News Archives - Page 258 of 954 - Pension Policy International

30NovNovember 30, 2023

US. IRS announces retirement plan contribution limits for 2024

The Internal Revenue Service has announced the dollar limitations for retirement plans for the 2024 tax year. The 403(b) & 457(b) contribution limits have increased from $22,500 to $23,000 with an age 50 catch-up contribution of $7,500, which remains unchanged. Employees wanting to enroll into a Supplemental Retirement Account or make changes to an existing account should complete the electronic Salary Reduction Agreement. The deadline to submit SRA changes or new account enrollments to begin on the first pay in 2024 (Jan. 12) is 5 p.m....

November 30, 2023

NewsRegulation, savings, US

30NovNovember 30, 2023

20 Countries With The Lowest Retirement Ages in The World

According to the World Health Organization, the population of individuals aged 65 or older will outnumber those under the age of 15 by 2024. In the case of the United States of America, every Baby Boomer will have turned 65 or older by 2030. Most of these Boomers will be using some sort of Medicare for health coverage, and 40 million are yet to sign up for it. Yet many others will also be receiving social security benefits. In line with several other nations grappling...

November 30, 2023

NewsAging, Retirement Age

29NovNovember 29, 2023

97% of US Corporate Pensions Can Achieve Full Funding Without a Significant Draw on Corporate Cash: Report

Russell Investments has released its 2023 Prudent Pension Funding Report, which reveals most (97%) corporate pension plans can achieve full funding without a significant draw on corporate cash, based on the respective firms’ latest disclosures as well as market and interest rate movement so far in 2023. This finding increased from 86% in last year’s report. "Despite a challenging economic environment in 2023, pension plans continue on a positive trend for full funding," said Michael Hall, Managing Director, Americas Institutional at Russell Investments....

November 29, 2023

NewsOccupational Pensions, Pension Management, US

29NovNovember 29, 2023

UK. Hopes and fears for pensions in 2024

Aon has set out its “hopes and fears” for pensions in 2024. After a year in which UK pension schemes digested the events of 2022 and adjusted themselves to new circumstances, Matthew Arends, partner and head of UK retirement policy at Aon, looks at what the pension industry may have on its mind as it goes into 2024. “All those involved in running pension schemes may have mixed feelings as they face the New Year" There have been improvements in...

November 29, 2023

NewsDefined Benefit, Defined Contribution, Funding, UK

29NovNovember 29, 2023

China’s aging population could make it ‘the world’s largest nursing home’: Economist

Some economists are worried that China’s aging population and debt-fueled, real estate–focused economic model are leading it toward “Japanification.” That’s jargon for a lengthy period of deflation, low economic growth, and weakness in the property market that can be caused by financial distress from extreme debt loads. Veteran strategist Ed Yardeni, founder and president of Yardeni Research, on Tuesday even wrote a note titled “China: The World’s Largest Nursing Home,” detailing some of his fears about the future for the world’s second-largest economy. Like...

November 29, 2023

NewsAging, China

29NovNovember 29, 2023

Retirement Planning in a Time of Inflation and High Interest Rates

Retirement planning can be a complex puzzle to solve, with multiple pieces that need to align for a comfortable retirement. In recent times, two significant factors have emerged to challenge this balance: rising interest rates and inflation. In this article, we'll discuss the impact of these economic realities on retirement planning for individuals and the strategies we recommend at Retirement Planners of America. The debt-free retirement goal At Retirement Planners of America, we tell our clients, “When our client retires, so should their debt be retired.”...

November 29, 2023

NewsInflation, Retirement Planning

29NovNovember 29, 2023

60% in the UK is risk of lower living standard in retirement due to low contributions

Research from Gresham House, the specialist sustainable investment manager, has revealed that 60 per cent of people in the UK are at risk of having a sub-standard of living in retirement due to low pension contributions. To ensure more people put aside money for retirement, the government and pension providers must highlight the benefits that contributing can have. According to Gresham House, 69 per cent of 16- to 35-year-olds said they would support their pension fund adopting a place-based impact investing approach....

November 29, 2023

NewsAdequacy, Investment, savings, UK

28NovNovember 28, 2023

IBM unveils details of retirement benefit account

International Business Machines has provided details to employees of the company's scrapping its 401(k) corporate match and replacing it with a cash balance component called a retirement benefit account, which is part of the IBM Personal Pension Plan, a defined benefit plan. The company confirmed earlier this month that the RBA would replace the 5% match for the 401(k) plan on Jan. 1, but didn't discuss details. The IBM Personal Pension Plan — closed to new participants since 2005 and frozen...

November 28, 2023

NewsDefined Benefit, Occupational Pensions, Pension Management, US

28NovNovember 28, 2023

Africa running out of time to sort looming pensions crisis

An expert at the ongoing 4th Annual Conference of the African Pension Supervisors Association (APSA) in Kampala has said urgent steps need to be taken to reverse a trend in which the continent has only 10% pension coverage of its population. Sundeep Raichura, Group Chief Executive Officer Zamara says that before African experts can talk of extending pension coverage, they must first admit it has no working pension system, in order for the leaders to focus on getting home grown...

November 28, 2023

NewsAfrica, Coverage, Risk

28NovNovember 28, 2023

Swiss government reviews first and second pillar pensions

The Swiss government has adopted several changes to the regulation on old-age and survivors’ insurance (AHVG), and other laws also relating to occupational pensions (BVV2), to review and strengthen supervision in the country’s first and second pillar pension systems. In the second pillar, the reviewed ordinance clarifies the definition of pensioners’ portfolios, which can be transferred from one pension scheme to another, in addition to the definition of sufficient funding. This gives experts in the field of occupational pensions a clearer...

November 28, 2023

NewsPension Reform, Switzerland

November 2023