The funds involved are PFA Pension, PensionDanmark, PKA, AP Pension and MP Pension.
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A consortium of three Danish pension funds, PFA Pension, AP Pension and Pension Danmark, had made the offer, Danish media group Finans reported.
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According to figures from lobby group Insurance & Pension, Danske Bank's pension unit Danica Pension had a market share of 13.4 percent in 13.33.
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The Canadian pension funds Public Sector Pension Investment Board and Ontario Teachers' Pension Plan are co-investors, taking a stake in Ceramtec too.
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Alaska Pension Obligation Bond Corporation, $2.4 billion of pension obligation bonds.
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VEB manages state pension funds on behalf of Russia's Pension Fund.
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"It's like having a pension... it's a pension plan," he says.
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It is the National Pension Service, not the National Pension System.
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Remember that the person with a defined benefit pension will receive his or her pension whether the pension plan's investments perform well or poorly.
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Forenet Kredit, which is owned by Nykredit's customers, will own 78.9 percent of the company once the deal is completed, while the pension funds - PFA Pension, PensionDanmark, PKA, AP Pension and MP Pension - will own 16.9 percent.
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The Canadian pension funds Public Sector Pension Investment Board and Ontario Teachers' Pension Plan are acting as co-investors and taking a stake in Ceramtec.
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"We would expect the government in conjunction with the pension regulator, the company and trustees of the pension would close the pension scheme and make it secure," Wilkie said, adding that Excalibur would start a new pension scheme.
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The Pension Protection Fund, a statutory body that manages the pension schemes of insolvent companies, says the company's pension deficit is now about 900 million pounds.
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In contrast to Australia's pension fund industry, Canada's Ontario Teachers' Pension Plan Board and Public Sector Pension Investment Board both acquired Australian agricultural assets last year.
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The proposal has been backed by leading proxy advisory firms and other Canadian pension funds including, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan (OTPP).
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Pension: $1,10.30/month into my pension, 0(k); and my husband contributes ~$4/month.
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It is the Multiemployer Pension Reform Act, not the Multistate Employer Pension Reform Act.
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Ontario Teachers Pension Plan, Canada's third biggest public pension fund, did not immediately comment.
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The Swedish Pension Agency pays out pension capital annually to mutual funds chosen by Sweden's pension savers with a large share of their savings going to foreign assets.
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But federal pension law lets corporate pension sponsors use Chapter 85033 of the Bankruptcy Code to offload pension obligations on the PBGC, as hundreds of companies have done.
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McClatchy had begun suspending some pension payments to former executives in January, opting to apply to the Pension Benefit Guaranty Corporation to assume control of its pension plan.
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Others through to the second round included a joint team of Danish utility SEAS-NVE and Denmark's largest pension fund ATP, a consortium of Canadian pension fund manager OMERS with Danish pension fund PKA, and Canadian pension fund CDPQ, the sources said.
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New York city's public pension system has five separate pension funds with individual governing structures.
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Only those who pay state pension fees are eligible to set up private pension accounts.
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"And no amount of debt relief will make Greece's pension system sustainable without pension reforms."
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And they own most of the pension accounts — and receive most of the pension gains.
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This has a direct impact on pension deficits, by increasing the value of future pension liabilities.
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BRAZIL PENSION REFORM SAVINGS OF 1 TRILLION REAIS ($262.5 BLN) 'ADEQUATE' FOR THE COUNTRY -PENSION SECRETARY
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BRAZIL PENSION REFORM STILL ON TRACK FOR LOWER HOUSE VOTE BY END OF MAY -PENSION SECRETARY
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The Basic Pension Scheme was introduced in 2014 successively after the National Pension Scheme in 1988.
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The deal covers liabilities in one of British Airways' pension schemes, the Airways Pension Scheme (APS).
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Sears struck an agreement with guardians of its underfunded pension fund — the Pension Benefit Guaranty Corp.
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SGN is co-owned by two Canadian pension fund investors, Ontario Teachers' Pension Plan and Borealis.
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In fact, it is larger than any union pension trust, but not larger than every pension.
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It allows at least a dozen papers to defer pension payments required by employee pension funds.
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The pension managers for the International Association of Machinists Motor City Pension Fund as well as the Alaska Ironworkers Pension Trust are both requesting permission from the Treasury to slash benefits.
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Pension funds including the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and the Ontario Municipal Employees Retirement System, as well as U.S. companies, also expressed interest, the sources said.
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"The pension funds can help in making the pension system sustainable, depending on the pace of gradual increase of payments into the pension funds towards 10 percent of gross salaries as was originally planned," Grbavac, who also heads the management board of Raiffeisen pension fund, said.
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Canadian pension fund Ontario Teachers' Pension Plan (OTTP) holds a 30 percent stake in the airport company.
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With so much competition, many pension consultants expect 2017 to be a strong year for pension deals.
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Prosecutors also raided South Korea's largest pension fund, the National Pension Service (NPS), an NPS spokeswoman said.
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With so much competition, many pension consultants expect 823 to be a strong year for pension deals.
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The U.S. pension system, to cite one area of concern, is already stressed, especially public pension funds.
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In truth, his pension "vested" after five years, and he has roughly $2 million in pension benefits.
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Glass Lewis is owned by Canadian pension funds Ontario Teachers' Pension Plan and Alberta Investment Management Corp.
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Macron&aposs proposed pension reforms would collapse the 42 currently existing pension schemes into one single system.
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Other institutional investors included infrastructure fund Global Infrastructure Partners and Denmark's industrial workers' pension fund Industriens Pension.
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The Canadian unit had attracted at least seven bidders, including Enbridge Inc, and pension funds, such as Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan, Reuters reported last month, citing sources.
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"There are fewer defined benefit pension arrangements available for people, so ... first and foremost we talk to people about putting money into their pension and managing their pension," Chief Executive David Bellamy said.
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Truell, co-founder of the firm which became specialist annuity provider Pension Insurance Corporation, is one of the backers of The Pension Superfund, a new venture designed to manage British company pension schemes.
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The reluctance of Australia's pension fund industry to invest is in contrast to Canada's Ontario Teachers' Pension Plan Board and Public Sector Pension Investment Board, which both last year acquired Australian agricultural assets.
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Romania overhauled its communist-era pension system in 2008, making it compulsory for working Romanians under 35 to contribute to a "second pillar" of private pension schemes as well as their state pension.
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Pension distribution is highly unequal, according to the World Bank, with 35 percent of pension subsidies — the part of the pension that isn't accrued worker contributions — paid out to the richest 20 percent.
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The European Union state overhauled its communist-era pension system in 26.1, making it mandatory for all working Romanians under 22021 to contribute to private pension schemes as well as their state pension.
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Canada's biggest pension funds, such as the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and the Caisse de depot et placement du Quebec, could be among potential investors in the IPO.
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Pension superfunds are a new pension investment model due to come on the market next year in Britain.
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State public pension plans have assets of just $993 trillion to cover total pension liabilities of $4 trillion.
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Separately, it has relieved its pension obligations by transferring 8.9 percent in Covestro shares into Bayer's pension trust.
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Meanwhile, 21.5% of the nearly 20.8,3003 British pension funds covered by the Pension Protection Fund are in deficit.
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Improving pension portability was desirable, but hardly one of the four or five top issues in pension reform.
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Just last month, Sears struck an agreement with guardians of its pension fund — the Pension Benefit Guaranty Corp.
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Central States Pension Fund made the request to cut benefits under the Multiemployer Pension Reform Act of 2014.
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"I was thinking of my pension — to work several years and retire to collect my pension," he said.
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Buyer: Investor groups including Apax Partners, Warburg Pincus, Canada Pension Plan Investment Board, and Ontario Teachers' Pension Plan.
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The case has put pressure on the pension regulator to be firm with companies with large pension deficits.
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The lawsuit was filed by the Oklahoma Firefighters Pension & Retirement System and the Electrical Workers Pension Fund Local.
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Indicative offers were also expected from Australian group Macquarie, Changi Airports, which is the operator of Singapore airport, and from Canadian pension funds Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plan.
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A special government adviser on pension reform proposed in July that the age to receive a full pension should be put back to 64, although they could retire from 62 albeit with lower pension benefits.
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A special government adviser on pension reform proposed in July that the age to receive a full pension should be put back to 64, although they could retire from 62 albeit with lower pension benefits.
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GE's pension shortfall As of the end of 20203, GE's pension plans were underfunded by $22.4 billion, filings show.
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Low bond yields sap a company's strength by increasing its pension liabilities while simultaneously undermining its pension fund's returns.
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The pension reform is crucial to Temer's attempts to plug Brazil's budget deficit and reduce the bloated pension system.
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WPVI reported that transit management receives pension on full pay, while union workers get a pension on partial pay.
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For decades, traditional pension plans were very popular, allowing retirees to combine lifetime pension checks with Social Security benefits.
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They include Singapore's sovereign wealth fund GIC and Canada's biggest public pension fund Canada Pension Plan Investment Board (CPPIB).
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This includes $24B in domestic pension plans, $7B in foreign pension plans and $21B in the defined contribution plan.
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We see it from pension funds, public pension funds, all the way down to small corporate entities and treasurers.
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One chief investment officer of a corporate pension plan expects few, if any, pension plans to invest with Cohen.
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The bill allowed trustees of multi-employer retirement plans to slash benefits if a pension fund's failure was likely to overwhelm the underfunded Pension Benefit Guaranty Corporation, the federal government's main insurance program for pension plans.
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Instead, they switched to a system of fully funded individual pension accounts, managed by private pension funds (known as AFPs in Spanish) in which workers eventually receive a pension depending on the value of their investment.
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He reiterated that raising the pension age was not part of the discussions with the IMF relating to pension reform.
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Instead, workers are promised something called a defined-contribution (DC) pension which, truth be told, isn't a pension at all.
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BofA Merrill Lynch measures the impact of higher pension payments by dividing a company's pension liabilities by its equity ratio.
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ITALY PENSION AGENCY CHIEF SAYS SEES SAVINGS OF AROUND 3 BLN EUROS THIS YEAR ON GOVT PENSION & CITIZENS' INCOME PROGRAMMES
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"For these reasons the IASB rejects calls to fundamentally change pension accounting to eliminate or reduce pension deficits," Hoogervorst said.
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There are already twenty other multiemployer pension plans that are slated to become insolvent before the UMWA pension plan does.
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Currently, only the self-employed and workers who don't have corporate-sponsored pension plans can set up private pension accounts.
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These bodies, Britain's Pension Protection Fund (PPF) and America's Pension Benefit Guaranty Corporation (PBGC), are funded by levies on employers.
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He has also advised insurers on the sale of pension liabilities to specialists such as Rothesay and Pension Insurance Corporation.
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The bulk of stock in American corporations is owned by pension funds and private pension plans like 401ks and IRAs.
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"It also reflects weakened pension funded levels due to pension underfunding and lower-than-assumed rates of return," he said.
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The distressed ones are not thrilled either, because the Pension Benefit Guaranty Corporation does not pay the full pension benefit.
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Some studies show that private pension and government pension and retirement funds own up to 403 percent of U.S. stocks.
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"It's an extraordinary situation," said Shaktie Rambaran Mishre, chair of the Dutch pension federation, which represents about 200 pension funds.
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It added that the group of investors comprised Swedish pension fund AMF and Swedish insurance and pension savings group Folksam.
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LONDON, June 2 (Reuters) - The Pensions Regulator, which regulates Britain's workplace pension schemes, said on Friday it had reached a deal with Hoover Ltd that is expected to see its pension scheme enter the Pension Protection Fund.
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The Pension Fund Association of Japan, another big pension fund which manages 12 trillion yen on behalf of corporate pension funds, says it has invested in the sector for 4-5 years and plans to seek further opportunities.
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The bill at the center of the controversy, the Multiemployer Pension Reform Act, was largely intended to protect the Pension Benefits Guaranty Corporation, which was at risk of being pushed into insolvency by large numbers of pension failures.
