query: who were keogh plans designed to provide pension benefits for

pos: Retirement plans in the United States as is the case for any other IRA. Keogh plans are full-fledged pension plans for the self-employed. Named for U.S. Representative Eugene James Keogh of New York, they are sometimes called HR10 plans. Plans that do not meet the guidelines required to receive favorable tax treatment are considered "nonqualified" and are exempt from the restrictions placed on qualified plans. They are typically used to provide additional benefits to key or highly paid employees, such as executives and officers. Examples include SERP (Supplemental Executive Retirement Plans) and 457(f) plans. Advocates of Defined contribution plan point out that each employee has the

pos: Retirement plans in the United States pre-tax salary reduction. However, contribution limits for SIMPLE plans are lower than for most other types of employer-provided retirement plans. A Simplified Employee Pension Individual Retirement Account, or SEP IRA, is a variation of the Individual Retirement Account. SEP IRAs are adopted by business owners to provide retirement benefits for the business owners and their employees. There are no significant administration costs for self-employed person with no employees. If the self-employed person does have employees, all employees must receive the same benefits under a SEP plan. Because SEP accounts are treated as IRAs, funds can be invested the same way

neg: Employee Retirement Income Security Act of 1974 that plans provide a minimum level of benefits. Instead, it regulates the operation of a pension plan once it has been established. Under ERISA, pension plans must provide for vesting of employees' pension benefits after a specified minimum number of years. ERISA requires that the employers who sponsor plans satisfy certain minimum funding requirements. ERISA also regulates the manner in which a pension plan may pay benefits. For example, a defined benefit plan must pay a married participant's pension as a "joint-and-survivor annuity" that provides continuing benefits to the surviving spouse unless both the participant and the spouse waive the

neg: Employee Retirement Income Security Act of 1974 survivor coverage. The Pension Benefit Guaranty Corporation was established by ERISA to provide coverage in the event that a terminated defined benefit pension plan does not have sufficient assets to provide the benefits earned by participants. Later amendments to ERISA require an employer who withdraws from participation in a multiemployer pension plan with insufficient assets to pay all participants' vested benefits to contribute the "pro rata" share of the plan's unfunded vested benefits liability. There are two main types of pension plans: defined benefit plans and defined contribution plans. Defined benefit plans provide retirees with a certain level of benefits

neg: Defined benefit pension plan defined benefit plans are funded, because governments there provide tax incentives to funded plans (in Australia they are mandatory). In the United States, private employers must pay an insurance-type premium to the Pension Benefit Guaranty Corporation (PBGC), a government agency whose role is to encourage the continuation and maintenance of voluntary private pension plans and provide timely and uninterrupted payment of pension benefits. When the PBGC steps in and takes over a pension plan, it provides payment of pension benefits up to certain maximum amounts, which are indexed for inflation. The PBGC receives its funding from several sources, including insurance

neg: Employee Retirement Income Security Act of 1974 Women's Health and Cancer Rights Act. During the 1990s and 2000s, many employers who promised lifetime health coverage to their retirees limited or eliminated those benefits. ERISA does not provide for vesting of health care benefits in the way that employees become vested in their accrued pension benefits. Employees and retirees who were promised lifetime health coverage may be able to enforce those promises by suing the employer for breach of contract, or by challenging the right of the health benefit plan to change its plan documents to eliminate promised benefits. Before ERISA, some defined benefit pension plans required decades

neg: Personal pension scheme Personal pension scheme A personal pension scheme (PPS), sometimes called a personal pension plan (PPP), is a UK tax-privileged individual investment vehicle, with the primary purpose of building a capital sum to provide retirement benefits, although it will usually also provide death benefits. These plans first became available on 1 July 1988 and replaced retirement annuity plans. Both the individual can contribute as well as their employer. Benefits can be taken at any time after age 55 if the plan rules allow, or earlier in the case of ill health. In the past, legislation required benefits to be taken before

neg: Self-insurance employers are required to offer health benefits as well, the self-funded industry has enlarged. ERISA is a federal law that sets minimum standards for employee benefit plans, including pension plans and health benefit plans, in private industry within the United States. ERISA neither requires an employer to establish a pension plan, with few exceptions, nor dictates what benefits must be offered; instead, it requires that employers who establish plans meet certain minimum standards. The law is designed for the protection of plan participants, and to ensure a uniform statutory body of law regulating applicable benefit plans, throughout every jurisdiction in

neg: Pension Benefit Guaranty Corporation Pension Benefit Guaranty Corporation The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations. Subject to other statutory limitations, PBGC's insurance program pays pension benefits up to the maximum guaranteed benefit set by law to participants who retire at 65 ($60,136 a year as of 2016). The benefits payable to

neg: Target benefit plan the estimated earnings used in the assumptions and the investment performance of that account through the years. For pension plan sponsors, target benefits plan provide more flexibility than traditional defined benefit or defined contribution plans. Defined benefit plans provide a high degree of benefit certainty for members, but for plan sponsors contribution rates are more uncertain and funding costs can be high. Defined benefit plans can also contribute to intergeneration inequality, as retired members continue to receive benefits, whether or not those benefits were adequately pre-funded. The reverse is true for defined contribution plans where the contribution certainty comes at

neg: Keogh Plan Keogh Plan Keogh plans are a type of retirement plan for self-employed people and small businesses in the United States. Named for U.S. Representative Eugene James Keogh of New York, they are sometimes called HR10 plans. IRS Publication 560 refers to them as "Qualified Plans." They are different from Individual Retirement Accounts (IRAs). There are two basic types of Keogh Plan: defined-benefit, and defined-contribution. In a defined-contribution plan, a fixed contribution (percentage of total paycheck or a fixed sum) is made per pay period. It may be set up as a profit-sharing plan, where the pension that one can withdraw

neg: Pension Benefit Guaranty Corporation make strong efforts to recover funds from the employer. In addition, PBGC may seek to terminate a single-employer plan without the employer's consent to protect the interests of workers, the plan or PBGC's insurance fund. PBGC must act to terminate a plan that cannot pay current benefits. For multiemployer pension plans that are unable to pay guaranteed benefits when due, PBGC will provide financial assistance to the plan, usually a loan, so that retirees continue receiving their benefits. Terminations are covered under Title IV of ERISA. Pension plans that are qualified under the U.S. tax code pay yearly insurance premiums

neg: OPTrust say in their pension plan through joint trusteeship. It is subject to the rules and regulations governing pension plans in Ontario and Canada, including the Pension Benefits Act (Ontario) and the Income Tax Act (Canada). OPTrust began operations on January 1, 1995, and is a separate organization from both sponsors. As sponsors, the Government of Ontario and OPSEU each appoint five trustees to the OPTrust board of trustees. The OPSEU Pension Plan is a defined benefit pension plan. It was established to provide pension benefits for employees of the province of Ontario in bargaining units represented by OPSEU and other

