25 02, 2021

COVID-19 Relief Bill Could Rescue Union Retirees’ Pensions

2021-02-25T14:42:15-08:00February 25th, 2021|Categories: Economy, Pension Funding|Tags: , , |

The COVID-19 pandemic relief legislation set for a vote this week in the House contains a provision to save struggling union pension plans that experts say has a good shot at passing, forecasting a possible end to a $65 billion funding crisis that threatens one million retirees' pensions. The American Rescue Plan, which cleared the House Budget Committee on Monday, would provide direct assistance to roughly 200 financially struggling union pension plans through the federal government's safety net for [...]

22 02, 2021

Prospects Brighten for Much Needed Pension Rescue Bill as It Heads to House Floor Vote

2021-02-22T13:45:51-08:00February 22nd, 2021|Categories: Pension Funding|Tags: , , |

The House Ways and Means Committee significantly boosted the prospect for passage of much needed pension relief that would protect the hard-earned and promised benefits of active and retired truck drivers, nurses and health care workers, plumbers and construction trade workers – people who we now recognize and honor as America’s essential workers in this time of crisis. On February 12, the Committee “marked up” and voted in favor of the Butch Lewis Emergency Pension Plan Relief Act of [...]

18 02, 2021

Landmark Pension Schemes Bill receives Royal Assent

2021-02-18T10:31:53-08:00February 18th, 2021|Categories: Pension Funding|Tags: , |

The Pension Schemes Bill has been granted Royal Assent today, ushering in major changes to pension schemes aimed at providing greater protection for members. The move sees the Bill become the Pensions Schemes Act, almost three years after it was first mooted in response to the BHS and Carillion pension scheme scandals, which slashed the value of thousands of workers’ pensions at both organisations. Announcing the enactment, minister for pensions Guy Opperman, said “This is a historic day for [...]

18 02, 2021

Democrats’ Coronavirus Relief Plan Could Save The Pensions Of 1 Million People

2021-02-18T10:30:11-08:00February 18th, 2021|Categories: Pension Funding|Tags: , |

Retirement experts have been warning for years that more than 1 million workers and retirees could lose their pensions if Congress doesn’t act. Now help from Washington might finally arrive, thanks to an unlikely legislative opening provided by the pandemic. Congressional Democrats are moving a $1.9 trillion coronavirus relief plan through a process known as budget reconciliation, hoping to send it to President Joe Biden’s desk this month. A proposal to shore up troubled pension plans and the federal [...]

18 02, 2021

Employees want climate change pensions information

2021-02-18T10:27:10-08:00February 18th, 2021|Categories: Economy, Pension Funding|Tags: |

Research by workplace savings fintech Cushon has revealed employees overwhelmingly worry about whether their pensions are invested in firms that contribute to climate change – but still feel uninformed about it. The study found 84% of respondents are concerned about climate change and 69% are worried their company pension could be investing in businesses that are contributing to it. But according to the research, 99.5% of employees have no idea about the scale of carbon emitted as a result [...]

9 02, 2021

Rep. Neal Introduces DB Plan Relief Bill

2021-02-09T14:36:19-08:00February 9th, 2021|Categories: Pension Funding|Tags: |

House Ways and Means Committee Chairman Richard Neal, D-Massachusetts, has introduced the Emergency Pension Plan Relief Act of 2021 (EPPRA). The bill includes provisions designed to address the worsening multiemployer pension crisis. According to Neal, it is a standalone version of a provision from the House-passed Heroes Act. It also contains long-expected proposals for single-employer defined benefit (DB) plan funding relief. “The COVID-19 economic downturn has only worsened the multiemployer pension crisis and increased the urgency with which we must [...]

16 11, 2020

As public pension costs soar, some Southern California agencies turn to controversial borrowing to fill deep holes

2020-11-16T09:55:34-08:00November 16th, 2020|Categories: Pension Funding|Tags: , , , |

The little agency responsible for killing mosquitoes and rats in the Coachella Valley will see its bill for worker pensions nearly triple over just four years. Payments will also nearly triple for Cal-OPTIMA, Orange County’s health care system for low-income people, seniors and those with disabilities, as well as for the Los Angeles Memorial Coliseum Commission, the folks who bring events to the historic stadium in Exposition Park. They’ll more than double for the Orange County Transportation Authority, which [...]

6 11, 2020

51% likely to review or reduce pension contributions due to Covid-19 pandemic

2020-11-06T11:39:36-08:00November 6th, 2020|Categories: Pension Funding|Tags: , |

Approximately half (51%) of UK savers are likely to review or reduce pension contributions in favour of short-term saving or debt reduction or elimination as a result of the Covid-19 (Coronavirus) pandemic, according to research by BlackRock. Its Defined contribution (DC) pulse survey, which surveyed 1,000 UK savers, also found that 76% agree that they need to be more careful about their financial future, although a further 44% see retirement saving as important. However, more than half (51%) said [...]

6 11, 2020

10 Ways to Close Public Pension Funding Gaps

2020-11-06T11:25:39-08:00November 6th, 2020|Categories: Pension Funding|Tags: |

The best way to close public pension funding gaps, according to the National Conference on Public Employee Retirement Systems (NCPERS), is to reform state and local revenue systems and close tax loopholes. “But that is a long road, and it is beyond the scope of responsibilities of pension trustees and administrators,” NCPERS said in a recent research paper called “Ten Ways to Close Public Pension Funding Gaps.” “However, we can help ensure that state and local governments are looking [...]

14 10, 2020

New York Times inks deal to transfer $235 million in pension liabilities

2020-10-14T11:33:16-07:00October 14th, 2020|Categories: Pension Funding|Tags: , |

New York Times Co., New York, entered into an agreement with Massachusetts Mutual Life Insurance Co. to purchase a group annuity contract to transfer about $235 million in U.S. pension plan liabilities. The contract will transfer the benefit payment responsibilities for about 1,850 retirees and beneficiaries in the New York Times Cos. Pension Plan to MassMutual, according to an 8-K filing Tuesday with the SEC. The transaction, which the company expects to finalize in early 2021, will be funded [...]

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