3 08, 2020

California Supreme Court forbids pension spiking, but upholds other retirement protections

2020-08-03T11:59:28-07:00August 3rd, 2020|Categories: Pension Funding|Tags: , |

The California Supreme Court on Thursday ruled against public employee unions that were trying to beat back part of former Gov. Jerry Brown’s pension overhaul law. The court’s ruling prohibits so-called pension spiking, a strategy in which county public workers took extra shifts, worked odd hours at higher pay or cashed out accumulated leave at the end of their careers to inflate their pensions in retirement. The Alameda County Deputy Sheriff’s Association filed a lawsuit in 2012 over Brown’s [...]

9 07, 2020

Pension plans see rebound in second quarter

2020-07-09T14:59:45-07:00July 9th, 2020|Categories: Pension Funding|Tags: , |

The funding status of the largest corporate pension plans in the U.S. have rebounded during the second quarter of 2020, due to improvements in the equity and bond markets, according to Willis Towers Watson data. “The first quarter was a more difficult quarter for the equities,” says Joseph Gamzon, senior director of retirement at Willis Towers Watson, a global advisory, broking and solutions company. “For most pension plan sponsors the combination of the equity markets performing well and the [...]

10 06, 2020

Pandemic Puts More Stress On Struggling Pension System

2020-06-10T14:54:52-07:00June 10th, 2020|Categories: Pension Funding|Tags: |

The coronavirus outbreak has presented daunting challenges for an already-struggling multiemployer pension plan system. It's also amplifying calls for Congress to step up and pass legislation to protect against millions of retirees losing their financial livelihood. More than a hundred multiemployer pension plans covering over a million workers and retirees were on the ropes even before COVID-19 became a household term, and that number could more than double depending on how the pandemic plays out, according to a letter [...]

6 05, 2020

Protecting pensions after coronavirus

2020-05-06T14:49:06-07:00May 6th, 2020|Categories: Pension Funding|Tags: , |

Unions and pension schemes are being supportive of employers struggling with the pandemic. When the recovery starts that support should be repaid. Across the whole economy, employers are under unprecedented strain as they deal with lockdown and economic contraction. Companies with defined benefit pension schemes could face particular short-term pressures, as turmoil in financial markets may increase deficits – the gap between the assets a scheme has and the pensions it must pay – at exactly the time they are [...]

3 04, 2020

Coronavirus Is Making the Public Pension Crisis Even Worse

2020-04-03T15:14:13-07:00April 3rd, 2020|Categories: Pension Funding|Tags: |

For years, the country’s public pension plans have faced a yawning gap between what they owe and what they can pay. From the State of California’s public employees’ retirement plan, with more than 1.6 million participants, to tiny funds for employees of local mosquito-control programs in Illinois, public pensions are the time bomb of government finance. Now the coronavirus pandemic has it ticking faster. Already chronically underfunded, pension programs have taken huge hits to their investment portfolios over the [...]

26 03, 2020

Stimulus deal includes temporary relief for retirement plans

2020-03-26T07:22:31-07:00March 26th, 2020|Categories: Pension Funding|Tags: , , |

The Senate approved on Wednesday a roughly $2 trillion economic stimulus package for affected companies and workers that also provides some temporary relief for retirement plan sponsors and participants. Final approval is expected Friday in the House of Representatives, where House Speaker Nancy Pelosi said Wednesday she expected to debate the measure on the floor. Defined benefit plan sponsors gained a one-year holiday from making their 2020 contributions, but did not get other measures sought, including delayed reporting or [...]

3 03, 2020

Students at UK universities brace for next round of strike action

2020-03-03T14:17:42-08:00March 3rd, 2020|Categories: Pension Funding|Tags: |

Universities in the UK are revving up for the second round of faculty strikes, set to start on Feb 20, 2020 for 14 days as announced by The University and College Union (UCU), which represents both lecturers and non-academic staff. According to the Telegraph, the strike will affect 74 universities in the UK. In November and December last year, UCU members at 60 universities were involved in a strike that lasted for eight days – affecting around one million [...]

27 12, 2019

Congress Saves Coal Miner Pensions, but What About Others?

2019-12-27T15:25:56-08:00December 27th, 2019|Categories: Pension Funding|Tags: , |

The $1.4 trillion spending bill passed by Congress last week quietly achieves what a parade of select committees and coordinating councils could not: rescue a dying pension fund that is the lifeblood of nearly 100,000 retired coal miners. For the first time in 45 years of federal pension law, taxpayer dollars will be used to bail out a fund for workers in the private sector. And now that there’s a precedent, it might not be the last. “We could [...]

23 12, 2019

How do French pensions compare to the rest of Europe?

2019-12-23T10:16:37-08:00December 23rd, 2019|Categories: Pension Funding|Tags: |

Proposals to change the French pension system have provoked mass strikes across France, bringing some parts of the country to a virtual standstill. But just how good do the French have it when it comes to pensions? French unions have called the current strikes in response to a proposal by the government to reform the country's current pension system. The government says its reforms are largely about fairness and transparency - at the moment France has 42 different pension [...]

5 12, 2019

France strikes: Unions protesting pension reform disrupt transport, shutter schools and force Eiffel Tower to close

2019-12-05T16:20:58-08:00December 5th, 2019|Categories: Pension Funding|Tags: , |

Crippling strikes began in France on Thursday in response to President Emmanuel Macron’s plans to overhaul the retirement system. Transport unions led the protests and were joined by air traffic controllers, teachers and health workers. As a result, 90 percent of high-speed TGV trains did not run. The Eurostar train service — connecting Paris, London, Brussels and Amsterdam — announced significant cancellations. Air France and British budget airline easyJet said they were axing flights. Meanwhile, many schools were closed, and [...]

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