neg: Pension clergy in 1645 and another for teachers in 1662. 'Various schemes of provision for ministers' widows were then established throughout Europe at about the start of the eighteenth century, some based on a single premium others based on yearly premiums to be distributed as benefits in the same year.' As part of archduke Otto von Bismarck's social legislation, the Old Age and Disability Insurance Bill in 1889. The Old Age Pension program, financed by a tax on workers, was originally designed to provide a pension annuity for workers who reached the age of 70 years, though this was lowered to

neg: Retirement Compensation Arrangements (Canada) reviewed and recalculated periodically as circumstances change (e.g., salary, RRSP and RCA investment performance). If you earn more than $125,000 annually, you can expect to experience ‘pension discrimination’ because of the cap on contributions in Registered Pensions Plans (RPP) such as Registered Retirement Saving Plans (RRSPs), Individual Pension Plans (IPPs) and Money Purchase Pension Plans (MPPPs). In other words, your pension benefits will be significantly lower than the acceptable standard of 70 per cent of pre-retirement income. Payments from the RCA combined with those from your RRSP, IPP, and/or Registered Pension Plan provide the total desired pension. An RCA can

neg: Keogh Plan Keogh Plan". Penalties may apply for making withdrawals from a Keogh Plan before the account holder turns 59½. The main benefit of a Keogh Plan vs. other plans (Keogh's high contribution limit) is lost in individuals who do not make a high level of income. These individuals may get the same benefits of a Keogh Plan with less administrative cost by using another type of retirement plan (401(k), SEP-IRA, etc.). This is best illustrated by comparing the following three scenarios: Scenario #1 – A self-employed accountant makes $50,000 per year from her accounting business. Her maximum contribution is 25% of

neg: Pension Benefit Guaranty Corporation insured retirees who start their benefits at ages other than 65 or elect survivor coverage are adjusted to be equivalent in value. In fiscal year 2015, PBGC paid $5.6 billion in benefits to participants of failed single-employer pension plans. That year, 69 single-employer pension plans failed. PBGC paid $103 million in financial assistance to 57 multiemployer pension plans. The agency's deficit increased to $76 billion. It has a total of $164 billion in obligations and $88 billion in assets. PBGC is not funded by general tax revenues. Its funds come from four sources: PBGC pays monthly retirement benefits to approximately

neg: Association of BellTel Retirees retirees acting together they can achieve pension inflation protection and, through congressional action, restore and protect the healthcare benefits that have been chiseled away through passage of federal retiree healthcare protection legislation. In 2006, Verizon retirees from the association founded ProtectSeniors.Org, which lobbies for retiree-friendly legislation, specifically the Employee Benefits Protection Act (H. R. 2578). In a class federal action lawsuit, participants in Verizon’s (VZ) pension plans who were involuntarily transferred to Idearc’s pension plans in November 2006 have pending claims of ERISA violations including: The Association of BellTel Retirees can be found on Facebook. *New York Times – Verizon

neg: Kenneth Feinberg process for multiemployer pension plans to propose a temporary or permanent reduction of pension benefits if the plan is projected to run out of money. As part of Treasury's commitment to ensuring an open and fair process, Treasury Secretary Jacob J. Lew appointed Kenneth Feinberg as a Special Master to help provide a dedicated, impartial and informed review of applications proposing to reduce pension benefits. Feinberg will oversee Treasury's implementation of Kline-Miller, including the review of applications to determine whether they meet the requirements set by Congress. He will also ensure that affected stakeholders have a single point of contact

neg: Pension Benefit Guaranty Corporation inserted trust law fiduciary liability upon employers that did not prudently diversify plan assets to avoid the chance of large losses inside Section 404 of ERISA, but it is unclear whether such fiduciary liability applies to trustees of plans in which participants direct the investment of their own accounts. Pension Benefit Guaranty Corporation The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep

neg: Pensions in Norway Spanish worker earns of €1,615 per month, and minimal wage of 752.9 . Occupational pension schemes are arrangements established by employers to provide pension and related benefits for their employees. From 2006, all employers in Norway are required to provide an occupational pension (see mandatory occupational pensions section below) for their employees. The mandatory occupational pensions (called "Obligatorisk tjenestepensjon" or OTP in Norwegian) were initially introduced in 2007 to cover employees who were not already covered by pension schemes. Many Norwegian workers have no other plan in store than the state pension scheme of the National Insurance. In order to

neg: OPTrust eligible members. When the plan was launched, the pension assets and the liability for members’ earned benefits were transferred from the Public Service Pension Plan (PSPP). Since that time the two plans have been administered separately, and there are differences in the benefits provided under the two plans. The PSPP remains the pension plan for management and excluded staff and employees represented by other bargaining agents in the OPS and certain provincial government agencies. The PSPP is administered by the Ontario Pension Board (OPB). OPTrust OPTrust, officially the OPSEU Pension Trust, is a legal trust formed by the contractual agreement

neg: Employee compensation in the United States health and dependent care flexible spending accounts; retirement benefit plans (pension, 401(k), 403(b)); group-term life and long term care insurance plans; legal assistance plans; adoption assistance; child care benefits; transportation benefits; and possibly other miscellaneous employee discounts ("e.g.", movies and theme park tickets, wellness programs, discounted shopping, hotels and resorts, and so on). Companies provide benefits that go beyond a base salary figure for a number of reasons: To raise productivity and lower turnover by raising employee satisfaction and corporate loyalty, take advantage of deductions, credits in the tax code. Wellness programs can also lower health insurance costs. Many employer-provided

neg: Former Presidents Act Former Presidents Act The Former Presidents Act (known also as FPA; 3 U.S.C. § 102) is a 1958 U.S. federal law that provides several lifetime benefits to former presidents of the United States who have not been . Before 1958, the U.S. federal government provided no pension or other retirement benefits to former United States presidents. Andrew Carnegie offered to endow a US$25,000 annual pension for former Chief Executives in 1912, but congressmen questioned the propriety of such a private pension. That prompted legislation to provide benefits to former presidents. When the Former Presidents Act took effect, there were two

neg: Keogh Plan after retirement depends on how much they invested in the plan while they worked. The defined-benefits plan is more complex. It relies on an IRS formula to calculate the rate of contributions. In either case, as in other retirement plans such as 401(k)s and IRAs, the funds in the plan can be invested in stocks, bonds, mutual funds, etc. The main benefit of a Keogh Plan vs. other retirement plans is that a Keogh Plan has higher contribution limits for some individuals. For 2011, employees can generally contribute up to $16,500 per year, and the employer can contribute up to

neg: Pension regulation in Canada Pension regulation in Canada Pension regulation in Canada falls mostly within provincial jurisdiction by virtue of the property and civil rights power under the "Constitution Act, 1867". For workers whose employers are subject to federal jurisdiction, such jurisdiction extends to regulating pension plans available to them. The Pension Benefits Act is administered by the Superintendent of Financial Services appointed by the Financial Services Commission of Ontario. Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c.