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Multiemployer plans were given the opportunity to cut pensions for retirees under the Multiemployer Pension Reform Act of 2014, which was enacted in part to prevent the insolvency of the government's pension insurer, the Pension Benefit Guaranty Corp.
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A financial transaction tax that encouraged other pension funds to follow suit could actually benefit pension participants in the long run.
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"Record lows in gilt yields continued to put pressure on pension scheme funding," said a spokesperson for the Pension Protection Fund.
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Private-sector pension funds in America and elsewhere (and Canadian public funds) regard a pension promise as a kind of debt.
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Raising the retirement age, increasing workers' pension contributions and reducing some workers' pension benefits have provoked strong opposition from some lawmakers.
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BHS is saddled with £22018m ($830m) in pension liabilities, a harbinger of wider issues about underfunded pension schemes at British companies.
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Pension transfers have been kicking around the insurance industry since the Cleveland Public Library unloaded its pension to Prudential in 1928.
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Congress – U.S. pension crisis: A special congressional committee may recommend a federal taxpayer bailout to shore up underfunded multiemployer pension programs.
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Conservative academics say that multiemployer pension plans pay far too low premiums to the PBGC compared with single-employer pension plans.
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The Central States Pension Fund, one of the largest multiemployer pension plans, is expected to go insolvent in just five years.
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When pension recipients die, widows and widowers may inherit the full pension of their spouse and add it to their own.
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By the numbers: The median member of a defined-benefit pension plan in the U.K. has £83,200 ($110,000) in pension wealth.
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Why should a company whose pension program is underfunded be able to buy back stock before shoring up the pension fund?
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Employees or beneficiaries with a vested pension benefit * Vested pension benefit action expected to reduce co's pension benefit obligations by approximately $995 million by year-end 2016 * Expects to recognize a one-time pretax pension settlement charge in range of $400 million to $530 million in q4 of 2016 Source text for Eikon: Further company coverage:
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At some companies, the funding levels are much lower: the pension plan at Delta Airlines Inc, which has the worst funding status among large corporate pension plans, only has enough assets to cover 45.4 percent of its pension obligations.
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Sponsors of traditional pension plans have been dropping them like hot potatoes - many do not want to carry pension obligations on their books, and some complain about the rising cost of insuring plans through the Pension Benefit Guarantee Corp.
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House of Fraser's pension scheme was expected to enter assessment by the Pension Protection Fund lifeboat, a spokeswoman for the PPF said.
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He said it needed to be part of a broader, statewide pension funding strategy to address Illinois' $129.8 billion unfunded pension liability.
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Delaying proposed pension relief would also be fiscally damaging for the states as pension cost increases have expanded their budgetary structural imbalances.
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ATI made a $115 million pension payment in July, and has a $135 million pension obligation for its first quarter of 2017.
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U.S. public pension funds became the biggest risk-takers among pension funds internationally, according to one academic study updated in February 2017.
|
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Multiemployer pension plan sponsors would also still be eligible to apply for loans through the Pension Benefit Guaranty Corporation, under certain conditions.
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In China as a whole, it said, there were 2.9 people paying into provincial pension schemes for every person drawing a pension.
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Among the pension funds active in Chilean infrastructure are the Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority (ADIA).
|
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Conversely, trust banks, which manage corporate pension trusts and national pension fund trusts, sold a net 136.2 billion yen in Japanese stocks.
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Pension Insurance Corp is a specialist in bulk annuities - taking on the risk of defined benefit, or final salary, company pension schemes.
|
|
The median private pension was only $9,4013 per year, according to the Pension Rights Center (state, local, and federal pensions were higher).
|
|
I refused to play politics with the pension, particularly after 10 years of politics had relegated pension fund performance to the gutter.
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The pension fund argued that Sun Capital's funds met that definition — and should be liable for the $4.5 million pension fund debt.
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"Pension reform is the toughest job on the domestic agenda," said Lin Wan-yi, deputy chief of the National Pension Reform Committee.
|
|
The agreement will annuitize an additional $512 million of Sears' pension liabilities, with MetLife paying future pension benefits to about 20,000 retirees.
|
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Liberalizing postal pension investment rules is a unique opportunity to reform a pension system without labor, consumers, or taxpayers taking a hit.
|
|
Poor investment performance was the largest contributor - $125 billion - to pension plans bearing a $157 billion increase in the net pension liability.
|
|
The purchase is by the pension fund's investment unit, Canada Pension Plan Investment Board (CPPIB), which seeks long-term low-risk investments.
|
|
The pension fund managers' "prototype is comparable to a pension administration system shared by all parties," they said in a joint statement.
|
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The Pension Benefit Guaranty Corp estimated the pension plan is unfunded by $937 million, according to previously unreported court filings in August.
|
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But Canada has undertaken other reforms, such as increasing the pension benefits from a mandatory system known as the Canada Pension Plan.
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Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, will raise its foreign bond allocation target to 13% from 15%.
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As an individual member of a pension fund, you can contact your pension board of trustees and make a request to divest.
|
|
Revenue raised from the bill would be transferred to the Pension Benefit Guarantee Corporation to help shore up multi-employer pension plans.
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|
TO) and Canada Pension Plan Investment Board (CPPIB), Canada's biggest public pension fund, showed interest but withdrew from the bidding, sources said.
|
|
The median private pension was only $9,376 a year, according to the Pension Rights Center (state, local and federal pensions were higher).
|
|
That plan provides pension benefits to about 87,000 retired miners and surviving spouses, who collect an average monthly pension of about $600.
|
|
Canada's biggest pension plans, which include the Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plan, pioneered a strategy of directly investing in infrastructure, funding roads, bridges, rail, airports, utilities and pipelines as an alternative to bonds and equities.
|
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Trudeau and Finance Minister Bill Morneau have also expressed a desire to attract investment from Canada's biggest pension plans such as the Canada Pension Plan Investment Board (CPPIB), the Caisse de depot du Quebec and the Ontario Teachers' Pension Plan.
|
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Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March 2020, and the pension board has a 4663-year lien on revenue owed to Sears from future sales of Craftsman products.
|
|
His plan for tackling a $133.5 billion unfunded liability in the state's five retirement systems also calls for the sale of $2 billion of pension bonds, continuing a voluntary pension benefit buyout program, and using state assets to boost pension funding.
|
|
It was originally intended as an eligibility requirement for teachers to draw a pension from the industrialist's nascent pension scheme for college faculty.
|
|
While Bolsonaro himself has equivocated about his position on old government pension programs, his market-friendly economics adviser has promised comprehensive pension reform.
|
|
In a separate statement, Canada's pension investment manager Public Sector Pension Investment Board and ATL Partners said they would sell SALI to Goshawk.
|
|
Previously, the Kline-Miller Multiemployer Pension Act of 2014 established a process through which multiemployer pension plans could temporarily or permanently reduce benefits.
|
|
The Ontario Teachers Pension Plan, Canada's third biggest public pension fund, reported on Wednesday a 13 percent return on its investments in 2015.
|
|
The Public Sector Pension Investment Board, one of Canada's largest pension investment managers, is also part of the buying consortium, the statement showed.
|
|
Falling bond yields have increased the pension deficits of UK companies, encouraging them to complete deals with insurers to offload their pension risk.
|
|
According to one pension advocacy organization, nearly 1 million working and retired Americans are covered by pension plans at the risk of collapse.
|
|
Workers in salary-linked pension schemes have "contracted out" of the earnings-related element of the state pension, so they paid lower NICS.
|
|
The unions managed to beat back proposed pension cuts, including a cap on the accrual of pension benefits after 30 years of service.
|
|
The UK government introduced "pension freedoms" in 2015, allowing people to cash in their pension pots, or transfer the money into alternative investments.
|
|
But many state pension plans are underfunded and a push for pension reform has attempted to address this issue by modifying the plans.
|
|
The agency, the Pension Rehabilitation Administration (PRA), would then lend money from the sale of the bonds to the financially troubled pension plans.
|
|
Sears also announced Wednesday that it had struck an agreement with the wardens of its underfunded pension fund — the Pension Benefit Guaranty Corp.
|
|
Conservative economists blame labor unions and employers for the financial troubles of multiemployer pension and for not contributing enough to multiemployer pension plans.
|
|
Canada Pension Plan Investment Board (CPPIB), the country's biggest pension plan, bought another 9.2 million shares at 817 rupees each, the data showed.
|
|
Dutch pension fund manager APG Group NV has appointed Wim Henk Steenpoorte as member of the executive board responsible for pension fund services.
|
|
For decades, the state did not fully finance its pension plans, and Connecticut now carries more than $26 billion in unfunded pension liabilities.
|
|
Joining the proxy protest were the Canada Pension Plan Investment Board, the Ontario Teachers' Pension Plan and the British Columbia Investment Management Corporation.
|
|
The fund is also compliant with Regulation 28 of the Pension Funds Act, making it an eligible investment for South African pension schemes.
|
|
Borden also said the cost of various pension and retirement obligations had contributed to its bankruptcy filing, including a $33 million pension settlement.
|
|
The agency, the Pension Rehabilitation Administration (PRA), would then lend money from the sale of the bonds to the financially-troubled pension plans.
|
|
The United Methodist Church's $20 billion pension board, the biggest pension fund asset manager in the US, blacklisted the five largest Israeli banks.
|
|
PARIS (Reuters) - The French government's new universal pension system will cancel out special pension regimes, Prime Minister Edouard Philippe said on Wednesday as he unveiled the details of a draft reform to overhaul the country's byzantine pension system.. The new system will guarantee a pension of 1,000 euros minimum per month for those who have worked a full career, Philippe said.
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Already, the pension board agreement requires Sears to make a $250 million cash payment to its pension plan by March of 2020, and the pension board has a 15-year lien on revenue owed to Sears from future sales of Craftsman products.
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It will see Green provide funding for a new independent pension scheme to give pensioners the option of the same starting pension as they were originally promised by BHS, and higher benefits than they would get from the Pension Protection Fund (PPF).
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The proposed overhaul of the pension system, which has been a drag on the budget for years, sets a ceiling of 2,300 euros on the maximum monthly pension outlay and an upper limit of 3,000 euros for those getting more than one pension.
|
|
PENSION CHIEF WARNS OF DIFFICULT CUTS AFTER TREASURY DECISION: The head of the Central States Pension Fund is warning of the potential for "very, very, very difficult" pension cuts after the Treasury Department blocked a last-ditch effort to ward off insolvency.
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|
The deal provides funding for a new independent pension scheme to give BHS pensioners the option of the same starting pension they were originally promised by BHS, and higher benefits than they would get from the lifeboat scheme, the Pension Protection Fund (PPF).
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|
But nearly three-quarters of the people with this type of pension are in plans that have less than half the money they need to pay promised benefits, according to the Pension Benefit Guaranty Corporation, the federal agency that insures pension plans.
|
|
The British government introduced "pension freedoms" in 2015, allowing people to cash in pension pots built up from investments made via defined contribution schemes.
|
|
Any increase in future pension payouts will depend on how the government divides the new savings between the federal budget and the pension system.
|
|
The lawsuit, first reported by Mexican newspaper Reforma, was filed by the Oklahoma Firefighters Pension & Retirement System and the Electrical Workers Pension Fund Local.
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|
TO) and Colombian investment firm Colpatria are selling their jointly-held pension fund administrator, Colfondos, to Chilean private pension fund manager AFP Habitat (HAB.
