Pension Reform Archives - Page 21 of 47 - Pension Policy International

26MayMay 26, 2023

Pension Reform: Conceptual Foundations and Practical Challenges

By Seamus Duffy & Oliver Giesecke Underfunded pension are the largest liability for state and local governments across the United States. As a result of increasing recognition of the associated risks, recent statutory funding mandates led to a sharp increases in required contributions, threatening city services and employee bases. As funding pressure mounts, pension reforms offer a viable tool for prudent economic policy. We propose five general principles that guide pension reform considerations and discuss how these principle stand in...

May 26, 2023

Articles, System Sustainability2023, Defined Benefit, Funding, Pension Reform, US

26MayMay 26, 2023

‘Earned, Not Given’? The Effect of Lowering the Full Retirement Age on Retirement Decisions

By Mathias Dolls & Carla Krolage This paper analyzes behavioral responses to a 2014 reform in the German public pension system that lowered the full retirement age (FRA) of individuals with a long contribution history by up to two years and framed the new FRA as reference age for retirement. Using administrative data from public pension insurance accounts, we first document a substantial bunching response at the FRA exceeding the control group’s bunching by 83%. Second, we show in a...

May 26, 2023

Articles, System SustainabilityGermany, Pension Reform, Public Pensions, Retirement Age

26MayMay 26, 2023

Save to Advance: Analysis and Recommendations on the Pension Reform in Colombia

By Manuela Restrepo, Camilo José Ríos, Andrés Mauricio Velasco & Andrés Zambrano In March of 2023, the Government filed a Bill that seeks to modify the Colombian pension system. The Bill contemplates a four-pillar scheme: a social transfer pillar named Solidario, a semi- contributory pillar, a contributory pillar, and a voluntary savings pillar. This paper presents a summary of the Bill filled in Congress, followed by an analysis of its implications for fiscal sustainability and macroeconomic stability. As a result, we recommend that the...

May 26, 2023

Articles, Pension design2023, Colombia, Pension Management, Pension Reform, Social Security

22MayMay 22, 2023

France pension protest held on outskirts of Cannes Film Festival

Protests over pension reforms have roiled France in recent months, but demonstrations have been kept largely at bay at one of the country’s glitziest events, the Cannes Film Festival. On Sunday, dozens of protesters gathered in Cannes to oppose the raising of the reforms pushed through parliament by President Emmanuel Macron’s government. Those protests, however, were far removed from the central hub of the festival, the Palais des Festivals, or Cannes’ seaside boulevard, the Croisette. Instead, they gathered on the...

May 22, 2023

NewsFrance, Pension Reform

16MayMay 16, 2023

Macron promises €2 billion in tax cuts for French middle class

As part of his continued attempt to move past his government’s contentious pensions reform, French President Emmanuel Macron has announced two billion euros of tax cuts for the middle class before the end of his term. In a televised interview Monday evening, Macron said he wants to “concentrate” two billion euros of tax cuts on people “who work hard, who want to raise their children well and who today, because the cost of living has increased… have trouble making ends...

May 16, 2023

NewsFrance, Pension Reform, Taxation

12MayMay 12, 2023

Retirement Plan Reforms in the Absence of a Retirement Policy

By Natalya Shnitser The US retirement system is currently characterized by tremendous diversity of instruments, institutions, and intermediaries in pursuit of the same goal. While the goal – achieving financial security in retirement – is widely accepted by policymakers and participants, for individuals in the United States, the nature of the “investment” experience in the retirement context varies considerably based on the identity, savviness, and size of the intermediaries, as well as the particular legal regime to which such intermediaries...

May 12, 2023

Articles, Pension design2023, Pension Reform, US, Voluntary Savings

09MayMay 9, 2023

Belgium’s recovery plan blocked by pension reform stalemate

Belgium still has not made progress on the thorny pension reform issue even though it would unlock much-needed EU funds under the country’s recovery plan. On Monday, the government decided to increase its borrowing by €408 million to implement the Federal pillar of the recovery plan, Belgian news media La Libre reported. However, while the European Union paid Belgium €770 million of the €850 million of the first tranche in advance, the country was forced to postpone its first formal payment...

May 9, 2023

NewsPension Reform, Political economy

05MayMay 5, 2023

Pension Reform: Conceptual Foundations and Practical Challenges

By Seamus H. Duffy & Oliver Giesecke Underfunded pension are the largest liability for state and local governments across the United States. As a result of increasing recognition of the associated risks, recent statutory funding mandates led to a sharp increases in required contributions, threatening city services and employee bases. As funding pressure mounts, pension reforms offer a viable tool for prudent economic policy. We propose five general principles that guide pension reform considerations and discuss how these principle stand...

May 5, 2023

Articles, Pension design, Regulation2023, Defined Benefit, Defined Contribution, Pension Reform, US

02MayMay 2, 2023

After pan-bashing, France’s Macron faces labour day protests

France's President Emmanuel Macron faces more nationwide protests on Monday as he seeks to steer the country on from a divisive pension law that has sparked anger, pan-bashing and social unrest. Last month he signed a law to raise the retirement age from 62 to 64, despite months of strikes against the bill. He and his government have since tried to turn the page on the episode of popular discontent, one of the biggest challenges to his second mandate. But protesters have...

May 2, 2023

NewsFrance, Pension Reform

21AprApril 21, 2023

Reforming against the demographic clock

By Allianz Research The Covid-19 pandemic erased life-expectancy gains of almost a decade, pushing population aging and pension reform into the background. In fact, to alleviate the financial burden on private households and companies, governments not only put together aid packages worth billions of euros that drove up national debt, but also postponed already agreed upon reform measures, lowered contribution rates and allowed early withdrawals from retirement plans. As a result, the build-up of future pension entitlements and retirement savings slowed,...

April 21, 2023

Reports, System Characterization, System Sustainability2023, Adequacy, Pension Reform

May 2023

Pension Reform: Conceptual Foundations and Practical Challenges

‘Earned, Not Given’? The Effect of Lowering the Full Retirement Age on Retirement Decisions

France pension protest held on outskirts of Cannes Film Festival

Macron promises €2 billion in tax cuts for French middle class

Retirement Plan Reforms in the Absence of a Retirement Policy

Belgium’s recovery plan blocked by pension reform stalemate

Pension Reform: Conceptual Foundations and Practical Challenges

After pan-bashing, France’s Macron faces labour day protests

April 2023

Reforming against the demographic clock