neg: Social Security (United States) "defined benefit" and "defined contribution" private pension plans are governed by the Employee Retirement Income Security Act (ERISA), which requires employers to provide minimum levels of funding to support "defined benefits" pensions. The purpose is to protect the workers from corporate mismanagement and outright bankruptcy, although in practice many private pension funds have fallen short in recent years. In terms of financial structure, the current Social Security system is analogous to an underfunded "defined benefit" pension ("underfunded" meaning not that it is in trouble, but that its savings are not enough to pay future benefits without collecting future tax revenues).

neg: 1980s in Japan plans into the single Employee Pension Insurance Plan. In addition to merging the former plans, the 1986 reform attempted to reduce benefits to hold down increases in worker contribution rates. It also established the right of women who did not work outside the home to pension benefits of their own, not only as a dependent of a worker. Everyone aged between twenty and sixty was a compulsory member of this Employee Pension Insurance Plan. Despite complaints that these pensions amounted to little more than "spending money," an increasing number of people planning for their retirement counted on them as an

neg: Social Security Wage Base only the employee's tax rate changes. This is reflected in the above table, showing the reduction from $6,621.60 to $4,485.60. Because taxes and benefits are based only on earnings up to the SSWB, pension plans can base contributions and or benefits in greater degree on earnings above the SSWB (excess plans) or reduce benefits or contributions below the SSWB (offset plans). The pension compensation nondiscrimination laws (Internal Revenue Code Section 401(a)(4)) require that qualified pension plans not discriminate in benefits, rights and features in favor of "highly compensated employees" (in 2007, the threshold is $100K of 2006 gross pay including

neg: Pension as Supplemental Security Income in the United States of America or the "older person's grant" in South Africa. Some pension plans will provide for members in the event they suffer a disability. This may take the form of early entry into a retirement plan for a disabled member below the normal retirement age. Retirement plans may be classified as "defined benefit" or "defined contribution" according to how the benefits are determined. A defined benefit plan guarantees a certain payout at retirement, according to a fixed formula which usually depends on the member's salary and the number of years' membership in

neg: Welfare in Finland was funded by the beneficiary's own contributions, about 2 percent of his or her locally taxable income, and by employer contributions of 4 to 5 percent of the insured person's wages. The Employees' Pensions Act was passed in 1961 to supplement the National Pension Plan which, while adequate for Finns living in the countryside--a majority of the population until the 1960s- -did not provide enough benefits for city dwellers. During the next decade, other compulsory wage-related pension plans were enacted into law for temporary employees, for national and local government employees, for those working for a state church, and for

neg: Otto von Bismarck Arbeitgeberverband in den beruflichen Korporationen" (the Organization of Employers in Occupational Corporations). This organization established central and bureaucratic insurance offices on the federal, and in some cases the state level to actually administer the program whose benefits kicked in to replace the sickness insurance program as of the 14th week. It paid for medical treatment and a pension of up to two-thirds of earned wages if the worker were fully disabled. This program was expanded, in 1886, to include agricultural workers. The old age pension program, insurance equally financed by employers and workers, was designed to provide a pension annuity

neg: Mandatory retirement Age 65 is when federal Old Age Security pension benefits begin, and most private and public retirement plans have been designed to provide income to the person starting at 65 (an age is needed to select premium payments by contributors to be able to calculate how much money is available to retirees when they leave the program by retiring). All judges in Canada are subject to mandatory retirement, at 70 or 75 depending on the court. Federal senators cease to hold their seats at 75. Mandatory retirement of federally regulated employees is prohibited as of December 2012. In October 2006

neg: Kwasha Lipton Kwasha Lipton Kwasha Lipton was an employee benefits consulting firm located in Fort Lee, New Jersey. It was founded in 1944 by H. Charles "Chick" Kwasha and Maurice Lipton. Kwasha Lipton is best known for creating a special type of defined benefit pension plan called a cash balance plan, which it designed for the employees of Bank of America in 1985. Kwasha Lipton implemented dozens of cash balance plans for its other clients, and these plans were ultimately adopted by various companies throughout the United States. Some employees allege that the plans discriminate against older workers in violation of federal

neg: Employee Retirement Income Security Act of 1974 (called "at-risk status"). The PPA has different funding requirements for multiemployer pension plans, which preserve most of the pre-PPA funding rules, including the funding standard account. Under PPA, increases and decreases in the plan's liabilities are amortized, but the amortization period for benefit improvements adopted after 2007 are shortened. As with single-employer plans, multiemployer pension plans that are significantly underfunded are subject to restrictions. The restrictions, which may limit the plan's ability to improve benefits or require the plan to reduce employees' benefits, vary depending whether a pension plan's funding status is termed "endangered", "seriously endangered", or "critical". The restrictions

neg: Social Security Administration hired since 1986, or whom are covered by Section 218 Agreements, participate in Medicare even if not covered by Social Security financial benefits. To see how state and local government employees are covered by Social Security and Medicare see the Federal-State reference guide appendix. Other local and state employees were brought into coverage under a 1991 Social Security law that required these employees to join Social Security if their employer did not provide them with a pension plan. Some state and local governments continue to maintain pension plans and have not executed Section 218 agreements; if so, those workers may

neg: Hewitt Associates of their kind to be approved by the Internal Revenue Service; they were so cutting edge the U.S. Department of Labor asked the firm to create forms for the welfare and pension programs of the 1950s. By the 1960s the Hewitt firm continued to expand its pension and benefit plans, creating more sophisticated programs for its clients. During the decade the firm revolutionized employee benefit packages once again, as the first company to design pension and benefit plans tied to a corporation's revenue and growth projections. While such a practice became commonplace in the pension and employee benefits of larger

neg: Social Security (United States) in private equities, although some other countries (such as Canada) and some states permit their pension funds to invest in private equities. As a universal system, Social Security generally operates as a pipeline, through which current tax receipts from workers are used to pay current benefits to retirees, survivors, and the disabled. When there is an excess of taxes withheld over benefits paid, by law this excess is invested in Treasury securities (not in private equities) as described above. Two broad categories of private pension plans are "defined benefit pension plans" and "defined contribution pension plans." Of these two, Social

neg: Pension policy in South Korea 2005, also known as the corporate pension. The corporate pension system provides two forms of benefits in addition to the traditional voluntary personal pension saving account: the defined benefit and defined contribution plans. Pay-outs from the two new plans are provided either as a lump-sum retirement pay or as an annuity. As for 2009, private pension spending in the percentage of GDP is 7.9 percent, equivalent to 10.3 trillion won. By the end of 2009, 1.723 million workers were already enrolled in the plan. By 2011, 2.7 million, or 30 per cent of the regular workers are enrolled and protected.

