Public Pensions Archives - Page 13 of 34 - Pension Policy International

03NovNovember 3, 2022

State and Local Pensions: What Now?

By Alicia H. Munnell In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on...

November 3, 2022

Books, Books, System Characterization, System SustainabilityPension Reform, Public Pensions, US

03NovNovember 3, 2022

Trends in State and Local Pension Funds

By Oliver Giesecke & Joshua D. Rauh Unfunded public pension obligations represent the largest liability for state and local governments in the United States. As of fiscal year 2021, the total reported unfunded liabilities of these plans is $1.076 trillion. In contrast, the market value of the unfunded liability is approximately $6.501 trillion. As a result, the reported funding ratio of 82.5% falls to 43.8% under a market-based valuation. The market values reflect the fact that accrued pension promises are...

November 3, 2022

Articles, Pension design2022, Public Pensions, Public Policy, US

03NovNovember 3, 2022

Chile’s Boric announces plan to end private pension system

Chile’s President Gabriel Boric on Wednesday announced his long-awaited plan to reform the country’s controversial private pension system. In a televised address, Boric said he was planning to end Chile’s Pension Fund Administrators (AFP) system in lieu of a new private-public social security system that would see new contributions from employers and the state. “The AFPs, in this reform, are finished,” Boric said, adding that new private entities would still be allowed to invest pension funds, but there will also be...

November 3, 2022

NewsAdequacy, Chile, Pension Management, Pensions Reform, Private Pensions, Public Pensions

21OctOctober 21, 2022

Ghana. Public Sector Workers warn government not to touch pension funds in debt restructuring

The Forum for Public Sector Associations and Unions has asked the government not to apply a “haircut” to Tier 2 Pension Funds as part of a “probable” debt restructuring programme. The Forum said it had taken note of media reports suggesting that about 94 per cent of Tier 2 Pension contributions placed in government securities might be affected by the said debt restructuring agenda. At a press conference in Accra today, Thursday, October 20, 2022, Mr Isaac Bampoe Addo, Chairman of...

October 21, 2022

NewsGhana, Public Pensions

20OctOctober 20, 2022

Liz Truss commits to triple lock but then resigns as UK’s Prime Minister

The prime minister has resigned after 44 days in the role. In a statement outside 10 Downing Street today (October 20), Liz Truss said: “I came into office at a time of great economic and political instability…I cannot deliver the mandate.” Read also U.K. Pensions Doom Loop May Not Be Over Truss was told to quit by senior Tory members, according to the FT, the day after the home secretary, Suella Braverman, quit the government and used her resignation letter to issue...

October 20, 2022

NewsPublic Pensions, System sustainability, UK

19OctOctober 19, 2022

UK. Pension triple lock at risk as Truss warns of ‘difficult decisions’

Number 10 has refused to commit to the state pension triple lock, after Liz Truss promised to keep the measure just weeks ago. Truss’ spokesperson refused four times to say Truss would uphold the triple lock, which would ensure state pension payments stay in line with inflation next year. New chancellor Jeremy Hunt warned yesterday that public spending is not going to rise by “as much as people hoped” and he today told cabinet ministers to “find efficiencies” in their departments. Hunt...

October 19, 2022

NewsIncome, Public Pensions, UK

29SepSeptember 29, 2022

Pensions in Egypt increased by 50% in recent years: Social solidarity minister

Pensions in Egypt have increased over the past three years by nearly 50 percent, and the minimum pension currently is EGP 916 per individual, Egypt's Minister of Social Solidarity Nevine El-Qabbaj said on Wednesday. El-Qabbaj made the remarks during the launch of the activities of the 6th Arab Pensions Conference that was held under the theme ‘Arab Pensions Outlook 2050 – Change and Opportunity’ in Sharm El-Sheikh. Pension systems play an important role in the Arab world and globally in providing...

September 29, 2022

NewsEgypt, Public Pensions

21SepSeptember 21, 2022

Ireland to increase state pension for those who work beyond 66

Ireland will offer anyone over 66 a higher state pension the longer they stay in work, sidestepping a recommendation by a government-appointed commission to gradually increase the retirement age to 68 to help fund the ageing population. Under the proposed flexible model agreed by ministers on Tuesday, people will have the option from 2024 to continue working up until the age of 70 in return for a higher pension for each additional year they work. The state pension currently stands at...

September 21, 2022

NewsAdequacy, Ireland, Public Pensions, Retirement Age

19SepSeptember 19, 2022

Australia. Millions to get cash boost

Millions of Australians are in for a welcome boost on Tuesday, with Centrelink payments set to rise in response to growing inflation. Centrelink payments will increase on Tuesday for millions of Australians as an indexation increase to match cost of living pressure kicks in. The payment increase is set to be the biggest in 30 years and will benefit aged pensioners, disability support pensioners, carers and those on JobSeeker and Rent Assistance among others. Single parents will receive an extra $35.20 per...

September 19, 2022

NewsAustralia, Public Pensions

19SepSeptember 19, 2022

Protesters in Austria demand high salaries and bigger pensions

Across several Austrian cities people took to the streets to protest the high cost of living. According to workers unions organizing the event, more than 32,000 demonstrators participated on Saturday. "It's really hard for me to afford my apartment with the high gas and electricity prices," university student Alexandra Schwarz told CGTN at Vienna's Schweizergarten. "I can't afford groceries," another young woman added. Among higher salaries and bigger pensions, Austria's unions are demanding solidarity between their employers and the government. Many signs...

September 19, 2022

NewsAustria, Public Pensions

November 2022

State and Local Pensions: What Now?

Trends in State and Local Pension Funds

Chile’s Boric announces plan to end private pension system

October 2022

Ghana. Public Sector Workers warn government not to touch pension funds in debt restructuring

Liz Truss commits to triple lock but then resigns as UK’s Prime Minister

UK. Pension triple lock at risk as Truss warns of ‘difficult decisions’

September 2022

Pensions in Egypt increased by 50% in recent years: Social solidarity minister

Ireland to increase state pension for those who work beyond 66

Australia. Millions to get cash boost

Protesters in Austria demand high salaries and bigger pensions