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|
"Pension funds adjust their portfolios at different stages of the economic cycle," said Andres Moreno Arias, director of investments at the pension fund SURA.
|
|
GE has said that proceeds from the transaction would be deposited into its pension trust, increasing assets used to pay GE pension plan benefits.
|
|
The model is new but has similarities to the Dutch pension system, where individual company pension schemes have been joining bigger, sector-wide schemes.
|
|
It is also similar to the Pension Protection Fund (PPF), a UK industry-backed lifeboat fund, which manages the pension assets of failing companies.
|
|
Pension fund assets, managed by the top 100 asset managers of pension funds, increased again from the year before to reach almost $1.5 trillion.
|
|
Hours earlier, investigators raided the office of the world's third-largest pension fund, the National Pension Service (NPS), over possible links to the scandal.
|
|
Meanwhile, private pension plan sponsors in the United States are making greater contributions to their pension savings in anticipation of lower corporate tax rates.
|
|
On Wednesday, investigators had raided offices of Samsung Group and the National Pension Service, South Korea's largest pension fund, as part of the investigation.
|
|
Some public sector unions have also resisted this reform on the grounds that any reduction in pension rights will lead to broader pension reductions.
|
|
The Ontario's Public Service Employees union said it opposed using pension funds to finance Home Capital and wants stricter guidelines governing pension funds' investments.
|
|
The company took a pre-tax pension settlement charge of $510 million in the quarter related to the termination of its U.S. pension plan.
|
|
The consortium includes UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plan Board.
|
|
In practice, however, the switch from final-salary pension schemes to defined-contribution (DC) plans means that employers' pension contributions are lower than before.
|
|
COMMITTEE SET TO HEAR MINE PENSION FIX: A Senate Committee on Wednesday will mark-up a bill to boost pension funds for coal miners.
|
|
Fitch is also concerned by HRS' large pension deficit (including a relatively high percentage of Level III assets) and corresponding future pension funding requirements.
|
|
So a report from a pension-finance task force into the way economic principles apply to public pension funds ought to make compulsory reading.
|
|
Greece's finance minister on Thursday rejected the idea of additional pension cuts, while Greek farmers have blockaded roads to protest existing pension reduction plans.
|
|
His lifeguard pension should not be viewed any differently from the larger pension he is collecting after 19543 years of teaching in public schools.
|
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That bill would replace the existing defined benefit pension plans with a plan that couples 401(k)-type savings accounts with traditional pension benefits.
|
|
The Teamsters' Central States pension fund is one of the largest of America's multiemployer pension funds, led jointly by a union and multiple companies.
|
|
The median federal government pension, meanwhile, was $22,172, and for state and local government pensions, it was $17,163, according to the Pension Rights Center.
|
|
Additionally, GE said it will transfer certain UK pension liabilities to Baker Hughes, but none of GE's primary US pension plan will be included.
|
|
As a result of the pension reform, new hires will have to enter a hybrid cash-balance plan as opposed to a traditional pension.
|
|
In Canada, you can receive a pension, called Old Age Security, from the age of 65, or a reduced pension as early as 60.
|
|
"You'll never be able to replicate the annuity you're getting from the pension plan," said Karen Friedman, policy director of the Pension Rights Center.
|
|
More than seven in 10 Brazilians reject plans for pension reform, and nonetheless a pension-reform law is on the verge of being passed.
|
|
Macron wants to set up a single points-based pension system in which each day worked earns points for a worker's future pension benefits.
|
|
As the looming public pension storm gathers strength, debate is expanding past technical matters and into the governance structures of taxpayer-funded pension plans.
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The bill, the American Miners Pension Act, would shift some money out of the Abandoned Mine Land (AML) fund and into the pension fund.
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Falling UK interest rates have widened UK company pension deficits, providing more incentive for companies to offload the risk of managing their pension schemes.
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A few companies such as General Electric Co and General Motors Co have announced plans to increase their pension contributions this year, rather than pay higher premiums to the Pension Benefit Guaranty Corp, a federal government agency that insures private defined-benefit pension plans.
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Green's deal with the pensions regulator gave the 19,000 members of the BHS pension schemes the option of the same starting pension they were originally promised by BHS, and higher benefits than they would get from the lifeboat scheme, the Pension Protection Fund (PPF).
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The union is seeking assurances on the long-term future of Port Talbot and is opposed to the pension scheme being spun off due to concerns that it would be taken over by the Pension Protection Fund (PPF), which would cut current employees' pension benefits.
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The Wall Street Journal reported last month that McClatchy had frozen some pension payments while it tried to get a bailout from the government's pension insurer, the Pension Benefit Guaranty Corporation, after the Internal Revenue Service denied a request for a waiver of its obligations.
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Under the National Grid deal - related to section A of the National Grid UK Pension Scheme – Rothesay Life will reimburse all the pension benefits payable to eligible pensioners aged 70 or less, including to their spouses, until the death of the last pension beneficiary.
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The consortium includes UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plan Board. tgam.
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The steelworkers must transfer to a new scheme or join a pensions lifeboat, the Pension Protection Fund, following the closure of their current pension scheme.
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Trump is still taking his Screen Actors Guild pension Trump reported taking home more than $90,000 from a SAG pension -- up from $64,840 in 2017.
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The Government Pension Investment Fund (GPIF), the world's largest pension fund, is also looking to start investment in the domestic VC market, its officials said.
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The city used a consideration argument to defend the law, claiming that pension benefit cuts and higher pension contributions will save the funds from insolvency.
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Civil partners are entitled to a share of their ex-partner's pension upon their death, while cohabiting couples are unable to claim their partner's pension.
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SENATE FINANCE PASSES MINERS' PENSION BILL: The Senate Finance Committee passed a bill Wednesday to rescue the main multi-employer pension plan for coal miners.
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The Pension Benefit Guaranty Corporation (PBGC) and Labor Department's Employee Benefits Security Administration are proposing new reporting requirements for employee pension and welfare benefit plans.
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A year later, Scott Brass went bankrupt and stopped contributing to its pension fund, run by the New England Teamsters and Trucking Industry Pension Fund.
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Some 120,223 on military pension benefits and another 300,301 in the civil service are nervous about pension reform, a priority of President Tsai Ing-wen.
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Without a deal on the pension scheme, Tata Steel UK had warned it could face insolvency due to the size of the pension fund's deficit.
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Detroit must still deal with an unfunded pension liability of at least $2 billion and pension payments set to resume in 2024, according to Scorsone.
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Other companies with pension plans were also expected to use the tax cut windfall to front-load pension contributions before tax rates fall in 2018.
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Pension providers involved in the pilot project are Aviva , Aon, HSBC, LV=, NEST, Now:Pensions, People's Pension, Royal London, Standard Life, Zurich and Willis Towers Watson .
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The government said it was working with the pension scheme trustees of Tata Steel and British Steel to minimise any pension impact on the purchaser.
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TORONTO/VANCOUVER (Reuters) - The Canada Pension Plan Investment Board (CPPIB)), the country's biggest public pension fund, is considering a bid for Dominion Diamond Corp DDC.TODDC.
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While promising to be open to external input on the pension reform, Philippe said that he is determined to carry out the pension reform plan.
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Imagine you work for a company that has a pension plan, but the pension plan was already closed to new employees when you were hired.
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The company said in its filing Thursday that it expected to hand over the management of its pension plan to the Pension Benefit Guaranty Corporation.
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Assets in pension funds in the Netherlands total $1.5 trillion, making it home to one of the largest pools of pension reserves in the world.
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Under the pension proposal on Friday, Royal Mail said postal employees would be offered a choice between a modified defined benefit or contribution pension scheme.
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Here are the outlines of the pension reform: - France will establish a universal pension system that would be based on points and linked to salaries.
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The Pension Benefit Guaranty Corporation (PBGC) and Labor Department's Employee Benefits Security Administration will propose new reporting requirements for employee pension and welfare benefit plans.
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A second situation, suggests the Pension Rights Center, is if you already have a "substantial" nest egg or other source of income, like a spouse's pension.
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"We have equality of pension ages, but certainly don't have pension gender equality," said Baroness Ros Altmann, a former pensions minister with Britain's ruling Conservative party.
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If the $302 billion public pension fund consistently misses the 7.5 percent target, state taxpayers could be forced to make up any shortfall in pension funding.
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HELSINKI, June 29 (Reuters) - Finnish pension insurance companies Ilmarinen and Etera will merge to form Finland's largest private sector pension insurer, the companies said on Thursday.
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Green was critical of the pension regulator for failing to engage with BHS as its deficit increased and said the retailer's pension trustees were also responsible.
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Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, saw a negative 13 percent return during its fiscal year that ended in March 21.
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In both deals the buying consortium included infrastructure investor Borealis, which manages a portfolio on behalf of Canadian pension fund OMERS, and several regional pension funds.
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A possible move by Korean's National Pension Service, the world's third-biggest pension fund, to implement it would help convince other companies to get on board.
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None of this applies to workers with a defined contribution pension, where benefits are not promised by the company; their pension pots will be completely untouched.
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Washington's higher offer came after the Canadian Pension Plan Investment Board, the country's biggest pension fund manager, was reported to be considering a bid for Dominion.
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Lamoureux and Haggis are former chief executives of Ontario Teachers' Pension Plan and Ontario Municipal Employees Retirement System, respectively, two of the country's biggest pension funds.
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BAT also said the British American Tobacco UK Pension Fund struck a deal in May to transfer 3.4 billion pounds of assets to Pension Insurance Corporation.
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The pension-plan deficits of companies and local governments have ballooned because it costs more to honour future pension promises when interest rates fall (see article).
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MINERS RALLY FOR PENSION BILL: Thousands of coal miners and their allies rallied near the Capitol on Thursday for a bill to rescue their pension fund.
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The main purpose of this annual article was to create pension envy by driving a wedge between those receiving a pension and those who were not.
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In merger and acquisition transactions, companies with underfunded pension plans often have to negotiate part of the value to be directed to shore up pension plans.
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An official with the National Pension Service, the world's third-biggest pension fund, declined to disclose the volume of the fund's stock trading done through Samsung.
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According to Forbes, about half the states have pension plans that are underfunded by 30 percent or more, and virtually every state has an underfunded pension.
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His plan for tackling a $133.5 billion unfunded liability also includes continuing a voluntary pension benefit buyout program and using state assets to boost pension funding.
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Some 50 billion pounds has been transferred from direct benefit pension schemes between the start of the pension freedom reform in April 2015 and May 2017.
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He championed enactment of major pension reforms that protected American workers from companies that raided their pension funds or fired workers on the verge of retirement.
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Market players said the Government Pension Investment Fund (GPIF) and other public pension funds could also have bought stocks to rebalance portfolios following recent sell-offs.
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To cut state debt, the government announced that Hungarians who did not transfer private pension assets into the public system would not receive a state pension.
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A government-backed pension protection plan is taking over the company's pension fund, which has an $800 million deficit that analysts say is likely to expand.
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Employee pensions are protected through the Pension Benefit Guaranty Corporation, which takes over the pension benefit payments in case of bankruptcy, although payments could be smaller.
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There are also existing government pension schemes for India's unorganized workers, including the Atal Pension Yojana (APY) that was launched by the Modi government in 2015.
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Right now they are paying their pension payments, the pension that comes due at the end of the month, they're paying out of their operating accounts.
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Glass Lewis has been owned by two Canadian pension funds, the Ontario Teachers Pension Plan Board and Alberta Investment Management Corp, since 2007 and 2013, respectively.
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In Sweden, savers may opt to invest a portion of their state pension in private funds that have entered an agreement with the Swedish Pension Agency.
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Kentucky's public employee pension system has greater unfunded liabilities than all but three other states, according to Moody's Investors Services, which closely tracks state pension systems.
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Within the first week of policy selection, voters prioritized pension reform, for instance — increasing the minimum pension to at least match the nation&aposs minimum wage.
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SSE has completed a 250 million-pound buy-in of pensioner liabilities in the Scottish Hydro-Electric Pension Scheme (SHEPS) and a 100 million pound buy-in on the Scotia Gas Networks Pension Scheme, both with specialist insurer Pension Insurance Corporation, Hymans Robertson said in a statement.
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France's Prime Minister Edouard Philippe said on Wednesday its people should work two years longer to get a full pension, a sensitive part of an overhaul of France's byzantine pension system that he said would be fairer and plug a gaping deficit in the pension budget.