neg: Pension Benefit Guaranty Corporation their vested benefits. One of ERISA's stated intentions was to minimize underfunding in defined benefit plans. Defined contribution plans, by contrast and by definition, are always "fully funded" so Congress saw no need to provide insurance protection for participants in defined contribution plans. The Enron scandal in 2001 demonstrated one potential problem with defined contribution plans: the company had strongly encouraged its workers to invest their 401(k) plans in their employer itself, violating primary investment guidelines about diversification. When Enron went bankrupt, many workers lost not only their jobs but also most of the value of their retirement savings. Congress

neg: Welfare in Japan the single Employee Pension Insurance Plan. In addition to merging the former plans, the 1986 reform attempted to reduce benefits to hold down increases in worker contribution rates. It also established the right of women who did not work outside the home to pension benefits of their own, not only as a dependent of a worker. Everyone aged between twenty and sixty was a compulsory member of this Employee Pension Insurance Plan. Despite complaints that these pensions amounted to little more than "spending money," increasing numbers of people planning for their retirement counted on them as an important source of

neg: Aon Hewitt its clients statements to track their employee benefits and had pioneered the use of financial goals for company investments. Hewitt's programs were the first of their kind to be approved by the Internal Revenue Service; they were so useful that the U.S. Department of Labor asked the firm to create forms for the welfare and pension programs of the 1950s. By the 1960s the Hewitt firm continued to expand its pension and benefit plans, and Hewitt became the first company to design pension and benefit plans tied to a corporation's revenue and growth projections. Hewitt was the only company asked

neg: Wendell Milliman technology advanced rapidly, bringing about a simultaneous rise in medical costs. Concern about covering these costs spurred the development of many kinds of healthcare plans. At the same time, new life and casualty companies sprang up, as labor organizations negotiated health benefits and pension plans. Actuaries were needed to work out the longevity probabilities and incidence of specific illnesses, and provide information and services to the growing insurance industry. With expansion came the need to specialize. The consultants at Milliman, encouraged to innovate, gradually branched off into different specialties, such as health insurance or pensions, giving the firm further reach.

neg: Pension is to describe the payments a person receives upon retirement, usually under pre-determined legal or contractual terms. A recipient of a retirement pension is known as a "pensioner" or "retiree". A retirement plan is an arrangement to provide people with an income during retirement when they are no longer earning a steady income from employment. Often retirement plans require both the employer and employee to contribute money to a fund during their employment in order to receive defined benefits upon retirement. It is a tax deferred savings vehicle that allows for the tax-free accumulation of a fund for later use

neg: Personal pension scheme used to provide benefits, from age 55 (up from 50 prior to 6 April 2010). A PPS must be crystallised by the age of 75, minimising problems from the mortality drag of deferring the purchase of income benefits. On crystallisation, a pension commencement lump sum (PCLS), also known as tax-free cash, of up to 25% of the fund can be taken. The remainder can be used to provide a taxable income either directly from the fund (called unsecured pension (USP), and has previously been called income drawdown or pension fund withdrawal), or by exchanging the fund for a secured pension

neg: Keogh Plan $32,500, for a total annual contribution of $49,000. The total contribution cap is $50,000 for 2012, $51,000 for 2013, $52,000 for 2014, and up to 25% of compensation or $53,000 in 2016, whichever is lower. A person with a Keogh Plan can also contribute to an IRA (traditional or Roth). Keogh Plans are not as common as most other retirement plans because there are several limitations to Keogh Plans. Compared to other retirement plans (traditional IRA, SIMPLE IRA, etc.), Keogh Plans require more administrative paperwork. While most small business owners can manage to set up other plans themselves, a Keogh

neg: Pension regulation in Canada 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans. In addition to registration requirements under the "Income Tax Act" relating to eligibility of expenses and deductions that are administered by the Canada Revenue Agency, plans are registered in the host jurisdiction as follows: Pension regulation in Canada Pension regulation in Canada falls mostly within provincial jurisdiction by virtue of the property and civil rights power under the "Constitution Act, 1867". For workers whose employers are subject to federal jurisdiction, such jurisdiction extends to regulating pension plans available to them. The Pension Benefits Act is

neg: Wespath Benefits and Investments Wespath Benefits and Investments Wespath Benefits and Investments (formerly General Board of Pension and Health Benefits) is a non-profit agency that has been serving the United Methodist Church for over a century. In accordance with its fiduciary duties, Wespath administers benefit plans and invests approximately $23 billion in assets for over 100,000 participants and over 100 United Methodist-affiliated institutions. Wespath Benefits and Investments maintains the largest reporting faith-based pension fund in the world, which is among the top 100 pension funds in the United States. Its sustainable investment activities are carried out by Wespath Investment Management, the agency’s investments division.

neg: Pension Protection Act of 2006 the services they provide. S. 1302 passed the Senate on January 28, 2014. Pension Protection Act of 2006 The Pension Protection Act of 2006 (Pub. L. 109–280), 120 Stat. 780, was signed into law by U.S. President George W. Bush on August 17, 2006. This legislation requires companies who have underfunded their pension plans to pay higher premiums to the Pension Benefit Guaranty Corporation (PBGC) and extends the requirement of providing extra funding to the pension systems of companies that terminate their pension plans. It also requires companies to analyze their pension plans' obligations more accurately, closes loopholes that previously

neg: Retirement plans in the United States individual's account. Upon retirement, the participant's account is used to provide retirement benefits, often through the purchase of an annuity. Defined contribution plans have become more widespread over recent years and are now the dominant form of plan in the private sector. The number of defined benefit plans in the U.S. has been steadily declining, as more employers see pension funding as a financial risk they can avoid by freezing the plan and instead offering a defined contribution plan. Examples of defined contribution plans include Individual Retirement Account (IRA), 401(k), and profit sharing plans. In such plans, the participant is

neg: IAS 19 length of service. In many cases, defined benefit pension plans are funded and hold assets in order to meet those promised benefits. A defined benefit pension plan is an example of a post-employment benefit plan. Accounting for the costs and liabilities relating to such plans raises several issues. These include the following (note that paragraph references refer to IAS19 before it was revised in June 2011): IAS 19 IAS 19 or International Accounting Standard Nineteen rule concerning employee benefits under the IFRS rules set by the International Accounting Standards Board. In this case, "employee benefits" includes wages and salaries as

