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 [...]

3 04, 2020

UN PRI COVID-19 signatory update

2020-04-03T15:08:25-07:00April 3rd, 2020|Categories: Socially Responsible Investment|Tags: , |

Over the past month at PRI we have been hard at work contingency planning, reshaping our organisational strategy and ways of working in response to the Covid-19 crisis, as I’m sure many of you have also been doing. We’ve been seeking firstly to ensure the health and safety of all our global staff, but importantly also putting plans in place to enable us to continue to deliver on our commitments to you wherever we can. More than that, we’ve [...]

26 03, 2020

Denmark’s Idea Could Help the World Avoid a Great Depression

2020-03-26T08:46:10-07:00March 26th, 2020|Categories: Economy|Tags: , |

While the White House and lawmakers haggle over the terms of an emergency economic-stabilization package, Denmark has gone big—very, very big—to defeat the unprecedented challenge of the coronavirus. This week, the Danish government told private companies hit by the effects of the pandemic that it would pay 75 percent of their employees’ salaries to avoid mass layoffs. The plan could require the government to spend as much as 13 percent of the national economy in three months. That is [...]

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 [...]

6 03, 2020

Safeway, Giant agree to guarantee pension payments for UFCW members

2020-03-06T09:19:36-08:00March 6th, 2020|Categories: Defined Benefit Plans|Tags: , , |

Members of two United Food & Commercial Workers locals in the Washington region reached a collective bargaining agreement with Safeway Inc. on Wednesday that guarantees full funding of pension benefits for current employees and retirees. A similar agreement was also reached with Giant Food of Maryland, which in February reached a tentative agreement. Union officials said that the more contentious Safeway agreement, ratified by local members hours before a planned strike, was one of very few agreements guaranteeing pensions. [...]

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 [...]

2 03, 2020

France invokes clause to push through pension reform

2020-03-02T15:00:13-08:00March 2nd, 2020|Categories: Pension Reform|Tags: , |

French Prime Minister Edouard Philippe has said the government invoked a special clause in the country’s Constitution to push through a controversial pension reform plan without a parliamentary vote. Speaking at the Lower House of Parliament, Philippe on Saturday announced his decision to use Article 49-3 to make into law the government’s pension reform bill, reports Xinhua news agency. The French goverment has planned to replace the current pension system of 42 regimes by a point-based single one with [...]

18 02, 2020

McClatchy files for Chapter 11 protection while PBGC talks continue

2020-02-18T14:26:36-08:00February 18th, 2020|Categories: Defined Benefit Plans|Tags: , , |

McClatchy Co. filed for voluntary Chapter 11 bankruptcy protection Thursday while it continues to seek support for a reorganization plan from key stakeholders, including the Pension Benefit Guaranty Corp. In its bankruptcy announcement, the company said the goal is to emerge from the process in the next few months after resolving legacy debt and pension obligations. "We are moving with speed and focus to benefit all our stakeholders and our communities," President and CEO Craig Forman said in the [...]

29 01, 2020

Thousands protest as Macron’s government adopts pension reform plan

2020-01-29T08:09:56-08:00January 29th, 2020|Categories: Pension Reform|Tags: |

France’s hardleft trade unions on Friday threatened industrial action for months to come, as they searched for a way to force President Emmanuel Macron to ditch the biggest overhaul of the country’s pension system since World War II. After a brief respite from a seven-week strike that extended over the Christmas period, French unions called for major shutdowns and demonstrations on Friday to show their “determination” to halt Macron’s pension reform plan. The call came as Prime Minister Edouard [...]

15 01, 2020

New Report Finds 40 Percent of Older Americans Rely Solely on Social Security for Retirement Income

2020-01-15T15:05:23-08:00January 15th, 2020|Categories: Retirement|Tags: , |

Only a small percentage of older Americans, seven percent, receive income from Social Security, a defined benefit pension, and a defined contribution account. Retirement income from these three sources is widely considered to be the ideal situation to ensure retirement security, particularly for the middle class. Retirees with these three sources of income are far less likely to face poverty and economic hardship. A new report also finds that a large portion (40 percent) of older Americans rely only [...]

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