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France's Prime Minister Edouard Philippe said on Wednesday its people should work two years longer to get a full pension, a sensitive part of an overhaul of France's byzantine pension system that he said would be fairer and plug a gaping deficit in the pension budget.
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The company is owned by a mix of pension and investment funds, including Canada's OMERS pension fund and sovereign wealth funds from Abu Dhabi, Kuwait and China.
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South Korea's pension funds, including the National Pension Service, on Monday purchased shares worth 520.7 billion won ($429 million) on the main board, the most since Aug.
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It sets standards for vesting, requires employers to invest sufficiently to cover future pension liabilities and, through the Pension Benefit Guaranty Corporation, offers insurance for retirement monies.
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The Pension Superfund will, however, face competition from at least two other similar funds looking to take on British company pension schemes, including Clara Pensions, sources said.
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Petros, the pension fund of state-run oil company Petrobras, and Previ, the pension fund of Banco de Brasil employees, hold around 20 percent of BRF shares.
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The crisis is the result of three linked issues: overgenerous pension promises; the flawed nature of public-sector pension accounting in America; and some bad investment decisions.
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People familiar with the matter previously told Reuters investors including buyout firm Apollo and pension fund Canada Pension Plan (CPP) are among the bidders for the mines.
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A diluted pension bill would also need to include a gradual transition to the new rules and parity between the public and private pension systems, he said.
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Billionaire industrialist Leonard Blavatnik's Access Industries and Canada Pension Plan Investment Board (CPPIB), the country's biggest pension fund, are part of investor group led by Energy Capital.
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Given the relatively low underfunded level of BWA's pension plans, particularly in the U.S., Fitch does not currently view BWA's pension plans as a meaningful credit risk.
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The fund, which was launched with pension funds PKA, PensionDanmark and Medical Doctors' Pension Fund, has received commitments of $550 million and aims to raise $1 billion.
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BAT also said the British American Tobacco UK Pension Fund struck a deal in May to transfer 3.4 billion pounds of assets to Pension Insurance Corporation plc.
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It wants pension providers to offer "investment pathways" for customers that set out more structured options on what to do with money taken out of a pension.
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Canada's Public Sector Pension Investment Board last year sued Saba, saying the fund and Weinstein had marked down some assets after the pension asked for money back.
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One way to show how your state's pension shortfall is to resize the states on a map based on their pension liability instead of their land area.
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The investors are led by the Iron Workers Pension Plan of Western Pennsylvania, KBC Asset Management NV, and the Sheet Metal Workers Pension Plan of Northern California.
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As hollow as the giant wooden horse of legend, America's public pension plans have lulled participants into the false belief that their pension check will never bounce.
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The pension superfund structure has been developed by the pensions industry to narrow the huge deficits in Britain's 2 trillion pound ($2.43 trillion) final salary pension sector.
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Some also called for giving more money to the Pension Benefit Guaranty Corporation, so it would survive the collapse of a pension fund like the Central States.
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However, some analysts said the new-found capital strength could be at the mercy of talks taking place with the pension fund trustees over Barclays' pension contributions.
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The vote is "probably the biggest pension event in my lifetime," said John Bury of Bury and Associates Inc of Union, New Jersey, who advises pension plans.
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In less than three years, the UMWA's pension fund will reach insolvency and pension benefits for more than 100,000 miners and their families will be at risk.
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SENATORS RALLY FOR COAL MINER PENSION FIX: A group of senators took to the floor on Tuesday calling for a congressional fix for coal miner pension programs.
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The second case, brought on Wednesday by Northern California Pipe Trades Pension Plan and Teamsters Local 272 Labor Management Pension Fund, cites company filings and media reports.
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The new names included Norway's Government Pension Fund, Australia's Future Super, U.S.-based fund manager Green Century and Denmark's MP Pension, which manages pensions for Danish academics.
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After the Sandy Hook Elementary School shooting in 2012, both the California's state pension fund and the California teachers pension fund divested their stakes in gun manufacturers.
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In the past year, U.P.S., which participates in more than two dozen pension plans, has been working with lawmakers on Capitol Hill to help develop pension legislation.
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The baby boomers were retiring, the markets were gyrating, companies were trying to get out of the pension business, and state and local pension plans were struggling.
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The New Bedford Fishermen's Pension, and two pension trust funds for Teamsters locals are expected to run dry in 19463, the same year as the UMW plan.
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Tribunal documents show that as Mr. Casamitjana sought to stop his pension contributions, he was told that the league was reviewing the pension provider and the issue.
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A defined pension scheme in the U.K., also known as a "final salary" pension, normally depends on an employee's length of service and their earnings at retirement.
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Proponents of increasing the age for collecting a pension say the pension system would be overburdened if the eligibility threshold isn't adjusted since Russians are living longer.
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The Northern California Pipe Trades Pension Plan and a pension fund for a local Teamsters group claim a breach of fiduciary duty, unjust enrichment and corporate waste.
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In 2016, the pension board of the United Methodist Church excluded from its multibillion-dollar pension fund Israeli banks whose loans for settlement construction violate international law.
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Brown criticized Raimondo's decision to overhaul the state's underfunded pension plans when she was treasurer in 2011, cutting pension payments to save billions, which angered some retirees.
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Senior Vice President and Head of Investment and Pension Solutions, Prudential Retirement Frias leads the $230 billion investment and pension solutions business, where she is responsible for the pension risk transfer, longevity reinsurance, structured settlements, and stable value businesses within Prudential Retirement, and related institutional product innovation efforts.
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The government can help not only by offering tax incentives to encourage pension fund investment but also by easing the restrictions imposed by the insurance commissioner on the amount pension funds may pay to external managers, such as venture capital funds, venture capitalists and pension fund managers say.
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The retirees' victory is only the second time in 22012 years that the federal Pension Benefit Guaranty Corporation has required a company to unwind a pension "termination" — a dreaded deal in which a bankrupt company cuts off a pension fund and leaves it for the government to take over.
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PENSION-TO-WAGE RATIO The government has vowed to keep the average pension-to-wage ratio from falling below 50%, but worries are persisting Japan's 'pay-as-you-go' pension scheme may be unsustainable, with fewer workers paying into it and a larger retired population drawing from it.
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PIC Group has become one of the world's biggest investors in bulk annuities, which cover the pension obligations of defined benefit, or final salary, pension schemes for staff.
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The world's largest pension fund, Japan's Government Pension Investment Fund, has blamed a $52 billion quarterly investment loss on the surprise Brexit vote, according to the Financial Times.
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Nigeria, for instance, has worked hard to reform its pension system, and pension-fund assets have grown at a rate of 25-30% over the past five years.
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Now, however, Britons are given great flexibility over how to use their pension savings: people over 55 can withdraw all their pension in one go if they like.
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"Pension costs have been shifted to the individual," said American Federation of Teachers president Randi Weingarten, as teachers are being required to increase contributions to their pension program.
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Pension plans borrowing from PRA would be required to set aside money in separate safe investments such as annuities or bonds that match the pension payments for retirees.
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Under the new bill, pension fund executives would face a cut in their pay proportional to the steepest benefit cuts any retiree would face under their pension plans.
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After 22019 years, West Virginia reopened the pension plan for new teachers and gave teachers in the 401(k) plan an option to switch into the pension plan.
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Royal Mail shares fell 1.4 percent after it replaced its pension plan, giving employees a choice between defined benefit or contribution pension scheme after opposition from trade unions.
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"This makes the storage of pension information secure and participants — at the push of a button — can see how much pension they have accrued," the fund managers said.
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The clients included a Middle Eastern sovereign wealth fund, a public pension fund in Dublin, Ireland, and a pension fund for British government employees, according to court papers.
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The project has drawn interest from a number of infrastructure and pension funds, including Australia's Macquarie, Switzerland's Partners Group and Denmark's PFA Pension, the three sources told Reuters.
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In a new, detailed study of the $85033 trillion U.S. public pension system, we've investigated the infrastructure investments undertaken by the largest public pension systems in the country.
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Payments to beneficiariesof the United Mine Workers of America pension plan $700 million 600 500 Premiums received by the Pension Benefit Guaranty Corporation's multiemployer program, for all plans.
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The government also passed pension reforms at end-2015 to strengthen the age and career requirements for pensions, removing incentives for early retirement and reducing public pension payouts.
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Among the other founding members are PensionDanmark, Swedish pension manager AMF, Nordea Life & Pension, Norwegian insurer Storebrand, and Swiss RE. (Reporting by Matthew Green; editing by Darren Schuettler)
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BRUSSELS, Oct 3 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: None — Private equity firm Axcel IV, Danish pension fund PFA Pension and three other pension funds PKA to jointly acquire Danish ship financing company DSF (notified Sept.
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The HSBC Bank (UK) pension scheme this week sealed a deal with a subsidiary of Prudential Financial to insure around 7 billion pounds of pension liabilities, while Phoenix in May said that it had taken over 1.4 billion pounds in liabilities from Marks & Spencer's in conjunction with Pension Insurance Corporation.
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FELIPE ITO ANUATTIRibeirão Preto, Brazil * Your article accurately describes one of the failures of America's Congress to adequately fund the America's Pension Benefit Guaranty Corporation (PBGC)—formed to guarantee the pension funds of corporations that went broke without adequate assets to cover their pension obligations ("Betraying the promise", April 163th).
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Supporters of pension reform have said that it's critical to fix the state's pension crisis, which ranks as one of the worst shortfalls in the US. State lawmakers tucked pension reform into another bill about sewage and passed that bill, late last month -- a move that was heavily criticized by teachers.
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S&P said the new budget does not comprehensively address Illinois' $130 billion unfunded pension liability but incorporates a $1.4 billion drop in the state's fiscal 2018 pension contributions.
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In 2007, before the financial crisis, the average corporate pension was 104.3 percent funded, while in 203 the average pension plan was 121.9 percent funded, according to Mercer data.
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The plaintiffs in the consolidated class action lawsuit include the Iron Workers Pension Plan of Western Pennsylvania, KBC Asset Management and Sheet Metal Workers Pension Plan of Northern California.
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The bond attracted strong interest from investors including Dutch development bank FMO, Dutch pension fund APG and the Fourth Swedish National Pension Fund (AP4), the Nordic Investment Bank said.
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In Florida, a deputy's pension is calculated by the length of his service and the average salary of his five highest-earning years, according to the state pension handbook.
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On the positive ledger, trust banks, which manage corporate pension trusts and national pension fund trusts, have bought a net 1.9 trillion yen in Japanese cash stocks this year.
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Among the few that still have them, the median private pension is only $63,376 a year, according to the Pension Rights Center (state, local and federal pensions were higher).
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Fitch believes the company's planned pension contribution and its agreement to transfer $800 million of pension liabilities to an insurance company will reduce required contributions over the rating case.
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Sources told Reuters last month that the project has drawn interest from a number of infrastructure and pension funds, including Australia's Macquarie, Switzerland's Partners Group and Denmark's PFA Pension.
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BHS had been engaged in a 23-year recovery plan to pay down its pension deficit, a plan that has been criticised by pension consultants for being too long.
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BAT also said that in May the BAT UK Pension Fund entered into a buy-in transaction with Pension Insurance Corporation plc, to transfer 3.4 billion pounds of assets.
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LONDON, Jan 5 (Reuters) - Specialist insurer Pension Insurance Corporation has completed a 190 million pound ($233.34 million) pensioner buyout for the GKN Group Pension Scheme, it said on Thursday.
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He said that while Greece undertook a pension reform, it only reduced the annual 10-11 percent of GDP deficit of the pension system by one percent of GDP.
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Apax is also part of a consortium including US-based Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board that is proposed to acquire Inmarsat.
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Last year British Airways replaced past schemes with a new defined-contribution pension scheme with flexible benefits in a bid to address the rising cost of future pension provision.
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In April, Calpers, the largest U.S. pension fund, voted to conduct the study to see if the pension fund took huge losses and should potentially re-invest in tobacco.