neg: Elaine Nekritz born and raised in Wichita, Kansas. She currently resides in Northbrook with her husband, Barry. Representative Nekritz co-sponsored SB-1; a plan that amended state employee pension plans by drastically reducing the constitutionally protected benefits of Illinois state employees in retirement. The Illinois Supreme Court ultimately found these legislative changes to be unconstitutional. As the Illinois Supreme Court ruling stated: “These modifications to pension benefits unquestionably diminish the value of the retirement annuities the members…were promised when they joined the pension system. Accordingly, based on the plain language of the Act, these annuity-reducing provisions contravene the pension protection clause’s absolute prohibition

neg: Social protection in France classifying people according to their professional activity. These four schemes are: Social Security administrations, established by the State in 1945, are managed by the social partners (employers' representatives and trade unions). The resources of Social Security (payroll taxes, i.e. social contributions) and expenses (benefits and allowances) has been determined since 1996 by the laws of social security funding, voted annually by the Parliament. The funds are collected by the URSSAF. The complementary schemes provide additional coverage for risks already covered by Social Security. Some are mandatory (supplemental pension plans of private sector employees) and other optional (mutual health insurance, pension

neg: Defined contribution plan invested, for example in the stock market, and the returns on the investment (which may be positive or negative) are credited to the individual's account. On retirement, the member's account is used to provide retirement benefits, sometimes through the purchase of an annuity which then provides a regular income. Defined contribution plans have become widespread all over the world in recent years and are now the dominant form of plan in the private sector in many countries. For example, the number of defined contribution plans in the US has been steadily increasing, as more and more employers see pension contributions

neg: Disability pension an independent medical evaluation (IME) to confirm they are permanently disabled. The pension is calculated based on years worked, so the disability retiree can retire earlier (since they are unable to work), but receives an equitable pension based on years of service. Australian residents of working age who are unable to work for 15 hours a week for the next two years are eligible for the Disability Support Pension. Those intending to claim the DSP need to provide a report from their treating doctor. Beneficiaries of the Disability Support Pension receive significantly more than those on unemployment benefits; as of

neg: Beneficiary fund January 2014 amendments to the Pension Funds Act allow pension fund trustees to pay benefits into an unclaimed benefits fund if they have been unable to trace dependants after 24 months. Some role players believe this is not in the best interests of vulnerable children. Beneficiary fund A beneficiary fund is defined as a pension fund organisation in the Pension Funds Act No.24 of 1956 of South Africa, as amended in 2008. It is designed to accept and administer lump sum death benefits allocated in their discretion by pension fund trustees to the minor dependants of deceased pension fund members,

neg: State Second Pension against that income on which the higher rate was paid. Although the National Insurance rebate is intended to provide benefits broadly the same as the Additional Pension given up, there is controversy over whether the rebates are sufficient based on current projections for investment returns and annuity rates. Many IFAs and Personal Pension providers are now encouraging some or all of their customers to contract back in. Those who contract in gain the security of a known pension level which is not determined by investment returns or annuity rates but lose the flexibility to take their pension before state pension

neg: Kline-Miller Multiemployer Pension Reform Act of 2014 the proposed reductions, PBGC will suffer future losses of $1 billion or more). If the Treasury Department and the participants approve the benefit reduction proposal, it takes effect. Retirees, survivors, and workers are not permitted to sue about their reduced benefits. As of February 2016, the trustees of more than 60 multiemployer pension plans covering a total of more than 900,000 participants had notified the Labor Department that the plans were in "critical and declining status". The largest was the Central States, Southeast and Southwest Areas Pension Fund of the International Brotherhood of Teamsters (the "Central States Pension Fund"), which

neg: IRD asset income tax and estate tax. The following are considered IRD Income: • Uncollected salaries, wages, bonuses, commissions, vacation pay, and sick pay. • Certain deferred compensation and stock option plans. • Qualified pension plans, profit sharing plans, SEP, Keogh, and IRA except nondeductible contributions. • Accounts receivable of a cash basis sole proprietor. • Interest and dividends accrued but unpaid at death of cash basis decedent. • Rents and royalties accrued before death of cash basis taxpayer. • Gain from the sale of property if the sale is deemed to occur before death, but proceeds are not collected until after

neg: Wespath Benefits and Investments of 44 companies are excluded from its investment funds including all of Israel's major banks. The board also excludes a further nine companies due to their contribution to global warming. Wespath Benefits and Investments Wespath Benefits and Investments (formerly General Board of Pension and Health Benefits) is a non-profit agency that has been serving the United Methodist Church for over a century. In accordance with its fiduciary duties, Wespath administers benefit plans and invests approximately $23 billion in assets for over 100,000 participants and over 100 United Methodist-affiliated institutions. Wespath Benefits and Investments maintains the largest reporting faith-based pension fund

neg: John Cullerton Public Act 096-0036 . Cullerton led the senate during the impeachment trial, and subsequent removal, of former Governor Rod Blagojevich. Cullerton served as a delegate to the 2012 Democratic National Convention. Senator Cullerton supported SB-1; a plan that amended state employee pension plans by drastically reducing the constitutionally protected benefits of Illinois state employees in retirement. The Illinois Supreme Court ultimately found these legislative changes to be unconstitutional. As the Illinois Supreme Court ruling stated: "These modifications to pension benefits unquestionably diminish the value of the retirement annuities the members…were promised when they joined the pension system. Accordingly, based on

neg: Kline-Miller Multiemployer Pension Reform Act of 2014 Kline-Miller Multiemployer Pension Reform Act of 2014 The Kline-Miller Multiemployer Pension Reform Act of 2014 (Division O of ) is a federal law that was enacted in the United States on December 16, 2014, with the goal of allowing certain American pension plans that have insufficient funds, and thus are at risk of insolvency, to reduce the benefits they owe to participants. The bill was co-sponsored by U.S. Representatives John Kline (R-Minnesota) and George Miller (D-California). According to the Pension Benefit Guaranty Corporation (PBGC), "In Kline-Miller, Congress established a new process for multiemployer pension plans to propose a temporary or

neg: Bill Tosheff order to secure fair pension plans for NBA players who were active before 1965. Tosheff lobbied to close a loophole in the NBA pension that granted benefits to post-1965 players with a minimum of three years of service, but required pre-1965 players have five years of service. A San Diego resident, Tosheff died in Hawaii from cancer aged 85 on October 1, 2011. Bill Tosheff William Mark "Bill" Tosheff (June 2, 1926 – October 1, 2011) was an American professional basketball player. A 6'1" guard, Tosheff played at Indiana University from 1947 to 1951 after a stint with the U.S.

