While the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel's playbook and in order to not let a crisis go to waste, announced quietly that it would transfer to the state - i.e., confiscate - the bulk of assets owned by the country's private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politica
In a long-overdue moment, governor Jerry Brown has finally admitted the obvious, the state's pension system is broke and California Has "Lived Beyond Our Means". Unions of course are howling at that obvious admission.
California Governor Jerry Brown has reached a deal with legislators to overhaul the state's pension system. The changes include capping annual pension payments, requiring new employees to pay 50 percent of their pension costs and raising the retirement age. The package will save the state about $30 billion.» E-Mail This » Add to Del.icio.us
Puerto Rico's governor has signed an overhaul of the U.S. territory's cash-short public pension system that lawmakers passed late on Thursday in a bid to soothe investors and shore up the country's sputtering economy.
The new pension law will raise the retirement age for some state workers, increase worker contributions to the plan and lower monthly pensions and benefits for some public workers. It will also reduce state workers' Christmas bonuses and eliminate summer bonus ...
Before embarking on a controversial expansion of the Canada Pension Plan, the Canadian government should consider Australia’s successful experience closing gaps in retirement savings through mandatory workplace pensions, according to the authors of a paper published Tuesday by the Fraser Institute.
“The Australian model seems to show that there are options to expand pension coverage and increase retirement savings apart from raising the CPP,” according to authors Sean Speer and Jason Clemens.