News Archives - Page 318 of 981 - Pension Policy International

11AugAugust 11, 2023

Retirement Benefits Authority orders trustees to revise Kenyatta National Hospital pension dues

The Retirement Benefits Authority (RBA) has ordered the trustees of Kenyatta National Hospital (KNH) Staff Superannuation Scheme to recalculate the pension dues of workers who retired between 2011 and 2017. In a letter to the chairman, board of trustees, the RBA ordered the trustees to recalculate the dues as per a judgment obtained by 115 former employees at the Retirement Benefits tribunal. The former employees had sued the trustees of the scheme seeking unpaid lump sum benefits amounting to Sh123 million...

August 11, 2023

NewsRetirement

11AugAugust 11, 2023

We will partake in government’s new DDEP – SSNIT

The Social Security and National Insurance Trust (SSNIT) has said the new terms of the Domestic Debt Exchange Programme (DDEP) offered by government was better than the previous one. According to the Director-General of SSNIT, Dr John Ofori Tenkorang, the Trust will fully participate in government’s alternative Domestic Debt Exchange Programme including pension funds. He noted that the move will however not affect its payment of pensions to beneficiaries. “Government has tabled a new offer for pension funds that are...

August 11, 2023

NewsPension

11AugAugust 11, 2023

Yonder partners with Smart Pensions to make workplace pensions simpler for international employers

Yonder, the Irish fintech automating health insurance and retirement benefits, has partnered with Smart Pensions to bridge the gap between international employers and their remote workers. Using both companies’ APIs, the partnership will provide international employers with a digital way to set up and manage workplace pensions for UK-based employees that is compliant with UK auto-enrolment law. So regardless of where a company is based, and whether it has a UK bank account, it will be able to give their UK-based...

August 11, 2023

NewsPension

11AugAugust 11, 2023

Big Changes to Retirement Plans Including 401K Catch-up Contributions

The SECURE Act 2.0 brings a slate of changes to retirement accounts and the way workers save for retirement. A summary of the Act can be found on the US Senate Finance Committee website. Among the many changes are the following highlights: Mandatory Automatic Enrollment – Beginning after December 31, 2024, most employers will be required to automatically enroll employees in new 401(k) and 403(b) plans unless the employees opt out. Required Minimum Distribution Changes – Currently, plan participants must...

August 11, 2023

NewsPension

10AugAugust 10, 2023

German government moves to boost first pillar equity pension fund to €200bn

The German government is planning to beef up funds for equity investments in the first pillar to €200bn until 2025, according to a report published by Handelsblatt newspaper. The government will contribute to the first pillar equity fund, dubbed Generationenkapital or generational capital, which will turn the purely pay-as-you system into a partially capital-funded system, with €12bn instead of €10bn from 2024. The sum will increase by 3% in each of the following years, to reach a total amount of €200bn by...

August 10, 2023

NewsGermany

10AugAugust 10, 2023

SSNIT retrieves GHC132m unpaid contributions

Last year, the Trust recovered GHC212 million of unpaid contributions through a similar process following the filing of 7,616 cases at the court. This came to light during this year’s Employers Breakfast Meeting organised by SSNIT yesterday in Accra. The event, which brought together various stakeholders including employers and the National Pensions Regulatory Authority (NPRA), was on the theme “Providing pension for all, the role of the Employer.” Director-General of SSNIT, Dr John Ofori-Tenkorang, said, currently, more than 1.9 million active contributors...

August 10, 2023

Newsunpaid

10AugAugust 10, 2023

How To Reach A $2 Million Retirement Savings Goal

Retirement marks the time to savor the rewards of your hard work and cherish the freedom to pursue your passions. However, a comfortable retirement requires careful planning and sufficient savings to support your desired lifestyle. Many aspire to achieve a $2 million retirement fund, but is this feasible in America? Understanding Your Retirement Savings Goal Before diving into your $2 million retirement quest, it's vital to comprehend how much you'll need to save. Your retirement savings goal hinges on various factors,...

August 10, 2023

NewsRetirement

10AugAugust 10, 2023

Retired teachers will get pensions within 6 months, CS Ezekiel Machogu tells senators

It will now take just less than six months to process pensions for retired teachers, Education Cabinet Secretary Ezekiel Machogu has announced. Appearing before the Senate on August 9, 2023, Mr Machogu said his ministry has directed the Teachers Service Commission (TSC) to ensure that, once a teacher retires, his or her file is immediately processed and submitted to the Pensions Department at the National Treasury. Thereafter, he explained, the processing of the payment of the dues should take between four...

August 10, 2023

NewsPension

10AugAugust 10, 2023

Universal Pension: Deposit Tk50 lakh over 42 years, get up to Tk6cr back

In addition to ensuring social security and reducing the number of beneficiaries in the social safety programme, the scheme will be of significant advantages to contributors. By enrolling in the scheme at 18 years old, private sector employees or expatriates can receive benefits 12 times greater than their 42 years of contribution, documents from the Finance Ministry reveal. For example, if an expatriate starts contributing Tk10,000 per month under the Probas Scheme, his total contributions to the government would amount to...

August 10, 2023

NewsPension

09AugAugust 9, 2023

Spotlight: New York City Pension Fund Returns for FY 2023

The Office of the New York City Comptroller serves as investment advisor, custodian and trustee for the five New York City public pension funds (collectively referred to as the New York City Retirement Systems, or NYCRS). Through the efforts of the Bureau of Asset Management (BAM), the Comptroller’s office works with the trustees of the five systems to manage over $250 billion in assets, which represents the retirement security that the City of New York has promised to more...

August 9, 2023

NewsPension, US

August 2023