Public Pensions Archives - Page 14 of 33 - Pension Policy International

19AugAugust 19, 2022

Iran raises pensions for retired workers by over 38%

The Iranian government has approved a raise in monthly pensions paid to millions of retired workers in the country. Caretaker labor minister Mohammad Hadi Zahedivafa said on Thursday that monthly pensions for retired workers who are on the payroll of Iran’s Social Security Organization (SSO) will rise by 38% plus a fixed monthly handout of 5.15 million rials ($17.5) as of September. The raise will be applied retroactively to pensions paid since the start of the calendar year in March, said...

August 19, 2022

News2022, Iran, Public Pensions

17AugAugust 17, 2022

U.S. $7T Retirement Crisis Is Only Getting Worse

Americans have been warned for years of an impending retirement crisis. Yet the situation is getting worse. Even when everything was going right — inflation was nonexistent, interest rates were low and stocks were in an extended bull market — there was a multi-trillion dollar savings shortfall. Read more Inflation Moderately Pressures US Public Pension Liabilities Then came a pandemic, war in Europe, decades-high inflation, the fastest rate-hiking cycle since the early 1980s and fears of a recession. The resulting market turmoil...

August 17, 2022

News2022, COVID-19, Public Pensions, US

16AugAugust 16, 2022

Inflation Moderately Pressures US Public Pension Liabilities

The high inflation environment in the US is likely to have only moderately negative effects on state and local government public pension plan liabilities via automatic cost of living adjustment (COLA) mechanisms but will pressure plans through weakening asset performance and rising payroll costs, Fitch Ratings says. Market value smoothing and supplemental pension contributions by some governments this year from budget surpluses will help partially mitigate these challenges. While automatic COLA provisions differ across plans, those plans that provide them...

August 16, 2022

News2022, Public Pensions, US

16AugAugust 16, 2022

UK. Govt to change civil servants’ early pensions access

The government has proposed to change the rules around early access to pensions in the civil service, tracking 10 years behind state pension age, according to a new consultation over reforms to the Civil Service Compensation Scheme. The Cabinet Office had launched a consultation to this effect in 2017, but on August 15 it published a new document with updated proposals to be discussed with trade unions as it considered that a long time has elapsed since the initial consultation,...

August 16, 2022

News2022, Public Pensions, Regulation, UK

09AugAugust 9, 2022

June Slump Causes $262 Billion Drop in U.S. Public Pensions’ Assets

Large public pension funds had a difficult second quarter, as the 100 largest U.S. public pension plans lost a combined $262 billion in funding during June, according to actuarial and consulting firm Milliman. The deficit between the estimated assets and liabilities widened to $1.521 trillion at the end of the month from $1.259 trillion at the end of May, as the public funds’ asset value dropped to $4.318 trillion from $4.566 trillion. crisisRead also U.S. public pensions suffer worst year since...

August 9, 2022

News2022, Funding, Public Pensions, US

04AugAugust 4, 2022

Iranian Pensioners Continue Protests Amid Economic Woes

Pensioners and retired government employees have continued protests in more than a dozen Iranian cities for a second day as they seek a hike in pensions to offset rising prices amid the country's growing economic woes. Reports from eyewitnesses from 16 cities, including Mashhad, Shushtar, Ilam, Yazd, Qazvin, Karaj, Bandar Abbas, Kermanshah, Abadan, and Isfahan, showed protesters on June 7 demanding more money, saying their pensions aren't enough to live on. In the city of Ilam, retirees spread an empty tablecloth...

August 4, 2022

NewsIncome, Iran, Public Pensions

02AugAugust 2, 2022

US. Average Public Pension Assumed Rate of Return Hits 40-Year Low

The average investment return rate assumption for U.S. public pension funds has fallen below 7.0%, to its lowest level in more than 40 years, according to the National Association of State Retirement Administrators. Among the 131 funds that NASRA measured, more than half have reduced their investment return assumption since fiscal year 2020 as rising interest rates and other factors have contributed to more volatile investment returns. For the 30‐year period that ended in 2020, public pension funds accrued approximately $8.5...

August 2, 2022

News2022, Public Pensions, US

28JulJuly 28, 2022

In a Highly Indebted Economy: Security Issues for the Asset-based China’s Reform and the Financial System

By Tianyong Zhou Since the start of the 21st century, all major global economies have been experiencing a shift to a model of low consumption, low interest rate, low inflation, low growth and high debt. China is no exception. This article argues that in the high-indebtedness economic model, the proportion of committed and guaranteed debt service credit is decreasing, while the proportion of asset-backed credit corresponding to debt is on the rise; and with respect to currency stability, the role...

July 28, 2022

Articles, System Characterization2022, China, Political economy, Public Pensions

28JulJuly 28, 2022

Wait Your Turn: Pension Incentives, Workplace Rules and Labor Supply Among Philadelphia Municipal Workers

By David McCarthy & Po Lin Wang Little academic work has examined the labor supply response to pension incentives at the intensive margin. We explore this issue using individual-level administrative and pension data for Philadelphia city employees, where workers have some choice about whether or not to perform overtime, which is pensionable. We document large variation across workers in the incentives to do overtime provided by pension rules. Although standard regressions show that worker overtime is positively associated with own...

July 28, 2022

Articles, Labor Market, Pension design2022, Defined Benefit, Public Pensions, State Pensions, US

25JulJuly 25, 2022

Italy. Pensions at the center of the electoral campaign, here are the parties’ proposals

The issue of pensions, like every electoral round, has forcefully entered the center of the campaign for the vote on 25 September. Silvio Berlusconi immediately launched the minimum pensions of one thousand euros, a proposal already in the past relaunched by the Brothers of Italy (to be financed with a cut in citizenship income). The League has already re-proposed Quota 41 (the possibility of going out with 41 years of contributions regardless of age, ed). In the center-left there...

July 25, 2022

News2022, Italy, Pension Reform, Public Pensions

August 2022

Iran raises pensions for retired workers by over 38%

U.S. $7T Retirement Crisis Is Only Getting Worse

Inflation Moderately Pressures US Public Pension Liabilities

UK. Govt to change civil servants’ early pensions access

June Slump Causes $262 Billion Drop in U.S. Public Pensions’ Assets

Iranian Pensioners Continue Protests Amid Economic Woes

US. Average Public Pension Assumed Rate of Return Hits 40-Year Low

July 2022

In a Highly Indebted Economy: Security Issues for the Asset-based China’s Reform and the Financial System

Wait Your Turn: Pension Incentives, Workplace Rules and Labor Supply Among Philadelphia Municipal Workers

Italy. Pensions at the center of the electoral campaign, here are the parties’ proposals