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As investment advisor to, and custodian of, New York City's five pension funds, charged with protecting $200 billion in pension fund assets, my job is understanding and anticipating risk.
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"The planned pension measures, together with adverse demographic trends, could negatively affect the positive trends generated by past pension reforms and weaken long-term fiscal sustainability," the opinion said.
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A recent reform will improve the sustainability of the public pension system, moving from a defined benefit to a defined contribution system, and harmonise pension eligibility across the economy.
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Fitch considers the level of pension obligations to be manageable, on a mid-cycle basis, and the U.S. benefits freeze helps to alleviate any future pension-related credit risks.
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In an attempt to generate 1.8 billion euros in savings from its ailing pension system, Greece plans to increase social insurance contributions to buffer the elderly from pension cuts.
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Following a change in rules three years ago, British pension holders can give up their pension pots at age 55 or above for a lump sum or another investment.
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"As pension transfers surge to unprecedented volumes, the disturbing amount of unsuitable advice in this area poses a clear and present threat to the nation's pension savings," he said.
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Canadian pension fund OMERS, Australian infrastructure fund IFM and Dutch pension fund PGGM, all keen to invest in stable energy infrastructure assets, could also be interested, the sources said.
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Major pension clients to have left Fisher include the Los Angeles fire and police pension, which pulled $522 million and the Michigan Investment Board, which is withdrawing $600 million.
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Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, will allow investing up to 13% in foreign bonds, two sources familiar with the matter said on Thursday.
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The average pension for just under 5 million Romanians stands at $305 per month, data from the state pension agency shows, one of the lowest in the European Union.
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After a wave of bankruptcies over the past decade, Murray Energy is the last man standing funding the union pension plan, which is known as the 1974 Pension Plan.
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The Canada Pension Plan Investment Board (CPPIB), the country's largest pension fund manager, withheld its vote for the re-election of Pierre Beaudoin at Bombardier's annual meeting on Thursday.
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PARIS (Reuters) - France's Prime Minister Edouard Philippe said on Thursday the government remained fully committed to end special pension regimes after a meeting with unions over pension reform plans.
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Under Pinera's program, pension contributions would rise to 14 percent from the current 10 percent, to address widespread discontent that the nation's privatized pension system has left retirees struggling.
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Fair Game As troubled pension funds go, the New York State Teamsters Conference Pension and Retirement Fund, with some $1.3 billion in assets, is by no means the largest.
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"The Brazilian political class understands the necessity to overhaul the pension system due to its chronic, and growing, fiscal deficit, hence, pension reform should be approved this year," he said.
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Blackstone's partners include GIC, a Singaporean sovereign-wealth fund, and the Canada Pension Plan Investment Board, that country's largest pension fund and an avid direct investor in its own right.
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Pension funds and private pension groups may invest in Atlante to bolster the fund's cash reserves, Corriere della Sera reported on Saturday, pointing to an additional one billion euro injection.
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"For every $10 states and districts contribute to teacher pension plans, $7 goes toward paying down past pension debt, and only $3 goes toward benefits for current teachers," Aldeman writes.
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Active NAPS members will be offered a choice of transition arrangements including a cash lump sum, additional company pension contributions or additional pension benefits in NAPS prior to its closure.
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They are in turn owned by Allianz, UBS , the Abu Dhabi Investment Authority, Canada's Public Sector Pension Investment Board, the Canada Pension Plan Investment Board and France's Caisse des Depots.
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Earlier this week, the special prosecutor indicted the chairman of the National Pension Service, the world's third-largest pension fund, on charges of abuse of power and giving false testimony.
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To combat increasing employer pension costs, U.S. states enacted pension plan reforms that mainly reduced benefits for new hires and increased employee contribution rates for new hires and current workers.
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Some remain skeptical that even a watered-down pension bill can pass, saying the window of opportunity for a pension reform may have closed ahead of next year's general elections.
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As our article on the new "flat rate" (it's anything but) state pension makes clear, you can qualify for the pension by looking after children, or sick and elderly relatives.
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Between the two pension funds, according to their official reports, Kentucky's state pension systems have liabilities of at least $30 billion, and are among the worst funded in the nation.
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We will insist that public pension funds meet the same basic regulatory and reporting standards as private pension funds as the first step to addressing a broken and deteriorating system.
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Bulgaria still has the lowest average pension in the EU at 190 euros ($221.46) a month and around a quarter of Bulgarian pensioners receive the minimum pension of 106 euros.
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The pension plan, submitted last year to Congress, is aimed at curbing a growing deficit in Brazil's generous pension system, meant to provide rights guaranteed in the country's 1988 Constitution.
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Another solution to remedy the multiemployer pension plan crisis would be to share the cost through a combination of loans to the troubled pension plans and a reduction in benefits.
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The Ontario Teachers' Pension Plan, Canada's third-largest public pension plan, and London-based private equity firm Permira, are also expected to submit separate bids, two of the people said.
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If Washington continues to turn a blind eye to the multiemployer pension plan crisis, dozens of pension plans and the government agency that supports them will run out of money.
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The agreement calls for the creation of a potentially multibillion-dollar pension reserve to help fund pension payments in later years when Puerto Rico is projected to have operating deficits.
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Chile's pension system is a defined contribution scheme in which workers pay at least 10% of their wages each month to for-profit funds, called the Pension Fund Administrators (AFPs).
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He said the new government would have to introduce pension reform, including further promotion of private pension schemes, to ease the burden of a rapidly aging population on the budget.
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It also includes a significant concession on pensions, offering new hires a defined contribution pension plan, instead of a plan that guarantees some benefits no matter how pension investments perform.
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Some co-op members see a conflict of interest in Mr. Haywood's roles as a pension trustee, a pension stock picker and the biggest holder of one of those stocks.
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It also proposes a strategy to stabilize the multiemployer pension system and the long-term solvency of the Pension Benefit Guaranty Corporation, a federally chartered entity that supports insolvent pensions.
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OMERS, the former owner of London City Airport, will compete with a consortium formed by Dutch pension fund manager APG and Australian infrastructure fund QIC and a second consortium led by Canada Pension Plan Investment Board (CPPIB) which includes Dutch pension fund PGGM and local Belgian insurance player AG, part of Ageas.
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The new panel will be required to hold at least five public meetings, including at least one field hearing outside of Washington, D.C. Several Ohio pension plans, including the Central States Teamsters Pension Plan and the United Mine Workers Pension Plan, will fail if nothing is done to save them, Brown said.
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"There are no greater skeptics of hedge funds than PRIM," said Michael Trotsky, the pension fund's executive director and chief investment officer, referring to the state's Pension Reserves Investment Management Board.
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Last week, Prudential Financial, the biggest player in pension transfers, said it had finalized $2.2 billion in pension deals during the fourth quarter, including a $1.8 billion deal with United Technologies.
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The pension freeze for salaried workers will go into effect January 2500, 286, meaning those workers will not earn additional pension benefits, though they will keep what they have already earned.
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Insurers, however, argue their high capital requirements make pension payments through a bulk annuity more secure than the pension consolidation fund approach being adopted by the Superfund and other new players.
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The focus next week will return to pension reforms as a bill to overhaul the pension system comes under review of a special committee, after clearing a congressional hurdle last week.
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Other Sete Brasil shareholders include Caixa's workers pension fund, Funcef, and Fundação Valia, the workers' pension fund of mining company Vale SA. None could be reached for comment outside working hours.
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TOKYO, Nov 2 (Reuters) - Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, posted a 2.97 percent return on its investment in the September quarter as global stocks rallied.
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The Institute suggests that, in 643, 264% of private sector employees with a pension scheme had at least some element of guaranteed retirement payment (a defined benefit) in their pension plan.
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But the pension rights of Carillion's 20,000 Britain-based employees should largely be preserved, thanks to the Pension Protection Fund (PPF), a private scheme funded by a levy on member companies.
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Few analysts and fund managers focus on pension costs as part of their analysis of a company, and most companies do not discuss their pension-funding plans on quarterly earnings calls.
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The combined deficit of the UK's 6,000 private-sector pension schemes rose to a new high of £408bn last month, according to the Pension Protection Fund, up from £383.6bn in June.
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Late on Wednesday, the Turkish parliament approved a reform to the pension system requiring workers to be enrolled automatically in a private pension plan in a bid to boost domestic savings.
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Other top shareholders in SNC include Canadian pension funds Caisse de depot et placement du Quebec and Canada Pension Plan Investment Board, as well as fund managers Fidelity and Mackenzie Financial.
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PARIS (Reuters) - The age when French citizens can receive a full pension should be put back to 64 from 62 now, the government's special adviser on pension reform said on Thursday.
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TORONTO, Feb 9 (Reuters) - The Canada Pension Plan Investment Board (CPPIB), Canada's biggest public pension plan, said it achieved a return of 4 percent on its investments in the latest quarter.
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Therefore, workers in the aggregate must contribute more to portable, self-directed pension plans, in order to assure themselves of the same monthly pension check for as long as they live.
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SEOUL, July 17 (Reuters) - South Korea's National Pension Service (NPS), the world's third-largest pension fund, said on Monday its Chief Investment Officer (CIO) Kang Myoun-wook has tendered his resignation.
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A higher pension age would allow the government to raise pension payments while freeing up state funds that could be spent on spurring economic growth amid Western financial and economic sanctions.
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Packwood kept his pension at the end of it all (the only time a Senator loses his or her pension is when they're convicted of treason or violations of national security).
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The BBC reported that ministers were expected to announce on Thursday proposals to overhaul the pension scheme, and the government was considering cuts to pension benefits to help smooth a sale.
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But Pemex is also suffering because of years of inadequate investment, unproductive working procedures, over-generous pension promises (pension liabilities at the end of the year stood at 1.3 trillion pesos).
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LONDON (Reuters) - Differences over how to regulate Britain's new pension superfunds, designed to deal with pension deficits, have delayed the first deals in this area until next year, industry sources say.
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Indonesia is hoping to attract the likes of Canada Pension Plan, Japan's Government Pension Investment Fund (GPIF) and other institutional investors, Thomas Lembong, chairman of Indonesia's investment coordinating board, told Reuters.
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Earlier this week, the special prosecutor indicted the chairman of the National Pension Service (NPS), the world's third-largest pension fund, on charges of abuse of power and giving false testimony.
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The options being considered include creating a state-run pension administrator, raising the retirement age, instituting a 5 percent contribution from employers and adopting stronger regulations for the pension fund administrators.
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Ms. James's letter says that, given the size of the New York pension fund's holdings in Kroger, which was not disclosed, she believes the pension can persuade the retailer to negotiate.
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Traders also said that with the Nikkei falling to attractive levels, bargain hunters such as retail investors and pension funds like the Government Pension Investment Fund will likely support the market.
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LONDON, May 12 (Reuters) - British specialist insurer Pension Insurance Corp (PIC) has completed a 900 million pound ($1.30 billion) pension buy-in deal for insurance broker Aon, it said on Thursday.
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"The fact that public pension debt helped spur the Puerto Rican debt crisis should serve as a warning of the devastating effects that can result from underfunded pension systems," said Nunes.
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The EU decided against capital requirements for pension funds and instead, regulators have been looking at so-called holistic balance sheet assessments which consider all the risks that pension funds face.
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Those "annuity reducing provisions contravene the pension protection clause's absolute prohibition against diminishment of pension benefits and exceed the General Assembly's authority," Justice Mary Jane Theis wrote in the court's opinion.
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The Chicago public school teachers pension fund follows in the footsteps of New York City pension funds, which last year became the first to divest fully from the private prison industry.
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"In Japan, adjustment in pension benefits and burdens has been lagging, while the overhaul of pension system has been left untouched," said Kazuhiko Nishizawa, social security expert at Japan Research Institute.
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TOKYO, March 3 (Reuters) - Japan's Government Pension Investment Fund, the world's largest pension fund, posted its the best quarterly gain on record thanks to a rally in the country's stock market.
