News Archives - Page 260 of 954 - Pension Policy International

23NovNovember 23, 2023

Technology Modernization Fund announces targeted investment to support America’s workers

The Technology Modernization Fund (TMF) announced a new investment today at the Department of Labor aimed at improving the ability of America’s workers to find lost retirement savings and benefits. “One of the best parts of my job is to leverage the power of technology to make government interactions better for the American people–especially those most in need,” said Clare Martorana, Federal CIO and TMF Board Chair. “Our TMF investment in DOL will change the lives of people searching for unclaimed...

November 23, 2023

Newssavings, Technology, US

23NovNovember 23, 2023

Climate change in an ageing world

The world is turning a blind eye to the need to address the profound link between the rapidly ageing population and climate change – leaving older people invisible in debates about how to address the crisis. With HelpAge’s new report on climate change, we look at what is happening around the world and share recommendations for a more inclusive response to climate change. Intersection between climate change and population ageing The ageing population is triggering one of the most significant social changes...

November 23, 2023

NewsAging, Climate crisis

23NovNovember 23, 2023

The 4% Rule for Retirement Withdrawals Might Finally Be Safe to Use Again, Says Morningstar

There's been an ongoing debate about whether retirees should abandon the "4% rule" for withdrawals from retirement accounts, a retirement income rule of thumb for decades. The market volatility of recent years made that rule suspect for many new retirees, but a new study from Morningstar finds that the rule can still apply. What Is the 4% Rule? Created in 1994 by a financial planner named William Bengen, the 4% rule posits that retirees can make a well-structured retirement fund last 30 years...

November 23, 2023

NewsAdequacy, Decumulation, Pension Payout

23NovNovember 23, 2023

U.K. retirement industry skeptical of government’s ‘pot for life’ proposal

Proposals by the government to alter retirement plans, including creating a "pot for life" concept and consulting on expanding the U.K. lifeboat fund's remit, were met with mixed reaction by the industry. Chancellor of the Exchequer Jeremy Hunt on Nov. 22 outlined his Autumn Statement — the government's latest tax and spending plans — with a proposal to allow participants to divert their contributions to a retirement plan of their choice. The government is launching a call for evidence for defined...

November 23, 2023

NewsPension Management, UK

22NovNovember 22, 2023

Average U.S. 401(k) balance down slightly in Q3 2023, up over long term: report

The average U.S. 401(k) balance decreased to $107,700 in the third quarter of 2023, down four per cent from Q2, but up by 11 per cent from a year ago, according to a new report by Fidelity Investments. Reflecting a combination of employee and employer 401(k) contributions, the total savings rate for the third quarter was 13.9 per cent, up slightly from a year ago. The average 403(b) account balance decreased to $97,200, down five per cent from last quarter,...

November 22, 2023

NewsAdequacy, savings, US

22NovNovember 22, 2023

UK. Opportunity for buyers as DB pension surplus growth continues

The aggregate funding position of FTSE 350 companies’ defined benefit (DB) has undergone a "complete reversal" over the past 18 months, Mercer's latest Pensions Risk Survey data has found. The tracker showed that the aggregate funding of FTSE 350 companies' DB schemes stood at £68bn at October 2023, recovering from roughly the same level of deficit (£69bn) at the end of Q1 2022. Mercer also suggested that changes in DB schemes’ funding position could be set to play a more positive role...

November 22, 2023

NewsDefined Benefit, Funding, UK

22NovNovember 22, 2023

Iran Lawmakers Pass Bill Raising Retirement Age for Men

Iranian lawmakers have approved legislation raising the retirement age for men to 62 and increasing the years of employment required to qualify for a full pension, state media reported. The bill, which requires approval by the Guardian Council, a conservative-dominated vetting body, aims "to reduce pension fund shortfalls," according to the official IRNA news agency. In Sunday's vote in the 290-seat parliament, 127 lawmakers voted in favor, 78 against and eight abstained, with the remainder absent. The speaker of parliament, Mohammad Baqer...

November 22, 2023

NewsIran, Regulation, Retirement Age

22NovNovember 22, 2023

EIOPA chair pushes for action on pension dashboard, auto-enrolment, PEPP

The chair of the European pensions supervisory authority has called for “bravery” to make a pensions dashboard at European level a reality. In late 2021, EIOPA delivered its advice to the European Commission on developing pension tracking services and a dashboard to strengthen the monitoring of pension developments in EU Member States. Speaking at EIOPA’s annual conference today, Petra Hielkema said the advice was “sitting there, in Brussels”. “It’s difficult, because if you really want a full dashboard you need the labour and social...

November 22, 2023

NewsCoverage, EU, Regulation

21NovNovember 21, 2023

What do we know about China’s new financial watchdog?

China's Central Financial Commission (CFC), a new regulator with Premier Li Qiang as its head, held a meeting on Monday (Nov 20) and urged stronger supervision of risks in the financial sector as Beijing accelerates efforts to become a "major financial power". The setting up of the CFC underscores how the ruling Chinese Communist Party is tightening grip on the country's $61 trillion financial sector amid a destabilising property and local government debt crisis that has weighed on the economic...

November 21, 2023

News2023, China, Pension Management, Regulation

21NovNovember 21, 2023

US. State pension plans’ funded status improves

The median state pension plan funded status improved last year to 82.6% from 68.5%, according to data provided by Fitch Ratings. The rating agency's adjusted funded measure, which caps the assumed investment return at 6%, was 73.5% vs. 60.2% in 2021. States dropped their assumed rate of return in 2022, continuing a trend going back at least several years. Last year, the average fell to 6.88% compared with 7.6% in 2015. The number of states making at least 100% contributions compared...

November 21, 2023

NewsFunding, State Pensions, US

November 2023