neg: IAS 19 IAS 19 IAS 19 or International Accounting Standard Nineteen rule concerning employee benefits under the IFRS rules set by the International Accounting Standards Board. In this case, "employee benefits" includes wages and salaries as well as pensions, life insurance, and other perquisites. The rules in IAS 19 explains the accounting for longer term employee benefits and post employment plans such as defined benefit retirement plans. Accordingly, most of the standard is taken up with explaining the rules for long term employee benefits. Defined benefit pension plans will offer various types of benefit according to the mode by which the employee

neg: Welfare in Finland for keeping records about employment and benefits. The normal age of pensionable retirement was sixty-five, and the pension paid was based on the average earnings one had received in the last four years of work ending two years before retirement. One could receive up to 60 percent of private-sector earnings and up to 66 percent of public-sector earnings. Older employees, at work before these pension plans became effective, were guaranteed a minimum pension of at least 29 percent if they retired before 1975, and 37 percent if they retired after this date. Like the national pension, wage-related pensions were indexed,

neg: National Pension System withdraw the complete amount if the pension collected is less than INR 2,00,000. Investment in NPS is eligible for tax benefits as follows: National Pension System National Pension System, also known as NPS, is a voluntary defined contribution pension system in India. NPS, like PPF and EPF is an EEE (Exempt-Exempt-Exempt) instrument in India where entire corpus escapes tax at maturity and entire pension withdrawal amount is tax-free. The NPS started with the decision of the Government of India to stop defined benefit pensions for all its employees who joined after 1 January 2004. While the scheme was initially designed

neg: Michael Keogh (soldier) drive, which intended to enlist 1500 Irish POWs. In early 1915, the now Sergeant Major Keogh had successfully recruited only 56 men for the Brigade. These men were moved to the more comfortable Zossen Camp, south of Berlin, on Casement's suggestion, although due to the lack of success of the Irish Brigade the Irish POWs did not receive much preferential treatment. All plans for the Brigade ended with the arrest and execution of Casement in 1916. Keogh was in charge of some Irishmen in 1916, who were installing a new gas tank in Dirschau, West Prussia. It has been assumed

neg: Hiring hall are arguments that this actually benefits contractors who hire employees for the duration of a specific job. This is primarily due to the union handling qualifications and other eligibility requirements. Additionally, the union will also maintain employment records on the individual, meaning that behavior issues from other employers can be documented and reacted to. Thus there is a strong incentive to maintain good conduct to keep union membership. Workers benefit from having a more stable source of benefits such as insurance and pension plans. Contractors are still responsible for paying in these plans, but union members are more protected from

neg: Robert Fellmeth enough rounds over four or more years to "vest." It also includes disability benefits. Through the Center for Public Interest Law (CPIL), Fellmeth has periodically defended the pension plan from promoter opposition and attempts to eliminate it. In recent years, CPIL supported legislation that has liberalized it to allow early benefits for non-boxing employment vocational training. Fellmeth has advocated for adoption of similar pension plans nationally and in other major states (Nevada, New Jersey, New York). However, those efforts have not been successful, and the California system remains the only pension system in place for professional boxers. Fellmeth also proposed

neg: Pension policy in South Korea a strong redistributive element and participation is mandated by law. Currently, only 29% of elderly received old-age pensions from the National Pension Scheme in 2013. One of the current issues with the National Pension Scheme is that not all retirees will be able to draw benefits from the pension because they have no completed the ten year contribution requirement. The South Korean pension system was created to provide benefits to persons reaching old age, families and persons stricken with death of their primary breadwinner, and for the purposes of stabilizing its nations welfare state. South Korea's pensions system structure is

neg: Sergio Mantegazza PPF compensation cap. The Pension Regulator's subsequent statutory report later concluded that the majority of scheme members received 90% or more of their benefits. However, the deal was nonetheless criticised by "The Guardian", which stated that the pilots' retirement plans had been "wrecked", and as stated by Frank Field MP, Chairman of the Work and Pensions Select Committee, in a letter to the Pension Protection Fund - "Compared to the hundreds of millions pounds of debt they were being released from, the [pension] deal was a good one for the Mantegazzas only." Alan Rubenstein, chief executive of the Pension Protection

neg: Worker's compensation (Germany) impossible the worker receives the benefit for 78 weeks. Wages are paid for six weeks by the employer before the employee goes onto short-term disability benefits. Workers who have a loss of earning capacity due to work injury or occupational disease of 20% or more receive a pension equal to 66.7% of their previous year's earnings, up to the specified maximum. This is paid until the age of 65, unless he or she begins receiving old-age pension earlier than age 65. Medical care benefits are comprehensive, with the total cost of physical rehabilitation and appliances being covered. Institutes provide all

neg: Pension Benefit Guaranty Corporation appointed an "Executive Director" who was not subject to confirmation. Thomas Reeder was confirmed as director by the Senate on October 8, 2015. Prior to joining PBGC, Reeder served as benefits tax counsel in the Office of Tax Policy at Treasury. Several large legacy airlines have filed for bankruptcy reorganization in an attempt to renegotiate terms of pension liabilities. These debtors have asked the bankruptcy court to approve the termination of their old defined benefit plans insured by the PBGC. Although the PBGC resisted these requests, ultimately it assumed the plans. The PBGC would like minimum required contributions to insured

neg: Kline-Miller Multiemployer Pension Reform Act of 2014 permanent reduction of pension benefits if the plan is projected to run out of money." According to the U.S. Treasury Department, "Kline-Miller requires the Treasury Department, in consultation with the Pension Benefit Guaranty Corporation (PBGC) and the Department of Labor, to review a multiemployer pension plan’s application to reduce benefits and determine whether it meets the requirements set by Congress." Kline-Miller applies to multiemployer pension plans, which are set up through collective bargaining agreements involving labor unions and more than one unrelated employer, typically in a single industry. Under Kline-Miller, a multiemployer plan whose trustees determine that the plan is

neg: Employee benefits acupuncturists, chiropractors, etc.), prescription requiring drugs, vision (eye exams, contacts/lenses), and Employee Assistance Programs. The dental plan usually includes Basic Dental (cleanings, fillings, root canals), Major Dental (crowns, bridges, dentures) or Orthodontics (braces). Other than the employer sponsored health benefits described above, the next most common employee benefits are group savings plans (Group RRSPs and Group Profit Sharing Plans), which have tax and growth advantages to individual saving plans. Employee benefits in the United States include relocation assistance; medical, prescription, vision and dental plans; health and dependent care flexible spending accounts; retirement benefit plans (pension, 401(k), 403(b)); group term life