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LONDON, May 20.6932 (Reuters) - Britain's Pension Protection Fund (PPF) first flagged concern about department store BHS's pension scheme in 2012, the fund's chief executive told a joint parliamentary committee on Monday.
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A pension insurance buyout involves a transfer of the promise to pay pension fund members, shifting that responsibility from the fund to the insurer, and giving policyholders a guaranteed income stream.
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CNNMoney: How states are changing teacher pension plans While Kentucky teachers were protesting the pension overhaul last week, the state Legislature passed changes to the tax system called House Bill 366.
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TORONTO, May 9 (Reuters) - Ontario Teachers Pension Plan has withheld its vote on the re-election of Bombardier's executive chairman Pierre Beaudoin, the pension fund posted on its website on Tuesday.
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The president, a former investment banker, says the French should work longer to get a full pension and help plug a big deficit in the pension budget as life expectancies increase.
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In a major overhaul of its pension scheme, the French government has proposed that people work two years longer to get a full pension, drawing a hostile response from trade unions.
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The hunt for yield has extended to the world's top pension fund, Japan's Government Pension Investment Fund (GPIF), which manages around $1.5 trillion in assets - bigger than the economy of Australia.
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Robbins Geller Rudman & Dowd represents the Michigan pension fund.
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Matt Bevin -- who supports changes to the state's pension.
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NEW DELHI — A new pension plan for rickshaw pullers.
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According to a report issued this month by Arabella Advisors, a philanthropy services firm, 61 pension funds worldwide — including the New York City pension funds, which hold $189 billion in assets — have committed to divesting from fossil fuels since 2016, bringing the total number of pension funds that have joined the movement to 144.
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"You're taking a group of people who are retirees who are already living their lives on a pension, and you are saying to them, 'here, instead of the pension, why don't you take this big check,' and they don't bother to tell them that this big check is worth less than your pension," Gotbaum said.
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"GKN has a clear and comprehensive plan to reduce its pension liabilities and eliminate the deficit in its UK pension schemes," GKN's finance director Jos Sclater said in its statement on Tuesday.
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Crucially, the proposed changes do nothing to stimulate Russia's underdeveloped alternatives to its main pay-as-you-go pension system, the result of a widespread distrust of pension funds and cash savings.
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TOKYO, July 3 (Reuters) - Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, said on Monday it has allocated 1 trillion yen ($8.9 billion) of funds to socially responsible investments.
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LONDON, Aug 22 (Reuters) - British insurer Pension Insurance Corp has completed a 230 million pound ($301.00 million) pension insurance 'buy-in' with the trustee of Pilkington Superannuation Scheme, PIC said on Monday.
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The same holds true for those with retirement savings through a corporate-sponsored pension or savings plan, individual retirement accounts or as part of a municipal, federal or teachers public pension plan.
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There's a lot of money to made in workplace pension enrollment by effectively operating as a pension broker, and a new breed of HR management startups are piggybacking pensions and, similarly, insurance.
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"Many pension funds will not be able to follow the path of (public pension fund) GPIF, which has steadily increased equity holdings," said Takehiro Noguchi, a senior economist at Mizuho Research Institute.
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Former officers can lose their pension — but only for the time they serve in a foreign military, which might pay them far more that they stand to lose from forfeiting their pension.
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This week, GE announced it will freeze its US pension plan for about 153,000 workers and take other steps aimed at slashing the company's alarming pension deficit by up to $8 billion.
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The plan also outlines a gradual pension age increase, which would lower contributions from the national budget to the state pension fund, which make up a significant part of the state spending.
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But Pennsylvania still has major unfunded pension liabilities, ranking ninth on the Pew's list of state unfunded pension liabilities with an assets-to-liabilities ratio of just 55% (80% is considered healthy).
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If Congress cannot transfer those funds, the financially-strained $5 billion federal Pension Benefit Guaranty Corp, an agency that backstops failed private-sector pension programs, would be responsible for covering the plans.
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It is quite possible that, you know, in the medium term we will need another Pension Reform, that we need to encourage more private savings, more private investments into private pension plans.
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The four investment companies were originally owned by Allianz, UBS, the Abu Dhabi Investment Authority, Canada's Public Sector Pension Investment Board, the Canada Pension Plan Investment Board and France's Caisse des Depots.
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Because the cash cost of a pension will not fall due for decades, pension schemes must discount this cost at some rate to calculate how much they need to put aside now.
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Executives at Canada's two biggest public pension funds - the Canada Pension Plan Investment Board and the Caisse de depot et placement du Quebec - have also identified opportunities created by current market conditions.
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The consortium, which initially included UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), was later also joined by Ontario Teachers' Pension Plan Board, Inmarsat said.
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The consortium, which initially included UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), was later also joined by Ontario Teachers' Pension Plan Board, Inmarsat said.
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LONDON (Reuters) - A group of investors including buyout firm Apollo and pension fund Canada Pension Plan (CPP) is bidding for coal assets put up for sale by mining giant Rio Tinto (RIO.
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Manulife, which signed a pact with Agricultural Bank of China in 2017 to jointly explore opportunities in China's pension and retirement market, is looking to establish a joint-venture pension management company.
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These included a delay to the implementation of pension indexation and the introduction of pension rights for some students that would place a major additional strain on the state budget, Kahkonen said.
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The shareholders included retired employees, whose pension funding was in the form of Tribune stock, and pension plans that also held stock at the time of the buyout and sold their shares.
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Their hopes for a bigger role in China's pension market and its reform process received a boost this month when regulators published guidelines for the introduction of Western-style pension target funds.
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If Tata Steel's operations were to go into administration, the Pension Protection Fund, which is part-financed by levies on eligible pension schemes, would guarantee an 85 per cent payout to beneficiaries.
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Potential buyers include a consortium of infrastructure investor Macquarie and German insurer Allianz , the people said, as well as Canadian pension fund OMERS, Australian infrastructure fund IFM and Dutch pension fund PGGM.
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The Canada Pension Plan Investment Board, the country's biggest public pension fund, is considering a bid for Dominion Diamond and is studying the miner's books, people familiar with the process told Reuters.
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Duggan's pension plan would create a special trust fund totalling $377 million by the end of fiscal 2023 to help the city cover higher-than-expected pension payments starting in fiscal 2024.
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In addition, the large pension deficit is partially mitigated by the expected reimbursements from the U.S. government, which treats a part of pension costs as allowable and reimbursable costs under some contracts.
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Companies are having to look for ways to cope with pension liabilities which have ballooned because low central bank interest rates have cut investment returns, creating funding gaps in many pension schemes.
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The Pension Superfund this week agreed a second deal with an unnamed pension scheme with 300 million pounds in liabilities but needs to wait for clarity on the regulatory regime to proceed.
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Faculty members nearing retirement wonder whether they will receive their pensions because the state has mismanaged its pension funds for decades; it's now looking at a pension shortfall of about $111 billion.
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The problem is, his pension will be cut to a mere $741 a month at the end of this year unless Congress devises a bailout for his troubled multi-employer pension plan.
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"Aligning Brazil's pension rules with those practiced in OECD countries would imply a minimum pension lower than the minimum wage, with eligibility to some prorated pensions for shorter periods," the survey said.
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Furthermore, the Pension Benefit Guaranty Corporation that is supposed to insure lost pension benefits will itself be insolvent and unable to replace anything more than a tiny portion of the lost benefits.
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Santa Fe did not transfer the pension and retirement fund to the national government, which is obliged to cover the underfunding of those pension funds that were not transferred to its coverage.
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The court did not dispute arguments that a fiscal crisis could make the funds insolvent, but said higher pension premiums and reduced retiree benefits impaired public-pension rights guaranteed by the constitution.
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PENSIONS: A $2000 billion payment for the state's pension obligation, a 28 percent increase from last year New Jersey's unfunded pension liability led to to the 11 credit downgrades under Mr. Christie.
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Few Russians can live off the average monthly pension ($209.00) as is, and many use their pension as a subsidy for their low wages and continue to work in their old age.
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But she struggled to get the pension she was owed after the war — and eventually was awarded $20 a month, a discounted rate from a full soldier's pension of $25 a month.
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TOKYO, March 24 (Reuters) - Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, will raise its foreign bond allocation target to 25% from 15%, the Nikkei newspaper reported on Tuesday.
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His first step, according to the proposal, would be to use the president's executive power to impose a moratorium on new pension cuts tied to the Multiemployer Pension Reform Act of 2014.
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Furthermore, when workers switch jobs, they can rollover their existing 28500(k) or other company pension plans into their Universal Pension reducing paperwork burdens and financial fees for both employers and employees.
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The deal was struck with Borealis Infrastructure, the infrastructure investment manager of OMERS, the pension plan for Ontario's municipal employees, and Ontario Teachers' Pension Plan, which has held its stake since 2010.
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No change to text.) * Record low debt yields increase corporate pension liabilities * Pension liabilities seen eating into corporate earnings * Some electronics makers, utilities seen particularly vulnerable By Shinichi Saoshiro TOKYO, April 7 (Reuters) - Many Japanese companies are facing a big increase in pension liabilities thanks to the Bank of Japan's (BOJ) adoption of negative interest rates in January.
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The deal, known as a pension risk transfer, is the most recent example of a growing trend among U.S. companies buying group annuities from insurers in order to unload their corporate pension plans.
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General unsecured creditors such as vendors will receive $1.23 million in cash and the government's pension insurer, the Pension Benefit Guaranty Corp, will receive $340 million in cash and 5.5 percent of shares.
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SEOUL, Oct 8 (Reuters) - South Korea's National Pension Service (NPS), one of the world's largest pension funds, has appointed Ahn Hyo-jun, as the chief investment officer, Yonhap News Agency reported on Monday.
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LONDON, Oct 8 (Reuters) - British insurer Legal & General said on Monday it had agreed a deal to insure 2.4 billion pounds ($3.14 billion) in pension risk with the Nortel Networks UK Pension Plan.
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Italian banking stocks rallied and then pared gains on Monday after newspaper Corriere della Sera reported on Saturday that pension funds and private pension groups may invest in Atlante — Italy's bank rescue fund.
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The announcement came just days after it appointed four custodian banks as custodians of the pension insurance fund, which was seen as signs that the government was speeding up on pension fund investment.
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A stewardship code pressing institutional investors to engage with the firms in which they hold stakes has been backed by the huge government pension fund (though corporate pension funds have dragged their feet).
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Well that might necessarily have been true in the 20th century when employers offered their employees not just a pay check, but offered them a pension, a defined benefit pension, and health care.
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BAT also said on Thursday that in May the British American Tobacco UK Pension Fund entered into a buy-in transaction with Pension Insurance Corporation plc, to transfer 3.4 billion pounds of assets.
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The school district's $5.46 billion operating budget includes a one-time, $215 million state of Illinois pension contribution that is contingent on the legislature's passage of major state-wide pension reforms by January.
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The Swiss federation of trade unions (SGB) has asked the SNB to give the money collected from negative interest rates to pension funds, a proposal supported by the association of Swiss Pension Funds.
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Sources told Reuters in January that infrastructure investor Macquarie and Allianz were expected to submit a joint bid, as are Canadian pension fund OMERS, Australian infrastructure fund IFM and Dutch pension fund PGGM.
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One source of that outflow: The Government Pension Investment Fund (GPIF), one of the world's largest pension funds at more than $1 trillion in assets, has continued to seek overseas investments, Goldman noted.
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Coal miners arrested after rally for pension fix: Thousands of coal miners and their allies rallied outside the Capitol on Thursday in support of a bill to rescue their union's troubled pension fund.
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Among those signing the letter was the Local Authority Pension Fund Forum, an association of more than 70 United Kingdom-based public sector pension funds with about $300 billion in assets under management.
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Senate panel approves pension rescue for coal miners: The Senate Finance Committee voted Wednesday to rescue the coal miner union's pension plan and avoid its likely insolvency by the end of the year.
