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 [...]

27 11, 2019

University strike: tens of thousands of staff walk out across UK

2019-11-27T08:17:42-08:00November 27th, 2019|Categories: Pension Reform|Tags: , , |

Universities across the UK are facing widespread disruption after tens of thousands of lecturers and other staff walked out on strike in protest over pay cuts, increased pension costs and deteriorating conditions. Union leaders reported a strong show of support on Monday for the industrial action, which will last eight days and could extend into the new year with a second wave of strikes if staff demands are not met. Pickets had been set up at 60 universities that [...]

7 05, 2018

California’s most powerful voice on Wall Street? Its pensions

2018-05-07T09:40:31-07:00May 7th, 2018|Categories: Defined Benefit Plans|Tags: , |

The fight over public pensions in California is almost exclusively described as a dispute between people worried about tax hikes and public servants wanting to get paid what they were promised. But this is only part of the pension story — one focused on the "liability" side of the balance sheet. What's missing is the "asset" side of that balance sheet. California's worker-centered pensions have played an extraordinarily important role as investors over the last 20 years. Moves to [...]

16 05, 2017

Machinists, IP Martinez Rally with Senators to Protect Pensions

2017-05-16T16:40:32-07:00May 16th, 2017|Categories: Defined Benefit Plans|Tags: , |

Congress needs to act now to save the retirement security provided by pensions, IAM International President Bob Martinez said at a news conference alongside Sens. Bernie Sanders, Tammy Baldwin and Al Franken on Capitol Hill. Martinez was joined by hundreds of Machinists Union members and other allies to promote the Keep Our Pension Promises Act, or KOPPA. The legislation would restore the long-standing rule prohibiting multi-employer pension plans from cutting benefits to current retirees. […]

26 03, 2014

Pension for MLAs changed to shared-risk plan

2014-03-26T21:09:00-07:00March 26th, 2014|Categories: Pension Reform|Tags: , , , |

Premier David Alward has introduced a bill to strip down the pensions of future members of the legislative assembly and move MLAs to a shared-risk system. Under the bill,MLA benefits would be significantly reduced going forward, said Alward. And under the shared-risk model, MLAs and the province would be equally at risk if pension plan investments don’t perform as well as expected. The changes will save taxpayers about $1.3 million annually, Alward said in a statement on Wednesday. […]

25 03, 2014

Financial News Pensions Awards 2014: The shortlist of nominees

2014-03-25T17:29:10-07:00March 25th, 2014|Categories: 401(k), Defined Benefit Plans|Tags: , , , |

Here are the nominees for Financial News’s awards for excellence in pensions. Winners will celebrate at a gala dinner in London on May 14. Best Pension Scheme Governance Aviva Staff Pension Scheme The £11 billion Aviva Staff Pension Scheme has been taking considerable strides in its trustee governance. Sir Ian Prosser, the former chairman and chief executive of Bass/InterContinental Hotels, and also the chairman of the BP Pension Scheme, became chairman of the Aviva scheme in January 2013, and [...]

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