October 2025
17Oct

Koreans’ life expectancy has exceeded 83 years, but their retirement age is still in their mid to late 50s

Koreans' life expectancy has exceeded 83 years, but their retirement age is still in their mid to late 50s. As of 2025, the average monthly receipt of the national pension is only about 670,000 won. In other words, it is not enough to prepare the necessary funds for the retirement period, which lasts more than 20 years on average. In addition, if the national pension is not received early, it can be received from the age of 63 to 65,...

October 17, 2025
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16Oct

US. Public Pensions Are Closing Talent Gaps, Survey Reveals

After years of fierce competition for top talent, public pension funds are seeing positive momentum for recruitment and retention, even as salary growth stabilizes. The 2025 Public Pension Compensation Survey conducted by CBIZ and NCPERS reveals that 57% of public pension funds now report no issues attracting or retaining skilled staff, an increase of nearly 20% since 2022. “The public pension sector’s recent workforce stabilization suggests that intentional compensation planning, enhanced benefits, and flexible work models are proving just as powerful as...

October 16, 2025
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14Oct

US government shut down and rising government borrowing costs, but still pension funding soars

The quarter end was abruptly followed by the US government going into shutdown following a lack of agreement on funding measures into the new US fiscal year, which started on 1 October. This follows a quarter where the cost of government borrowing and above-target inflation remain key challenges for major global economies. Paradoxically, this market dynamic is serving pension schemes very well... Quarter in brief US government shutdown following funding shortfall The Bank of England and the Federal Reserve cut borrowing costs despite...

October 14, 2025
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13Oct

US. New IRS Rule Will Reshape 401k Contributions for Millions of Workers

A new rule issued by the IRS will alter how higher-income Americans approaching retirement can save in their 401(k) and other tax-deferred workplace retirement plans. The regulation comes from the SECURE 2.0 Act of 2022 and is scheduled to take effect at the start of the 2026 tax year. According to reporting by CNN, the change introduces new conditions on catch-up contributions for individuals who earned $145,000 or more in the prior year. These contributions will be redirected into Roth...

October 13, 2025
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10Oct

US. Residence-Based Tax: Social Security, Pensions And 30% Withholding

The endorsement of an elective residence-based taxation model by former IRS Commissioner Charles Rettig and former IRS Commissioner Counselor Tom Cullinan, covered in my earlier Forbes article, has sparked important discussions about fairness for Americans abroad. Their piece highlights the burdens of America’s citizenship-based tax system and calls for a shift to treat expats more equitably. An astute reader recently emailed me and our correspondence hammered out that details matter in an RBT model, especially for older expats. What happens...

October 10, 2025
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09Oct

US. CalSTRS Forms Climate Co-Investment Partnership With Carlyle Alpinvest

The California State Teachers’ Retirement System is partnering with Caryle Alpinvest to expand the $374.3 billion pension fund’s ability to access co-investment climate solution opportunities, Carlyle Alpinvest announced Tuesday. “This partnership is designed to expand CalSTRS’ ability to invest alongside private equity managers in climate solution opportunities beyond CalSTRS’ direct investment program,” Carlyle Alpinvest stated. Carlyle Alpinvest is a specialist subsidiary of the Carlyle Group.  Alpinvest reports $97 billion of assets under management, the Carlyle Group manages $465 billion in total, including...

October 9, 2025
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08Oct

Top U.S. union warns Senate crypto bill could threaten workers and pensions

The nation’s biggest labour federation, the AFL-CIO, has come out against the Senate’s crypto regulation proposal, arguing that the measure lacks sufficient worker protections and could endanger financial stability. AFL-CIO director Jody Calemine wrote, referring to the RFIA bill, “This bill’s treatment of crypto assets poses risks to both retirement funds and to the overall financial stability of the U.S. economy. As drafted, this bill will enable the crypto industry to operate in wider and deeper ways in our financial...

October 8, 2025
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08Oct

Macroeconomic Conditions Continue to Drive Pension Risk Transfer

Amid ongoing market conditions and economic uncertainty, U.S. plan sponsors are moving decisively to reduce pension risk. According to the newly released MetLife’s 2025 Pension Risk Transfer (PRT) Poll, a record 94% of defined benefit (DB) pension plan sponsors with de-risking goals intend to fully divest their pension liabilities with 80% planning to do so within five years. The company’s latest research shows market volatility is driving plan sponsors to de-risk, which, coupled with economic trends and stronger plan funding, is...

October 8, 2025
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03Oct

Part-Time Penalties and Heterogeneous Retirement Decisions

By Kanta Ogawa Older male workers exhibit diverse retirement behaviors across occupations and respond differently to policy changes, influenced significantly by the part-time penalty—wage reduction faced by part-time workers compared to their full-time counterparts. Many older individuals reduce their working hours, and in occupations with high part-time penalties, they tend to retire earlier, as observed in data from Japan and the United States. This study develops a general equilibrium model that incorporates occupational choices, endogenous labor supply, highlighting that the...

October 3, 2025
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02Oct

US. Amid Higher Funded Status, Pension Plans Consider Their Options

The assets of the 100 largest corporate defined benefit pension plans rose by $8 billion in August to $1.29 trillion, and the funded ratio of DB plans increased for the fifth consecutive month to 106.2%, according to data from Milliman. “[The current level of funding] is a significant milestone in the DB space, as the surplus funding gives plan sponsors more options for how to proceed with their plan, whether they want to continue operating their plan on a [liability-driven investment]...

October 2, 2025
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