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Last week, Prudential Financial Inc, the biggest player in pension transfers, said it had finalized $2.2 billion in pension deals during the fourth quarter, including a $1.8 billion deal with United Technologies Corp.
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Greece has drafted a proposal to overhaul its ailing pension system, which envisages merging all six pension funds into one and a possible cut of future main pensions by up to 30 percent .
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"That's bad for one of the most underfunded pension plans in the nation," said Chris Burnham, a former vice chair of Deutsche Asset Management and president of the Institute for Pension Fund Integrity.
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"If the pension system is not reformed soon, young people see no hope for their future," said Chu ying-ju, 23, a graduate student and member of an advocacy group on pension reform.
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A company spokesman said that boost was largely due to the liquidation of pension provisions, part of the company's plan to shift thousands of employees into the state pension system to save money.
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Pension costs were the single largest outlay in the city budget, but the bankruptcy in effect reinstated pension obligations in full while bondholders received less than 2628 percent of what was owed them.
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And because Allure Group owned other health care facilities with 1199 workers, it did not have to pay the stiff pension withdrawal liability, according to a statement from the 1199 S.E.I.U. pension fund.
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The pension scheme has been a major stumbling block in a possible merger with Thyssenkrupp, because the German company is opposed to taking on 15 billion pounds ($19.37 billion) in UK pension liabilities.
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LONDON, June 14 (Reuters) - Lloyds Banking Group's life insurance arm, Scottish Widows, has completed a 630 million pound ($892.40 million) pension buy-in deal for the ICI Pension Fund, it said on Tuesday.
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Greece has drafted a proposal to overhaul its ailing pension system, which envisages merging all six pension funds into one and a possible cut of future main pensions by up to 30 percent.
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Just don't try telling that to the fund managers at the National Pension Service (NPS) who have quit the world's third-biggest pension fund ahead of planned move to the city next year.
|
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SAO PAULO (Reuters) - Brazilian special congressional pension coordinator Samuel Moreira said there is still time to vote on pension reform this month, even after the cancellation of a committee meeting scheduled for Thursday.
|
|
The head of the Central States Pension Fund is warning of the potential for "very, very, very difficult" pension cuts after the Treasury Department blocked a last-ditch effort to ward off insolvency.
|
|
Finally, Tusa pointed out that the pension freeze's effect on GE's earnings will depend on "if the adjustment of the pension contribution is on a gross or net of tax basis," he said.
|
|
CNNMoney: How states are changing teacher pension plans When teachers came to Frankfort on Monday to protest the pension overhaul, the state Legislature passed changes to the tax system called House Bill 366.
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The move by the pension board, which manages the pensions of retired clergy and other church workers, follows similar commitments by some of the world's biggest pension funds and asset managers, including BlackRock.
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|
And last month, GE announced plans to freeze its US pension plan for about 20,000 workers and take other steps that will slash its massive pension deficit by $5 billion to $8 billion.
|
|
Malloy's plan proposed to increase employee pension contributions by 2 percent of pay from 2019 financial year and reduce the state's share of pension contributions by $400 million to $500 million per year.
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STOCKHOLM (Reuters) - Greenpeace activists on Wednesday hung a banner outside the state pension fund AP3's office in Stockholm to protest investments in coal, oil and gas companies by Swedish state pension funds.
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|
The pension funding problem is Europe-wide, as years of central bank stimulus have depressed interest rates, leading to gaps between the fixed sums the pension schemes pay out and their investment income.
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LONDON, Sept 10 (Reuters) - Pension Insurance Corporation Group, parent company of specialist insurer Pension Insurance Corporation (PIC), on Monday reported a record first half as more companies looked to offload their scheme liabilities.
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At the moment, there are 42 different pension plans that vary according to profession and region, meaning some workers are entitled to a full pension before the general minimum retirement age of 62.
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Before any of that, however, Congress must approve pension reform.
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Clients include pension funds, mutual funds, hedge funds and institutions.
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San Diego pension officials declined to comment for this story.
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The agency has been escalating its scrutiny of pension advisers.
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Pressure you public pension fund to divest from fossil fuels.
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|
So are hedge funds, family offices and even pension funds.
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|
Their pension expenses rose by 16.4% over the same period.
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|
It could even come in useful for planning your pension.
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In all, the pension has about $5234 billion in assets.
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The Bayer Pension Trust holds a further 8.9 percent stake.
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They present value pension payouts and other future income streams.
|
|
For many, pension promises from their employers are more important.
|
|
Meanwhile, two pension funds have also filed suit against Alphabet.
|
|
The island has $120 billion in bond and pension debt.
|
|
Carillion has a complex structure covering 14 different pension schemes.
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|
Pension funds generally hold portfolios of both stocks and bonds.
|
|
Government mandarins have fretted over Japan's pension system for years.
|
|
Russian pension funds took less than 1 percent, Kvasov said.
|
|
She has no pension and, until recently, had no income.
|
|
ABP is not the only Dutch pension fund under fire.
|
|
Vale's big shareholders are some of Brazil's top pension funds.
|
|
In 2007, DuPont closed the pension plan to new employees.
|
|
And 25% of Americans have no retirement savings or pension.
|
|
For many pension fund managers, environmental factors are financial factors.
|
|
Mr Temer hopes pension reform may help salvage his reputation.
|
|
The country's overgenerous, unaffordable pension system costs 13% of GDP.
|
|
The big picture: The decisions are separate from pension benefits.
|
|
Headlines Carillion accused of 'wriggling out' of pension funding on.ft.
|
|
It also includes vendors and the Pension Benefit Guaranty Corp.
|
|
Institutional investors include pension funds, endowments and funds of funds.
|
|
"Pension reform will be the real test," the official said.
|
|
Public pension funds need to stay right where they are.
|
|
These pension funds already exist for teachers and university administrators.
|
|
For her pension clients, that means negotiating lower fees directly.
|
|
Including pension contributions, the budget would be nearly $33.3 billion.
|
|
The pension funds' arguments for secrecy, they said, were baseless.
|
|
Neither Yvonne nor Michael qualified for a pension in Canada.
|
|
A pension is a promise to pay a future benefit.
|
|
Some pension funds are clubbing together to negotiate lower fees.
|
|
Essentially, annuities allow workers to create their own personal pension.
|
|
Mutual funds have started agitating publicly, as have pension funds.
|
|
Since the pension bond idea first surfaced at an Aug.
|
|
They also have generous pension plans and Social Security benefits.
|
|
But it's uninspiring to pension funds, endowments and other investors.
|
|
Sears struck a deal with the Pension Benefit Guaranty Corp.
|
|
Over 78 percent of teachers switched to the pension plan.
|
|
Jerry Brown promoted his pension reforms as a game changer.
|
|
And pension formulas are becoming less generous for newer recruits.
|
|
The top response among boomers (54 percent) was their pension.
|
|
The Public Employee Pension Transparency Act (PEPTA), authored by Rep.
|
|
Complaints have also been filed by German state pension funds.
|
|
Infrastructure assets have features that are appealing to pension investors.
|
|
And there is an argument for investing pension capital locally.
|
|
The case is Alaska Electrical Pension Fund et al v.
|
|
So why did pension values fall so much in 2015?
|
|
However, reforms of the health and pension systems remain weak.
|
|
The UK's Railways Pension Scheme said it risked "reputational damage".
|
|
He supplemented his pension by playing violin on the street.
|
|
He reimbursed the pension fund for $18 million in fees.
|
|
Banks and pension funds have been struggling with massive debts.
|
|
S. Index as the benchmark for a public pension fund.
|
|
And the end of Algoma would likely bring pension cuts.
|
|
Sibur denied any conflicts in receiving the pension fund loan.
|
|
He was released in 2010 and still received his pension.
|
|
Hawaii also included an increase in health and pension contributions.
|
|
When I left, we had money in a pension plan.
|
|
In the public sector, many pension plans are dangerously underfunded.
|
|
Ladies and gentlemen, the pension funds of New York City.
|
|
Rather than pay, the pension bill is the main issue.
|
|
The city consistently makes 100 percent of its pension contributions.
|
|
And these costs push pension funds deeper into the hole.
|
|
The state's $92 billion pension is one of his responsibilities.
|
|
The U.S. pension system is underfunded by trillions of dollars.
|
|
Marrying or remarrying can also affect government and pension benefits.
|
|
The Haverhill pension plan has $13 million invested with Fisher.
|
|
L), IKEA, Nordea Life & Pension and Danish utility Ørsted (ORSTED.
|
|
Lloyds' pension plans were first reported by the Financial Times.
|
|
An average pension in Serbia stands at around 26,13 dinars.
|
|
Broad support is also required for labor and pension reforms.
|
|
Rhode Island passed a significant pension reform measure in 85033.
|
|
Broad support is also required for labour and pension reforms.
|
|
As a stopgap, the territory diverted its workers' pension contributions.
|
|
His termination could affect a portion of his anticipated pension.
|
|
V. Putin — there is a way out — take a pension.
|
|
His pension award rose about 5 percent to $1.45 million.
|
|
In July a pension bill finally passed Brazil's lower house.
|
|
He also proposed new funding streams for the pension system.
|
|
Now the impact on pension funds is coming into focus.
|
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He will likely receive a pension of roughly $2 million.
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Here is a look at how states' pension plans compare.
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Firemen, soldiers and police will keep a lower pension age.
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State pension funds have been dumping their hedge fund portfolios.
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Currently, there are 42 different pension schemes for different sectors.
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The special pension regimes had to go, Mr. Philippe said.
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It was a maneuver that lowered salaries and pension obligations.
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My dad makes $48,000 with Social Security and his pension.
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The banks' common equity Tier 1 (CET1) ratios are exposed to differing degrees of volatility in their pension schemes, mostly driven by changes in corporate bond yields used to discount pension liabilities under IFRS.
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Companies are increasingly eager to offload pension scheme liabilities to insurance companies such as L&G, which is a major player in this so-called bulk annuity market, insuring companies' final salary pension schemes.
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We think the deal with this Kansas City pension fund will go through — until Ben Kim (Daniel K. Isaac) sneaks in the elevator going to the ground floor with the pension fund representatives inside.
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The decree dealt a blow to Romania's 11-year-old mandatory private pension scheme by slashing management fees for fund managers and enabling Romanians to withdraw from pension funds after contributing for five years.
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Changing this situation for state and local officials requires an amendment to the New York State Constitution, which at present mandates that pension benefits not be diminished once someone enters the state pension system.
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They also decry how Warren overlooked the role private equity returns play in pension returns, particularly if/when public equities turn south, suggesting her bill would rob Pension Peter to pay Retail Cashier Paul.
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The PIC, which has nearly 2 trillion rand ($147 billion) of civil servants' pension under its custody and is Africa's biggest pension fund, said it would immediately conduct an forensic investigation into the allegations.
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U.S. corporate pension plans could purchase around $150 billion in high-quality, long-duration fixed income each year for the next several, according to Michael Moran, chief pension strategist at Goldman Sachs Asset Management.
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This week, the special prosecutor indicted the chairman of the National Pension Service, the world's third-largest pension fund, on charges of abuse of power and giving false testimony in relation to the deal.
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Arcadia said it had secured the support of its pension trustees, the Pensions Regulator and the Pension Protection Fund, as well as the backing of its trade creditors and "a significant number" of landlords.
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Dematic, a competitor of Intelligrated, was sold by investment firm Triton Partners to private equity firm AEA Investors LP and the private equity arm of Canadian pension fund Ontario Teachers' Pension Plan in 2012.
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Around 2220 percent of private-pension money was invested in domestic and foreign equities, and 2000 percent in savings and deposits as of March 280, according to the Japan Defined-Contribution Pension Plan Administration.
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This explains why American public sector pension plans assume 7.5%-8% annual returns; instead of pushing through unpopular tax hikes to fund pension promises, they can hope the equity market will do the work.
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The Canada Pension Plan Investment Board, one of the world's biggest pension funds, reported gross investment returns of 4.6 percent in the third quarter, driven by a strong performance from its global equities portfolio.
