June 2018

15Jun

Puerto Rico pensioners are facing devastating effects of bankruptcy

Puerto Rico is facing a dire fiscal and economic crisis. It is one that many have called the largest and most complex bankruptcy in U.S. history. Amid the range of issues facing the island, from disaster recovery efforts to financial woes, lies an often overlooked human tragedy. Despite being a key piece in the island’s economic recovery, thousands of pensioners in Puerto Rico are facing the devastating consequences of an economic calamity. They are American citizens who devoted their...

June 15, 2018
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15Jun

KPMG reveals clear link between Malta pension fund and Swedish suspect

A new light has been shone on the way a Maltese pensions fund sold to Swedish savers was used by dubious financial services practitioners to siphon money into an energy company. A report drawn up by auditors KPMG, appointed by the financial regulator to take control of Falcon Funds, shows that millions in Swedish savers’ money were invested in financial instruments to benefit particular individuals – without any guaranteed return to the savers. Read More: Malta Today

June 15, 2018
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15Jun

US. More than 1 million workers, retirees at risk of losing pensions, businesses tell Congress

The pension crisis that threatens the retirement savings of 1.5 million Americans also poses the risk of driving the U.S. economy into a tailspin, a panel of witnesses told a congressional panel. Witnesses from the U.S. Chamber of Commerce and businesses, including UPS, told the Joint Select Committee on the Solvency of Multi-employer Pension Plans that should the estimated 150 to 200 multi-employer pension plans that are in danger become insolvent, the companies that paid into those plans would be...

June 15, 2018
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14Jun

IMF and Serbia Reach Staff-Level Agreement on a Policy Coordination Instrument

A staff team of the International Monetary Fund (IMF), led by James Roaf, visited Belgrade during June 11–13, 2018 to conclude discussions on the authorities’ economic reform program to be supported by the IMF with a 30-month Policy Coordination Instrument (PCI). Consideration by the Executive Board is tentatively scheduled for mid-July. At the conclusion of the visit, Mr. Roaf made the following statement: “The IMF mission reached staff-level agreement with the Serbian authorities, subject to approval by IMF Management and...

June 14, 2018
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14Jun

US. These 7 states are most at risk from rising health-care costs

High and growing health-care costs are a problem for everyone — but especially so for state and local governments. And states with lower credit ratings are especially susceptible because they have less financial flexibility, according to a new report from credit ratings and research firm Fitch Ratings. Those states include California, Connecticut, Illinois, Kentucky, Louisiana, New Jersey and Pennsylvania, all of which are rated AA- and below by Fitch. (California, Kentucky, Louisiana and Pennsylvania is rated AA-, while Connecticut is rated...

June 14, 2018
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14Jun

Spain’s new government agrees to raise pensions in line with inflation

Spain’s government has reached a preliminary deal to raise retirement pensions in line with inflation, suggesting its new Socialist leaders may take a less restrictive approach to spending after years of austerity under their predecessors. The multi-party commission that controls social spending had agreed to the raise, though full details were still to be decided, the Socialist party said in a tweet late on Tuesday. “Now the right must allow that all pensions rise with inflation, also in times of crisis,”...

June 14, 2018
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14Jun

Russia proposes raising pension age, first hike in almost 90 years

Russian Prime Minister Dmitry Medvedev on Thursday proposed raising the pension age to 65 for men and 63 for women, the first hike for the country in almost nine decades. A legacy of the USSR, Russia's retirement age -- set at 55 for women and 60 for men since the early 1930s -- is currently among the lowest in the world. "We propose a relatively long transition period -- beginning in 2019 we propose incremental increases to reach retirement for men...

June 14, 2018
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13Jun

US. Alliance Benefit Group partners with global asset manager on retirement accounts

National independent record-keeping firm Alliance Benefit Group has announced a partnership with global asset manager Russell Investments’ Adaptive Retirement Accounts program in an effort to aid plan sponsors and advisers achieve an appropriate level of retirement income. As part of the joint venture, Alliance plans to offer the managed accounts program to its clients as well as partner with Russell Investments’ defined contribution and intermediary sales teams to jointly promote the retirement program to the adviser community. In return, Russell...

June 13, 2018
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13Jun

Global policy trends that should interest Indian infrastructure sector (Column: Behind Infra Lines)

In a world where trade wars dominate news headlines, trade in goods is interesting, but trade in capital is no less exciting. The Indian infrastructure ecosystem should take note of some policy and regulatory changes globally over the last few months. These can potentially aid the country to significantly bridge the infrastructure financing gap. As the Government Pension Investment Fund (GPIF) in Japan, the largest pension fund in the world, goes through a structural asset allocation shift, there are opportunities...

June 13, 2018
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13Jun

World Bank supports Ghana to reform pensions system

Over 25 technical staff from the Social Security and National Insurance Trust (SSNIT), National Pensions Regulatory Authority (NPRA), the Ministry of Finance and the Ministry of Employment and Labour Relations are participating in a four-day workshop organized by the World Bank from June 11th – 14th 2018 on Ghana’s Pensions System and training using the World Bank’s pension model PROST. “Pensions are crucial in supporting thousands of Ghanaians after retirement. At the same time, sound management of pensions, including a...

June 13, 2018
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