One million workers in the United Kingdom now automatically have access to a company pension, according to the U.K. regulator of work-based pension plans, The Pensions Regulator.
Two of Detroit’s pension funds, the General Retirement System and the Fire Retirement System, are disappointed by the city’s bankruptcy filing, which is the largest municipal bankruptcy in American history.
Two Detroit pension funds have filed a suit against the city’s emergency manager and the governor of Michigan to try to prevent Detroit from filing for bankruptcy.
As the country’s finance ministers prepare to consider options for a modest expansion of the Canada and Quebec Pension Plans, a new study makes the case that unless policy-makers are willing to think outside the box, these reforms will be of little help to the next wave of retirees.
The Government of Quebec has released a draft regulation concerning new relief measures for the funding of solvency deficiencies for private sector pension plans, according to a Towers Watson advisory.
In an effort to reduce growing pension liabilities in the United States, a top Republican senator has proposed a plan that would allow state and municipal governments to transfer pension management to insurance companies.
Illinois Governor Patrick Quinn has taken the unusual step of suspending pay for its representatives and senators until they can agree on how to eliminate the state’s nearly US$100 billion pension deficit.
The Ontario government has released draft regulations concerning asset transfers between pension plans in the context of corporate reorganizations, including the sale of a business.
The employee and employee sponsors of the Regina Civic Pension and Superannuation Plan have finalized a letter of intent to address the pension deficit.
The Government of Saskatchewan has amended the funding rules for most DB plans in the public sector.