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Macri last month hinted he could modify the pension scheme if he won, citing the "consolidation of the sustainable and equitable pension system" as part of a list of proposals, without giving more details.
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Rossello said he would implement means-testing for tuition rates at the University of Puerto Rico, move pension benefits into private accounts, and implement rules to treat some pension benefits as taxable ordinary income.
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A study commissioned by the postal service's inspector general's office found that the underfunding problem could disappear if postal pension money were invested like pension funds of the typical state or local government worker.
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MPRA was adopted in part to shore up those plans without swamping the government's pension insurer, the Pension Benefit Guaranty Corp, which said in August its multiemployer insurance program could be broke by 2025.
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Conservative economists maintain that the multiemployer pension crisis is more than 2628 times larger than the $28503 billion estimate, and that Congress would be wasting taxpayer money by lending money to struggling pension plans.
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The United Furniture Workers Pension Fund A is seeking to reduce the amount it pays retired workers, a move it claims is necessary to ensure the long-term survival of this multiemployer pension fund.
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Raising the retirement age, increasing workers' pension contributions, and reducing some workers' pension benefits have provoked strong opposition, although most lawmakers have come around to the idea that the deficit problem must be tackled.
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ATP, which handles mandatory pension savings for more than 5 million Danes, holds assets worth 758 billion crowns, ranking it among Europe's top-four pension funds, according to British advisory firm Willis Towers Watson.
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British pension levels are low compared to other wealthy nations: the new annual state pension of £8,296, introduced last year, represents 16% of the average national salary, compared to the OECD average of 20.5%.
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The estimates also took account of optional scenarios such as a wider range of part-timers include in corporate pension schemes, and delayed pension payments for people who work well past their retirement age.
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Kentucky Kentucky teachers are fighting a state pension reform bill, Senate Bill 1, which proposes reducing benefits to them and retirees to address the state's pension crisis, which ranks as one of the worst.
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Prosecutors said Buenrostro was involved in a scheme with Alfred J. Villalobos, a former member of the pension fund's board, who later worked as a placement agent that solicited investments by public pension funds.
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LONDON, Sept 23 (Reuters) - Britain's pension lifeboat fund will assess the funding levels of Thomas Cook's retirement schemes, the Pension Protection Fund said on Monday following the collapse of the world's oldest travel firm.
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LONDON, June 6 (Reuters) - Rolls-Royce said on Thursday its pension scheme had agreed to transfer 4.6 billion pounds ($5.83 billion) of assets to Legal & General in Britain's largest ever pension risk transfer deal.
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He transformed the London Pension Fund Authority, which manages the pensions of about 50,000 current and former city employees, hooking it up with the Lancashire County Pension Fund to create a £10bn commonly managed scheme.
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They point to a measure that would cut pension payroll taxes on people earning more than €120,000 annually — less than 1 percent of France's work force — and encourage them to invest in private pension funds.
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As of fiscal 2016, the latest data available, state pension funds tracked by Pew had a combined $1.4 trillion deficit – up $295 billion from 2015 and the 15th annual increase in pension debt since 2000.
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"It has just made the gender pension gap overall bigger because up until now the one thing women had that men didn't have was an earlier state pension age," he told the Thomson Reuters Foundation.
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To safeguard pensions the American and British governments set up insurance schemes that stand behind corporate plans; the Pension Benefit Guaranty Corporation (PBGC) in the former and the Pension Protection Fund (PPF) in the latter.
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The Pension Benefit Guaranty Corporation (PBGC) is designed to be an insurance program that corporations pay into, and if they can't pay their pension promises the PBGC is designed to provide some support to beneficiaries.
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"Most public pension systems across the United States still calculate both their pension costs and liabilities under the assumption that their contributed assets will achieve returns of 7.5 [to] 8 percent per year," wrote Rauh.
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In a sign of the struggle the industry faces to attract and retain money, several big pension schemes, most recently New Jersey's state pension fund, have flagged plans to scale back investments in hedge funds.
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Russell Investments has said that pension funding levels will fall by 10% (lower asset prices and higher liabilities, as the bond yield falls); companies will need to divert cash from investment into their pension schemes.
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FRANKFURT (Reuters) - A stress test on European Union pension providers show that on the whole they do not have enough assets to cover their liabilities, the European Union's insurance and pension watchdog said on Wednesday.
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In the biggest shake-up of pensions regulation for decades, the so-called 'pension freedoms' allowed savers to access their pension pots early and removed the need to buy an annuity, or income for life.
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The pension agency signaled that it was ready to seize Fair Field and other holdings in 2006 to make sure Renco made up a $189 million shortfall in that company's pension plan before any termination.
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The shift related mainly to listed equities and to some extent also fixed income, Peter Sandahl, sustainability manager at Nordea Liv & Pension Sverige, a pension and life insurance subsidiary of Nordic lender Nordea, told Reuters.
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France has been dogged by strikes and street protests for more than a month as unions push back against Macron's drive to streamline the pension system and avert a looming 17 billion euro pension deficit.
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As a result of the collapse of Carillion, the company's employees will now get their pension savings from the Pension Protection Fund (PPF) — a government supported fund that provides compensation to employees of insolvent firms.
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MUMBAI, Dec 20 (Reuters) - India's finance ministry has approved in principle making the Pension Fund Regulatory and Development Authority the sole regulator for all Indian pension products, said Supratim Bandyopadhyay, a member of the authority.
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A federal appeals court revived a former ADT Security Systems worker's lawsuit seeking pension benefits in a decision on Thursday that created a new rule shifting the burden of proving pension ineligibility to the employer.
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Additionally, the company has reached an agreement with Metropolitan Life Insurance to annuitize an additional $512 million of its pension liability, under which the insurer will pay future pension benefit payments to roughly 20,000 retirees.
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It has also proposed locking in expensive pension guarantees until 2040.
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He also receives pension under a program established by Mr. Morales.
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Insurance companies and pension funds could face their own major strains.
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There was no immediate comment from the Chicago Teachers' Pension Fund.
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The Canada Pension Plan Investment Board owns the remaining 25 percent.
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Both the J&J and pension fund briefs refuted that assertion.
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They need to address that via pension reform and tax reform.
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Pension plans are complicated, and they come in many different forms.
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Public-sector pension funds hold several seats on the miner's board.
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You can show monthly income from Social Security or a pension.
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Net pension liabilities totaled $1.9 billion (76% funded) as of Sept.
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The Ontario Teachers' Pension Plan is one of the more successful.
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The pension fund also excluded 70 coal companies from its portfolio.
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In total, the pension plan has about $28 billion in assets.
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The reorganized company will maintain its pension plan for hourly employees.
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A good example of the two candidates' differences is pension reform.
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Though that does not go far, it dwarfs Mr Juarez's pension.
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There's demand for education and for transportation and for pension funding.
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In Kentucky and Colorado, teachers are primarily concerned with pension reform.
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"You are offering three billion euros to pension funds," he said.
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State pension board salaries are also hard to research, he said.
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Tens of thousands of people protested against Chile's privatised pension scheme.
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Labour is likely to target pension tax relief for high earners.
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That is especially true of pension reforms, which require constitutional amendments.
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Zimmit remembers when his grandfather's employer walked away from his pension.
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But pension reform seems certain to suffer both delays and dilution.
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Pension spending consumes a third of federal spending before interest payments.
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So women without a fixed pension tend to be worse off.
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I have to thank you for my pension, by the way.
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The median balance in their private pension plans is just $14,500.
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NBIM manages The Norwegian Government Pension Fund Global's $830 billion fund.
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Certain provisions already exist to help keep multiemployer pension plans functioning.
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All this might not matter if public pension plans were right.
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There are also disastrous consequences for savers and their pension investments.
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By itself, pension reform may not restore the economy to health.
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Field said the committee had received correspondence criticising the pension arrangements.
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"Thailand will need further reforms of the pension system," he said.
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That will make it harder to enact the unpopular pension reform.
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KM: We've had, we've implemented, we've already implemented significant pension reform.
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UL], the employee pension division of MUFG Union Bank, N.A. [UBCAL.
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They cite projected returns on public pension plans of 7-20183%.
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Just an excellent pension and the thanks of a grateful public.
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The average pension currently is about 14,000 rubles ($230) a month.
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Usually institutional investors, like college endowments, pension funds and charitable foundations.
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Final Congressional approval for the pension overhaul is expected by Oct.
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Yes, the British government has an advice service, called Pension Wise.
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Those figures don't include a much bigger liability for unfunded pension.
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They love their jobs and their taxpayer-subsidized healthcare and pension.
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The shareholders were led by pension plans in Alabama and Colorado.
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The 2008 financial crisis still affects public pension systems, Aubry said.
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Many provinces are already under severe pressure to meet pension repayments.
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Athens must cut its 2016 pension bill by 1.8 billion euros.
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But healthy pension systems now face another challenge with local governments.
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To gain the tontine effect again, "group" pension accounts will help.
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If you're a firefighter, you're wondering: Will I have a pension?
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Brazil's generous pension system effectively lets citizens retire in their 50s.
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I expect to have the pension committee up until the 26th.
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Ohio's pension fund is one of the strongest in the country.
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Beginning in 2000, Bonk received a state pension for his disability.
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Tubman earned $20 as a monthly pension after the Civil War.
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It affects pension funds — the world's largest traders — most of all.
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Suppliers, workers, pension holders and customers will also not be affected.
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When sized that way, here's what state pension liabilities look like.
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Since 1997, Hastert received $237,045 in pension payments, the agency disclosed.
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The pension bill would change the formula used to calculate benefits.
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This could potentially create pension funds of €130 billion in total.
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The National Wealth Fund is intended to cover future pension needs.
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Alumni Ventures Group's (AVG) limited partners aren't endowment or pension funds.
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Indeed, accounting rules don't allow corporate pension plans to use it.
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In the Netherlands two-thirds sits with pension funds and insurers.
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All too often, a troubled company will have a pension deficit.
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Pension payouts to retired people overtook contributions by workers in 2014.
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Pension funds have also been looking at land and development assets.
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The welfare and pension programs that kept voters loyal proved unsustainable.
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Pension funds Funcef and Petros are reevaluating their portfolios after losses.
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The track record of the Pension Protection Act (PPA) is mixed.
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He said his pension has fallen 30 percent in recent years.
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Now, I stand here being blamed for our underfunded pension system.
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Three-quarters of that total is in "unfunded" state pension plans.
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Take, for example, California and its renowned public pension system, Calpers.
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We're liquidating ... to get capital to put into our pension plan.
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The nation's second-largest pension fund is standing behind General Electric.
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In fact, we need a complete revamping of our pension arrangements.
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Other backers include numerous Japanese banks and insurers and pension funds.
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Current reporting rules force companies to include pension and share payments.
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Bailey Childers is executive director of the National Public Pension Coalition.
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It manages money for large pension funds and other institutional investors.
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That loyalty could be rewarded with retirement plans and pension programs.
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West Virginia was first, closing its teacher pension plan in 2628.
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A source close to the pension fund also confirmed the plans.
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It does not force Koskinen to give up his pension, though.
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The center called on the pension fund to reduce the glare.
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And pension companies have a boatload of money in private ventures.
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Many of those pension funds went bust during the Great Depression.
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WE ARE MOVING SOME OF THE PENSION WITH THEHEALTH CARE BUSINESS.
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Her mother retired as a pension analyst at the World Bank.
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But the townsfolk all know that this pension will never come.
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Correction: Puerto Rico has nearly $50 billion in unfunded pension obligations.
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Coca-Cola anticipates making pension contributions of $106 million in 0003.
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The pension plan funding was 89% at the end of 2016.
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Tyler Bond is program manager of the National Public Pension Coalition.
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It had a pension that was underfunded by nearly $70 million.
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Hardly. They simply want the pension that they are entitled to.
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Also Greece's pension system is extremely generous according to the IMF.
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Many multinational companies are trying to rein in rising pension liabilities.
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