April 2022
18Apr

US. Labor Department announces new ERISA Advisory Council members

The Department of Labor on Friday appointed seven members to its ERISA Advisory Council. It also announced that Peter Wiedenbeck, the Joseph H. Zumbalen professor of the law of property at Washington University School of Law, will serve as chairman of the 15-member council in 2022. Megan Broderick, senior director for global retirement and financial well-being at PepsiCo., will serve as vice chairwoman, according to a Labor Department news release. The council's new appointees, who will each serve three-year terms, are: ...

April 18, 2022
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15Apr

Chile. Las trabas logísticas que advierten las AFP al proyecto de retiro que presentó el Gobierno

La Asociación de AFP sostuvo este miércoles una reunión con el superintendente de Pensiones, Osvaldo Macías. Analizaron la propuesta de retiro “acotado” del Gobierno para que los ciudadanos, sólo en el marco de ciertas condiciones (deudas hipotecarias, de servicios básicos o de pensión alimenticia), accedan a un nuevo retiro de ahorros previsionales. De concretarse esto último, las AFP explicaron que enfrentarían una serie de trabas logísticas, al tratarse de un retiro en modalidad distinta a los tres que se aprobaron previamente. Según Pulso, porque la logística en...

April 15, 2022
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15Apr

Colombia, pendiente: ideas pensionales que se debaten en Chile y Perú

El tema de las pensiones está moviéndose en toda la región: a las discusiones que hay en Colombia al respecto, en medio de la campaña presidencial, se han sumado proyectos de retiros anticipados que se están decidiendo en Perú y en Chile. ¿Qué se está proponiendo en esos países? Le contamos. CASO DE CHILE Con las restricciones sanitarias en pleno retroceso a nivel nacional y una histórica inflación de 9,4 % en los últimos 12 meses, el Congreso chileno se enfrasca en una nueva discusión sobre retiro anticipado de fondos de pensiones, una medida...

April 15, 2022
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15Apr

Swedish regulator to screen funds for ‘green painting’

Sweden's financial regulator said it will start reviewing funds to enforce new sustainable regulations and to prevent "green painting." The Swedish Financial Supervisory Authority, or Finansinspektionen, said it will review "whether the information provided about the funds that are classified as most sustainable meets the strict requirements" of sustainable finance disclosure regulation rules implemented in March 2021. In a notice on its website Tuesday, FI said that as demand for green and sustainable funds increases rapidly, "this entails the risk of...

April 15, 2022
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15Apr

Bad Retirement Savers Expect to Die Young

By Allison Bell What workers think about their retirement savings is closely related to how long they think they will live, according to a new Club Vita life expectancy survey. Workers who said that their savings would be enough to pay for a comfortable retirement agreed with Club Vita about how long they might live. Workers who said their savings would be too small to pay for a comfortable retirement predicted that they would die about 7.1 years earlier than Club Vita would have...

April 15, 2022
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15Apr

Kenya. Treasury cuts pensions and gratuity cash by Sh42bn

The Treasury has cut the budget for paying retired public servants by nearly Sh42.50 billion, pointing to a growing backlog which will not be cleared by end of June. The expenditure on pensions and gratuities for the current financial year has been slashed to Sh111.14 billion from earlier estimates of Sh153.64 billion, according to fresh estimates Treasury Cabinet Secretary Ukur Yatani has tabled in the National Assembly. This came after Mr Yatani said payroll for the public service pension was growing...

April 15, 2022
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15Apr

Japan’s population down 640,000 in 2021, biggest drop on record

Japan's population totaled 125,502,000 as of Oct. 1, down 644,000 from a year earlier, marking the biggest decline on record, according to government data released Friday. The fall was attributed to stricter border restrictions propelled by the coronavirus pandemic, the Ministry of Internal Affairs and Communications said. The tally includes foreign nationals. Tokyo's population shrank for the first time in 26 years. All of Japan's 47 prefectures except Okinawa posted a fall in the number of residents in the year to...

April 15, 2022
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15Apr

US. Mexican immigrants have to work longer due to inadequate Social Security benefits, study finds

Mexican immigrants are a critical part of the American workforce, but they are also financially vulnerable. As Emma Aguila explains in new research she co-authored in the Journal of Pension Economics and Finance, Mexican immigrants face greater obstacles in securing social security benefits and therefore have to work later into life. Equally important, Aguila and her colleagues, Zeewan Lee and Rebeca Wong, found Mexicans who do receive those benefits are more likely to rely on them compared to non-Hispanic white populations. However, an...

April 15, 2022
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Movements In and Out of Poverty at Older Ages: Evidence from the HRS
14Apr

Movements In and Out of Poverty at Older Ages: Evidence from the HRS

By Robert L. Clark, Annamaria Lusardi & Olivia S. Mitchell The objective of this paper is to determine Americans’ mobility patterns into and out of poverty in their later years. We track how older adults enter into and exit from poverty using the most extensive longitudinal survey on older Americans currently available, the Health and Retirement Study (HRS). Using over 20 years of data from the HRS, we show that the conditional probability of escaping poverty diminishes as the number...

April 14, 2022
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Underfunded Public Sector Pension Plans, Social Security Participation, and the Retirement Decisions of Public Employees
14Apr

Underfunded Public Sector Pension Plans, Social Security Participation, and the Retirement Decisions of Public Employees

By Leslie E. Papke I analyze the effects of public pension parameters, Social Security coverage, and state pension fund sustainability on the retirement of public employees. I use data from the Health and Retirement Study, including personal early and normal retirement eligibility and state of residence. I develop a state-level measure of effective public pension plan sustainability that reflects both the degree of public plan underfunding and a state’s ability to fund the plan with its own resources. Using the...

April 14, 2022
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