February 2024
02Feb

Malaysia. Proposed abolishment of politician’s pension to be discussed in Cabinet, then Parliament, says PM

REMBAU: The proposal to abolish pensions for politicians will first be discussed at the Cabinet level and then brought to Parliament before any decision is implemented, says the Prime Minister. Datuk Seri Anwar Ibrahim said as a moral responsibility, the matter needs to be tabled and thoroughly explained as it was difficult to rationalise if the abolition of the pension was excluded for politicians. "Some people have asked what about politicians; the system is different, but I think it's reasonable if...

February 2, 2024
News,
Read more...

January 2024
26Jan

Public Pension Funding Index January 2024

By Rebecca A. Sielman & Richard L. Gordon  Two consecutive months of positive market performance in November and December 2023 pushed the funded status of the 100 largest U.S. public pension plans to its highest point of 2023. The plans’ estimated funded status increased from 72.4% as of October 31, 2023, to 75.9% as of November 30, 2023, and further increased to 78.2% as of December 31, 2023, as measured by the Milliman 100 Public Pension Funding Index (PPFI). Get the...

January 26, 2024
Books, Books, Reports, System Characterization, , ,
Read more...
26Jan

Funding ratio of largest U.S. public pension plans hits 78.2% at year-end – Milliman

The overall estimated funding ratio of the 100 largest U.S. public pension plans reached 78.2% at the end of December, the highest level of 2023, according to the Milliman 100 Public Pension Funding index. After three straight months of declines due to negative market returns in August through October, the estimated ratio rose for the second straight month in December. As of Nov. 30, the estimated ratio has risen to 75.9% from 72.4% at the end of October. The late-year rally...

January 26, 2024
News, ,
Read more...
25Jan

Kenya. Pensioners in tears over their delayed gratuity

“I regret having ever worked for the government,” says Mama Pauline Kiragu before she falls into deep silence. This is the cry for justice for millions of aging Kenyans — who worked in the civil service — waiting for pension payments running into billions of shillings. After many years of toil, most of them have retired home lonely fighting vagaries of old age, sickly, weak, dependent and poor. Thousands are unable to access their savings for upkeep and medical care. Others have...

January 25, 2024
News, ,
Read more...
22Jan

Nigeria. Stop paying ex-governors scandalous pensions – Falana

Human Rights activist, Femi Falana (SAN), has called on Lagos, Akwa Ibom and Rivers state governments to stop paying what he described as scandalous pensions to ex-governors while workers are owed arrears of meagre pensions. He made the call on Sunday in a statement made available to our correspondent. According to him, not less than 20 ex-governors are in the Senate, receiving jumbo salaries and allowances. “Lagos was the first state to implement a pension law for its former governors. The Lagos...

January 22, 2024
News,
Read more...
19Jan

Social Security and Inequality in Belgium

By Giulia Klinges, Alain Jousten & Mathieu Lefebvre Over the years, the Belgian social security system has undergone substantial reform with a prime focus on increasing older worker labor force participation. The paper explores the effect of past reforms on inequality in old age. We distinguish two separate effects: The mechanical effect considers the change in inequality and expected benefit levels due to the reforms for a fixed retirement age distribution. The behavioral effect accounts for the endogenous change caused...

January 19, 2024
Articles, System Characterization, , , ,
Read more...
15Jan

Egypt to increase minimum wages, pensions within two months: Official

Sabry added that this move aims to alleviate the impact of the global economic situation on the public, especially with the approach of the holy month of Ramadan. “This step aligns with President Abdel Fattah El-Sisi's directives to support citizens and alleviate their financial burdens, given the unprecedented rise in price levels and inflation,” Sabry added in a phone call with the Salet El-Tahrir TV show on Sada El-Balad channel. The anticipated wage increases will be the third in a year. Egypt’s headline...

January 15, 2024
News, ,
Read more...

December 2023
14Dec

US. First LAX Strikes in 20 Years Pose Potential Fiduciary Risk for Public Pension Funds

Last week, hundreds of workers employed by PAI Partners-owned concessionaire, Areas USA, walked out on strike at Los Angeles International Airport, following workers’ first strike on November 21. PAI Partners is a private equity investment firm based in Paris, France. Workers’ decision to strike during the busy holiday season came after Areas has failed to agree to wage increases workers need to afford the soaring cost of housing in the Los Angeles area. "My coworkers and I are on strike because...

December 14, 2023
News, ,
Read more...
11Dec

Quebec pension model back on the table in Alberta?

EDMONTON — Alberta Finance Minister Nate Horner — after promising any stand-alone Alberta pension plan would not follow the contentious Quebec model, then saying it might, then saying it won’t — told reporters Friday that possibility is back on the table. Horner rejected suggestions he was sending mixed messages, but the Opposition NDP called it another example of how the United Conservative government is crafting key policies on the back of a napkin as it examines having Alberta leave the...

December 11, 2023
News,
Read more...
08Dec

Global Public Pensions 2023

By Official Monetary and Financial Institutions Forum The Global Public Pensions 2023 report explores how public pension and sovereign funds are building optimal investment strategies to address the uncertain economic environment and factor sustainability into their portfolios. The report draws on surveys, discussions, and written contributions from 22 global public funds across the world with combined assets under management of $4.3tn. These include the likes of Singapore’s GIC, Canada’s CDPQ, Australia’s Future Fund and India’s National Infrastructure Investment Fund. It...

December 8, 2023
Books, Books, Reports, System Characterization, , , ,
Read more...