Social Security Agency (25.02.2021) On December 11, Québec's government approved a law introducing the Target Benefit Pension Plan (TBPP), an occupational pension plan that combines certain features of existing defined contribution (DC) and defined benefit (DB) plans. Like a DC plan, a TBPP is funded with employee and employer contributions paid at fixed rates and does not provide guaranteed benefits. However, by pooling its members' assets and setting a target benefit level, a TBPP can provide workers with a predictable periodic pension at retirement like a DB plan.
Social Security Association (25.02.2021) On January 1, Mexico's government implemented reforms to the country's mandatory individual account pension program that include increasing employer contributions, adjusting government contributions, reducing the minimum contributions required for an old-age pension, boosting the guaranteed minimum pension, and capping administrative fees. The government finalized the changes on December 16, 2020, after reaching a reform agreement with Mexico's largest private-sector employer and trade union associations in July 2020.
The government website (04.07.2020) The cabinet and social partners have reached final agreement on the details of the pension agreement. The new system will be more transparent. Workers and retirees gain a clearer insight into the accumulated assets. It also provides a realistic expectation and offers more prospects for a high-purchasing pension. The pension entitlements from the current system will be abandoned, thus eliminating the need for the use of actuarial interest and funding ratios. As a result, pensions and benefits can move faster with the state of the economy than is currently
thehill.com (08.07.2020) While social security benefits are secure, the unprecedented conditions of the COVID-19 economic crisis have unearthed a technical glitch. If left uncorrected, a COVID-19 notch will result: Those turning 60 this year – more than 4 million workers – and their families will receive substantially lower Social Security benefits than workers (and their families) with identical earnings who turned 60 last year. Fortunately, the solution is easy and straightforward. But Congress must act.
Australian Taxation Office (29.07.2020) The government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20 and 2020–21. This measure will benefit retirees holding these products by reducing the need to sell investment assets to fund minimum drawdown requirements.
IPE (02.07.2020) The German parliament, Bundestag, has approved the law for the introduction of the basic pension – Grundrente – from 1 January 2021. The Grundrente is paid in the form of a supplement to pensioners with at least 33 years of contributions to the statutory pension insurance based on periods of employment, child-rearing or care work.
Ministry of Social Security and Labour (11.06.2020) Child benefit is a universal benefit paid to each child. Its size in 2020 is 60 euros.
Social Insurance Institution (21.06.2020) In context of the improvement in life rates in Kuwait and the decrease in death rates due to the development of health care, the Kuwaiti National Assembly approved a draft law amending some provisions of the Social Insurance Law related to the replacement system, whereby the tables of the replacement value were modified so that the insured and the pensioners could obtain higher replacement values than before.
Nikkei (29.05.2020) On the 29th, the Pension Reform Law was enacted, which includes such provisions as a lowering of the starting age for public pension benefits to 75. Increase the amount of pension you receive by delaying receipt of benefits. The government will also review the "working-age pension," which reduces some of the pensions of the working elderly, in an effort to encourage the elderly to work. The application of employee pensions to part-time workers will also be expanded in a phased manner.
Selon le Congressional Budget Office (CBO), les fonds auraient perdu au total 2 000 milliards de dollars en quinze mois (20 % de leur valeur). Les célèbres CalPERS et CalSTRS, dédiés au financement des retraites des fonctionnaires et professeurs de Californie, ont fondu de 26 % et 10 % depuis fin juin.