neg: Defined benefit pension plan US, (under the ERISA rules), any reduction factor less than or equal to the actuarial early retirement reduction factor is acceptable. Many DB plans include early retirement provisions to encourage employees to retire early, before the attainment of normal retirement age (usually age 65). Some of those provisions come in the form of additional "temporary" or "supplemental benefits", which are payable to a certain age, usually before attaining normal retirement age. In the US, there are many laws and regulations concerning pension plans. For a defined benefit plan, the laws/regulations that most commonly affect defined benefit (DB) pension plans include:

neg: Bituminous coal strike of 1974 militant leaders of the British coal unions. Employers were willing to make concessions on wages and benefits. Workers in other basic industries such as steel and automobile manufacturing were making much more money than coal miners, even though their occupations were not nearly as dangerous to health or safety. However, the mine operators demanded an end to wildcat strikes. Employer contributions to UMWA's health and pension plans were dependent on the amount of coal mined. Wildcat strikes significantly reduced the tonnage mined, and reduced the revenues flowing into the UMWA health and pension plans. The employers argued they should not

neg: American Benefits Council (ECOM), How America Saves: The Coalition to Protect Retirement, the Consumer-Purchaser Alliance and the National Coalition on Benefits. The Council has an ongoing partnership with the MetLife Symposium and the International Employee Benefits Association (IEBA). The Council examines a wide variety of benefits issues, in particular employee retirement and health benefits. Specific issues include defined contribution/401(k) plans, defined benefit pension plans, retiree health programs, health care reform under the Patient Protection and Affordable Care Act (PPACA), consumer-directed plans (HSAs/FSAs/HRAs), wellness programs and executive compensation. The American Benefits Council is operated by a Board of Directors, whose executive members make decisions

neg: Defined benefit pension plan executives, and 90% offer deferred compensation programs. Defined benefit plans may be either "funded" or "unfunded". In an "unfunded" defined benefit pension, no assets are set aside and the benefits are paid for by the employer or other pension sponsor as and when they are paid. This method of financing is known as "Pay-as-you-go" (PAYGO or PAYG). In the US, ERISA explicitly forbids pay as you go for private sector, qualified, defined benefit plans. However this system is often used in public pension systems. For example, all OECD countries including the U.S. rely on some form of a PAYG system.

neg: Detroit bankruptcy any of its "political subdivisions" are permitted to default on the accrued financial benefits of their pension plans or retirement systems, federal law may allow bankruptcy judges to renegotiate pensions of municipalities in bankruptcy. Many consider public pension benefits of existing retirees "virtually untouchable"; the clash between state constitutional protections of vested public pension rights and the general ability of the bankruptcy process to modify debt obligations has yet to be fully tested in any Chapter 9 proceeding. On July 22, Aquilina delayed to July 29 her hearing on retiree funds request for an order directing Orr and Snyder to

neg: Cash balance plan construct the initial balances in each worker's "hypothetical" account for these new cash balance pension plans. Also, §411(a)(1)(7) of the Code defines "accrued benefit". Thus pension actuaries are very familiar with changes in accrual rate factors used in a traditional defined-benefit pension plan's formula. In "Kathi Cooper v. IBM Personal Pension Plan", District Court Judge Murphy in 2003 came to the opposite conclusion because the terms accrued benefit and rate of benefit accrual were not ambiguous. According to Murphy benefits accrued at a decreasing rate solely based on increases in age, the plan design of the cash balance plan violated

neg: Keogh Plan Plan requires complex calculations and professional help to establish. They've been largely replaced by SEP IRAs, which have the same contribution limits but much less paperwork. Keogh Plans cannot be used for "self-employed" individuals who work in the capacity of an independent contractor. Keogh Plans are applicable to self-employed individuals who own their own unincorporated business (sole proprietorships, partnerships and LLCs). All contributions must be made "pre-tax", meaning that the contributions can be deducted from this year's tax, but taxes must be paid on the money when it is withdrawn during retirement. There is no such thing as a "Roth

neg: Keogh Plan less, so he would benefit more from that plan. Scenario #3 – An entrepreneur who owns a small marketing firm makes $400,000 per year. She wishes to contribute as much as possible to a retirement plan in order to minimize her current taxes. She could contribute up to $11,500 for a SIMPLE IRA, $49,000 to a SEP-IRA, or up to $50,000 (contribution cap for 2012) in a Keogh Plan. By choosing the Keogh Plan over the SEP-IRA, she can contribute an additional $1,000 per year into her retirement plan. Keogh Plan Keogh plans are a type of retirement plan for

neg: Retirement decisions by simply finding more reliable retirement options such as, Individual Retirement Accounts or Employer-Sponsored Plans. In countries around the world, people are much more likely to retire at the early and normal retirement ages of the public pension system (e.g., ages 62 and 65 in the U.S.). This pattern cannot be explained by different financial incentives to retire at these ages since typically retirement benefits at these ages are approximately actuarially fair; that is, the present value of lifetime pension benefits (pension wealth) conditional on retiring at age "a" is approximately the same as pension wealth conditional on retiring

neg: Commission de la construction du Québec to the employers who need them. Other aspects of workforce management include verification and application of the regulations concerning hiring and mobility of workers, the making of interprovincial agreements and terms aiming to encourage worker mobility outside of Quebec, and the implementation of measures to make sure that workers have the skills they need. The CCQ administers the complementary social benefits plans, which are notable for their diversity and variety in light of the needs of the clientele. In addition to receiving vacation cheques twice a year, the workforce benefits from private pension and insurance plans funded entirely by employers

neg: Pension policy in South Korea which began in 1953. The retirement allowance is given in the form of one lump-sum payment, which is equivalent to one month of the base salary for any employee who has worked for more than one year. However, due to the low employment tenure in Korea, many workers receive retirement allowance before they retire. Thus, as it is traditionally intended to serve in the absence of unemployment insurance, the allowance did not provide employees with enough benefit and security needed for retirement. To ensure benefits and protection the allowance system fails to provide, the government introduced the retirement pension in

neg: Attlee ministry a standardised day wage structure, and in 1948 a Colliery Workers Supplementary Scheme was approved, providing supplementary allowances to disabled coal-workers and their dependants. In 1948, a pension scheme was set up to provide pension benefits for employees of the new NHS, as well as their dependents. Under the Coal Industry Nationalisation (Superannuation) Regulations of 1950, a pension scheme for mineworkers was established. Improvements were also made in farmworkers' wages, and the Agricultural Wages Board in 1948 not only safeguarded wage levels, but also ensured that workers were provided with accommodation. A number of regulations aimed at safeguarding the health

