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 [...]

10 01, 2020

Canadian pensions ‘envy of the world,’ OMERS chief says; Fund handles retirement of almost half a million active, retired employees

2020-01-10T14:09:13-08:00January 10th, 2020|Categories: Retirement|Tags: , , |

The new head of Ontario Municipal Employment Retirement System is feeling pretty confident about the pension fund's ability to find pockets of value this year. "The Canadian pension plans are the envy of the world in so many ways," Blake Hutcheson said in an interview with BNN Bloomberg. "It's been made OK to own platforms and buy and scale companies, giving us tremendous competitive advantage. It's been made OK to put teams together and pay them properly to compete [...]

10 01, 2020

At the Heart of France’s Long Strikes, a Fight Between the Haves and the Have-Nots

2020-01-10T14:05:06-08:00January 10th, 2020|Categories: Pension Reform|Tags: |

A bright red tapestry featuring the Cuban revolutionary Che Guevara over the words “Onward toward victory!” exhorts strikers not to give up, in the union’s dingy local headquarters. Outside, the local’s boss shouted through a megaphone at the Gare de Lyon train station: “The rich should never forget: There will always be the sweat of the poor on their money!” The transportation strike against the French government’s pension overhaul plan is already the longest in the country’s history. As [...]

10 01, 2020

Pensions Schemes Bill introduced to House of Lords

2020-01-10T09:00:00-08:00January 10th, 2020|Categories: Pension Reform|Tags: , |

The Pensions Schemes Bill, originally confirmed in the Queen’s Speech on 14 October 2019, and reintroduced on 19 December 2019, has been introduced to the House of Lords this week. The Commons Library Briefing, published on 7 January 2020, stated that the introduction of the Pensions Schemes Bill, which will replace the Pension Schemes Act 2015, reflects the fact that the UK workplace pensions framework enables employers to offer only either defined benefit (DB) or defined contribution (DC) schemes. [...]

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 [...]

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