April 2020

14Apr

US Corporate Pensions See Shocking $93 Billion Funding Gain in March

Defying forecasts of another grim month due to global market volatility, the funded status of the 100 largest US corporate pension funds surprisingly increased $93 billion in March despite deteriorating economic conditions amid the COVID-19 pandemic. Just a month after hitting its lowest level in more than three years the Milliman 100 Pension Funding Index (PFI), which tracks the funded ratio for the 100 largest corporate pension plans in the US, rose to 85.6% from 82.1% at the end...

April 14, 2020
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14Apr

How Coronavirus Pandemic Is Affecting Fintech Companies

As the world evolves and becomes a lot more advanced, financial technology (fintech) companies have a bigger chance to solidify their positions. While the use of technology is not new, fintech companies exploit technology a lot better, putting them way above traditional financial institutions. With the ongoing coronavirus pandemic, there is a lot of uncertainty about life and business after the pandemic. As biting as it has been, we look at the effects of the coronavirus situation on fintech...

April 14, 2020
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14Apr

Athene pays $45 mln fine in first settlement of NY pension transfer probe

Athene Holding Ltd ATH.N agreed on Monday to pay a $45 million civil fine to settle charges it conducted insurance business in New York without a license, the first settlement in a probe into an industry where life insurers take over corporate pension plans. Linda Lacewell, superintendent of New York's Department of Financial Services, said Athene's unlicensed Athene Annuity & Life unit conducted 14 large pension risk transfer transactions covering tens of thousands of policy holders, and engaged in...

April 14, 2020
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14Apr

Is quarantine like early retirement? These people think so

Shelter-in-place orders have urged most Americans to stay home, freeing hours of time otherwise spent commuting or working at an office. They’re also getting creative about how they use this time, including running around the neighborhood, learning a new language, taking long walks with their dogs and cooking more. Some Reddit users say if this is what early retirement is like, they’re ready. “I sleep in and wake up on my own every day. I watch some news/TV, take...

April 14, 2020
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13Apr

Rebote bursátil histórico: ¿seguirá el rally?

Según el estratega jefe de Pictet Asset Management, “es evidente que el mercado está siguiendo el flujo de noticias relacionadas con la mejora de casos diarios de coronavirus. De hecho, los nuevos casos parecen estar llegando a un máximo y las búsquedas de Covid-19 en Google parecen ratificarlo, en el sentido de que lo peor puede haber pasado en cuanto a sentimiento”. Sin embargo, las noticias para el mercado europeo de renta variable no son tan positivas. El EuroStoxx...

April 13, 2020
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13Apr

Perú. Vicente Zeballos sobre retiro del 25% de las AFP: “No hemos llegado a puntos concretos”

Según indicó, cuentan con la “mejor predisposición” para intercambiar puntos de vista, luego que la autógrafa de esta norma fuera enviada al Ejecutivo el lunes 6 de abril. “Estamos conversando con el Congreso y déjeme decirle que tenemos la mejor predisposición. No se trata de buscar ganadores. Estamos en un intercambio de pareceres, no hemos llegado a puntos concretos”, afirmó Zeballos en entrevista con el diario ‘La República’. Destacó que, según el reglamento, cuentan con 15 días útiles para...

April 13, 2020
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13Apr

US. Retirement planning during coronavirus pandemic: Here’s what to watch for

Retirement in the age of coronavirus isn't going to be easy. True, seniors and pre-retirees can take advantage of some flexible and lenient new rules on retirement accounts. Some people might see new opportunities for part-time employment, especially those who can work from home. In many other ways, things could get tougher, especially for people who already were behind on their retirement preparations. More reliance on Social Security As happened during prior recessions, many older workers will lose...

April 13, 2020
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13Apr

Greece. Nightmare scenarios for pension system

Social security experts and the government are having to consider nightmare scenarios with unemployment above 20 percent and a recession of close to 12 percent once the coronavirus pandemic has subsided. The fiscal turbulence is also expected to affect forecasts for the social security system, as the revenues of the main pension fund (e-EFKA) are expected to plummet, which means that the state will have to step in and help out. Read also Public pension funds shouldn’t wait for...

April 13, 2020
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13Apr

Egypt. COVID-19 crisis likely to propel social protection reforms: Mashaat

The novel coronavirus (COVID-19) crisis is likely to accelerate the structural reforms as regards the social protection and the irregular workers alongside activating the financial inclusion as per the policies of the Central Bank of Egypt (CBE), said International Cooperation Minister Rania el Mashaat on Monday. The minister was addressing a video conference session about the short and long-term repercussions of the coronavirus pandemic organized by the Middle East Institute (MEI), a leading non-profit think tank and cultural center...

April 13, 2020
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13Apr

Qualified Longevity Annuity Contract Definition

Qualified Longevity Annuity Contracts (QLACs) were first introduced in 2014 by the IRS and the Treasury Department as a way for people to use their Traditional IRAs (and some employer sponsored plans) to plan for future income needs. The goal was to have people add additional income guarantees to add to their Social Security payments. The premium funding rules for QLACs in 2020 is the lesser of 25% of your total IRA (i.e. qualified) assets or $135,000...whichever is...

April 13, 2020
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