A private member’s bill that creates new protections for workers’ pensions in the event of employer insolvency has passed in the Senate and will soon become law. “Pension protection is more important than ever. If an employer’s bankruptcy can wipe out an employee’s pension, then millions of Canadians who have worked hard all their lives are…
Senate Passes Private Member’s Bill Protecting Canadian Workers’ Pensions
April 20, 2023
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New Bill Will Protect Employee Pensions if Company Declares Bankruptcy
The House of Commons passed a private member’s bill on Nov. 23 that will protect employee pensions if a company declares bankruptcy. Sponsored by Conservative MP Marily Gladu, Bill C-228 passed unanimously with a vote of 318 to 0. The bill was based on a concept that had previously been attempted in multiple legislative attempts over the…
Texas Teachers’ Retirement System Moves to Distance Pensions From Chinese Stocks
October 14, 2022
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The largest public retirement system in Texas is moving to remove Chinese companies from the list of stocks it invests in as part of its pension fund for teachers. The Teacher Retirement System of Texas (TRS) gained approval last month to move forward with a new benchmark that proportionally mixes two emerging markets indexes, including…
Meal Ticket No More: The ‘Gold Standard’ Private Pensions Exposed Now as High-Wire Busts
September 29, 2022
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Like many retirees, Jesus Nunez knew he was due a pension but was having a hard time tracking it down. Now 66, the Burbank, Illinois, resident had worked as a painter and garage worker for the Checker Taxi Co. Inc from 1978 to 1986 and then another year for its successor concern. But when Checker Motors…
Annuities: Types and Examples
Whether you know it or not, you’ve at least heard the word “annuity” thrown around. Unconvinced? You’ve probably encountered annuities in the following instances: Defined benefit pensions. Defined benefit pensions guarantee specific benefits upon retirement. Employers can administer pensions in the form of a lump sum or lifetime annuity. Due to the fact that these are deposits to banks, the…
Money Maze: Retirees Turn Detective to Find ‘Lost’ Pensions
When Sam Semilia toted up his retirement finances, he was pretty sure that he was due a pension from his time working as a steam engineer for the Diamond Crystal salt company four decades before. Salty is one way to describe the search for his money, a four-year odyssey filled with shredded paper trails and…
Chinese Authorities Illegally Suspend Pensions, Lawyer
On Aug. 26, a Chinese court live stream of a pension suspension case was abruptly cut off in the middle of the proceedings. Tang Yuehua, the plaintiff, sued local authorities for withholding her pension after she was released from jail. Tang was imprisoned between 2015 and 2018 for her belief in Falun Gong. There were…
After 3 Years of Imprisonment, Released Chinese Woman Faces New Form of Persecution
On Aug. 26, a Chinese court live stream of a pension suspension case was abruptly cut off in the middle of the proceedings. Tang Yuehua, the plaintiff, sued local authorities for withholding her pension after she was released from jail. Tang was imprisoned between 2015 and 2018 for her belief in Falun Gong. There were…
California’s Public Pension Plans Boast 20 Percent Returns
July 29, 2021
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Commentary Both of California’s large public pension plans posted returns of more than 20 percent during the 2020-2021 fiscal year, which ended June 30. CalSTRS, which invests money to be used to support post-retirement benefits for teachers, had a 27.2 percent net return for the fiscal year. CalPERS—which invests for state employees, non-teacher education workers and…
Illinois Pensions Among Worst-Funded in Nation, Report Confirms
A new report confirms Illinois is among the worst in the country when it comes to funding its public pensions. The report was distributed by the Tax Foundation, an independent tax policy nonprofit. It indicates the state is only 39 percent funded for future pension obligations, the second-worst ratio in the country. “Illinois has had…
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