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Account Number Recycled by CIBC Causes Widow to Fight for Pension Funds

Ottawa, Canada – Dobrinka Gueorguieva, a recent widow, encountered a distressing situation when her pension funds were mistakenly deposited into a stranger’s account by CIBC, her bank. After providing a void cheque to set up her pension deposits, Gueorguieva discovered that the account number on the cheque had been “recycled” by the bank, resulting in five pension payments being deposited into the wrong account. Although the bank was able to recover three of the payments, …

Pension Rights of Retirees at Risk: How De-risking Shifts Financial Burden onto Workers

DETROIT, MI – Companies in the United States have been shifting their pension obligations to insurers, lessening their own financial risk while leaving former employees to bear more of the burden. This trend, known as pension de-risking or pension stripping, has raised concerns about the potential impact on retirees nationwide. Corporate de-risking involves transferring the responsibility for delivering retirement income promised by defined benefit pension plans to insurance providers, private equity funds, or other financial …

“Retirement Age” Reaches New Heights: UK State Pension Age Expected to Rise to 71, Say Experts

Experts predict that workers in the UK may have to work until they are 71 before claiming their state pension due to the impact of growing life expectancy and falling birthrates on the state pension. Research on life expectancy and birthrates has shown that the current retirement age of 66 is unsustainable, and the pension age is expected to rise to 67 between 2026 and 2028, and to 68 by 2044. However, the research suggests …

Is Your Hard Earned Retirement Safe From Inflation?

In recent months, we have all felt the impact of inflation, whether in a grocery store, a petrol station, or a restaurant. However, growing costs threaten not only our ability to spend now, but also our ability to fund our retirement.

NSSF Act Transition: Understanding Key Changes for Maximized Pension Savings

NAIROBI, Kenya – As Kenya enters the second year of the five-year transition plan outlined in the new NSSF Act, it’s crucial to understand how these changes can impact your financial future. One of the most significant changes in the National Social Security Fund (NSSF) contribution structure is the doubling of the Upper Earnings Limit, jumping from Ksh18,000 to Ksh36,000. This shift means that the first Ksh36,000 of your monthly wages will now be subject …

Alaska Senate Advances Legislation Aimed at Reestablishing Public Sector Pension

Juneau, Alaska – The Alaska Senate took a significant step on Wednesday in addressing the state’s struggle with recruiting and retaining public employees and teachers by advancing legislation to reestablish a public-sector pension. The bill, known as Senate Bill 88, aims to provide predictable retirement payments to tens of thousands of state and municipal workers and teachers. The move comes as Alaska faces challenges with filling state jobs, with around one in seven positions currently …

Hollywood Crews Unite for Collective Bargaining on Health and Pension Plans

LOS ANGELES, California – Negotiations for new union contracts with Hollywood crews are set to kick off in early March, with a focus on addressing the financial strain experienced by the pension and health funds after last year’s writers and actors strikes. In an unprecedented move, all of the “below the line” guilds — including IATSE, the Teamsters, and the other “Basic Crafts” unions — will collaborate to collectively bargain on health and pension issues …

Union Workers in North Country to Receive Nearly $16 Million in Recovered Pension Benefits After Financial Assistance

WATERTOWN, N.Y. – Thousands of union workers in the north country are set to receive a significant boost in pension benefits, thanks to a funding recovery effort spearheaded by U.S. Senate Majority Leader Charles Schumer. Laborers’ International Union Local 1822, which serves as the representative for over 500 construction workers across multiple counties, is expected to receive close to $16 million in special financial assistance. This funding will provide crucial support to workers in Jefferson, …

IBM Retirement Plan Shifts to Pension Model, Dropping 401(k) Match

Armonk, New York – IBM is making significant changes to its retirement plan, shifting away from the 401(k) model and towards a more traditional pension-like system. The technology company recently announced that it will discontinue its 401(k) match for employees, a move that has sparked discussions within the industry and raised questions about the future of retirement benefits in the corporate world. The decision to end the 401(k) match is a departure from the prevalent …