labor, parts and fuel it has been facing, adjusted earnings were up 27.8% to 23 cents per share, which was also a penny better than anticipated.

Luxfer Holdings (LXFR) reported a solid end to 2022 with net sales in the final quarter climbing 18.2% year-over-year to $116.7 million. That comfortably exceeded the $101.3 million consensus view and was driven by the best volume performances of the year from both the company’s Elektron and Gas Cylinders businesses. And with a lower tax rate helping to limit the ongoing negative impact on margins from inflation-driven input cost increases continuing to outpace its own pricing actions, growth-related headcount increases and some adverse production variances, adjusted earnings from continuing operations grew by 11% to 31 cents per share, which were in line with what analysts were expecting.

Dispatches from Ukraine. Day 371.