neg: Progress Pledge/Bretton Woods II eliminate red tape around impact investment and incentivize asset holders to direct resources toward projects that provide broader benefits to society. Pension funds, charitable endowments, and sovereign wealth funds control over $25 trillion in assets worldwide. As investors, these groups share two key attributes: first, they have unusually long time horizons. Pension liabilities extend across decades, and endowments and sovereign wealth funds are often designed to operate in perpetuity. Second, the holdings of these investors span every region and sector. They are too big and too broadly diversified to hide from market volatility. When the world economy prospers, their assets

neg: Veterans Benefits Administration include: Veterans Benefits Administration The Veterans Benefits Administration (VBA) is an agency of the U.S. Department of Veterans Affairs. It is responsible for administering the Department's programs that provide financial and other forms of assistance to veterans, their dependents, and survivors. Major benefits include Veterans' compensation, Veterans' pension, survivors' benefits, rehabilitation and employment assistance, education assistance, home loan guaranties, and life insurance coverage. The mission of the Veterans Benefits Administration, in partnership with the Veterans Health Administration and the National Cemetery Administration, is to provide benefits and services to the veterans and their families in a responsive, timely and compassionate

neg: Veterans Benefits Administration Veterans Benefits Administration The Veterans Benefits Administration (VBA) is an agency of the U.S. Department of Veterans Affairs. It is responsible for administering the Department's programs that provide financial and other forms of assistance to veterans, their dependents, and survivors. Major benefits include Veterans' compensation, Veterans' pension, survivors' benefits, rehabilitation and employment assistance, education assistance, home loan guaranties, and life insurance coverage. The mission of the Veterans Benefits Administration, in partnership with the Veterans Health Administration and the National Cemetery Administration, is to provide benefits and services to the veterans and their families in a responsive, timely and compassionate manner

neg: Pension Benefit Guaranty Corporation to the PBGC based on the number of participants in the plan and the funded status of the plan. The Bipartisan Budget Act, which was signed by President Obama on November 2, 2015, set PBGC premiums as follows for single-employer pension plans: Flat-rate premium The variable-rate premium, which is $30 per $1,000 of unfunded vested benefits for 2016, will continue to be indexed for inflation, but will increase by an additional $3 for 2017, $4 for 2018, and $4 for 2019. The maximum pension benefit guaranteed by PBGC is set by law and adjusted yearly. For plans that end in

neg: Pension Benefit Guaranty Corporation by employees whose vested benefits are not paid when pension plans are terminated." When a defined benefit plan is properly funded by its sponsor, its assets should be approximately equal to its liability, and any shortfall (including benefit improvements) should be amortized in a relatively short period of time. Before ERISA, employers and willing unions could agree to increase benefits with little thought to how to pay for them. A classic case of the unfortunate consequences of an underfunded pension plan is the 1963 shutdown of Studebaker automobile operations in South Bend, Indiana, in which 4,500 workers lost 85% of

neg: Sun Indalex Finance, LLC v United Steelworkers sale, the United Steelworkers (representing the salaried employees) and a group representing the executives appeared to object to the planned distribution of sale proceeds, asking that a sufficient amount be retained to cover the pension plans' deficiencies, pursuant to the deemed trusts established under the "Pension Benefits Act (Ontario)". The sale closed on July 31, 2009, but the proceeds were insufficient to cover outstanding liabilities. Indalex US remitted USD $10.75 million to cover the shortfall owing to the DIP lenders, and the Monitor withheld an amount equal to the deficiencies of the plans. In August 2009, motions were heard by

neg: Pension the US, specifies a defined benefit plan to be any pension plan that is not a defined contribution plan (see below) where a defined contribution plan is any plan with individual accounts. A traditional pension plan that "defines" a "benefit" for an employee upon that employee's retirement is a defined benefit plan. In the U.S., corporate defined benefit plans, along with many other types of defined benefit plans, are governed by the Employee Retirement Income Security Act of 1974 (ERISA). In the United Kingdom, benefits are typically indexed for inflation (known as Retail Prices Index (RPI)) as required by law

neg: Zulfikar Ali Bhutto immediately, therefore, the government introduced a pension scheme of old age benefits which would provide a payment of Rs.75 a month to workers after retirement at the age of 55 for men and 50 for women, on condition that the worker had completed a minimum of 15 years insurable employment. This applied to all factories, industries, and establishments employing ten or more workers drawing monthly wages up to Rs. 1,000. Skilled workers who become invalid after five years of insurable employment were also made entitled to benefits under this scheme. Bhutto did not want to go for the western model

neg: Eugene James Keogh House Ways and Means committee and sponsored the original legislation for the Keogh plan, a type of pension plan. He was also a member of the New York State Racing and Wagering Board from 1973 until 1976. He died on May 26, 1989, in New York City and was buried at Gate of Heaven Cemetery in Hawthorne, New York. Eugene James Keogh Eugene James Keogh (August 30, 1907 – May 26, 1989) was a member of the United States House of Representatives from New York. Keogh was born on August 30, 1907, in Brooklyn, New York City. He graduated from

neg: Pensions in Denmark average contribution rate. Depending on the plan, payouts can be collected in the form of phased withdrawals, lump sums, or life annuities. Personal pensions cover additional private saving. Danish subsidized personal pension plans are extensive, often similar to occupational pension plans; however participation is voluntary and plans are financed by participants. Because contributions occur by means of collective labor agreements, they are classified as quasimandatory, as most workers are covered. These individual pension savings agreements between the individual and the institution stipulate the policy holder's entitlement to benefits after a specified age. Personal pensions are partial tax exemptions and have

neg: Clement Attlee were significantly increased. The introduction of a Miner's Charter in 1946 instituted a five-day work week for miners and a standardised day wage structure, and in 1948 a Colliery Workers Supplementary Scheme was approved, providing supplementary allowances to disabled coal-workers and their dependants. In 1948, a pension scheme was set up to provide pension benefits for employees of the new NHS, as well as their dependents. Under the Coal Industry Nationalisation (Superannuation) Regulations of 1950, a pension scheme for mineworkers was established. Improvements were also made in farmworkers' wages, and the Agricultural Wages Board in 1948 not only safeguarded wage

neg: History of Ontario do not have workplace pension plans. It is designed to supplement the Canada Pension Plan, and provide up to 15 per cent of a retiree's pre-retirement income as an annual pension. Toronto replaced Montreal as the nation's premier business centre because the nationalist movement in Quebec, particularly with the success of the Parti Québécois in 1976, systematically drove Anglophone business away. Depressed economic conditions in the Maritime Provinces have also resulted in de-population of those provinces in the 20th century, with heavy migration into Ontario. Ontario has no official language, but English is considered the "de facto" language. Numerous French

neg: Women Against State Pension Inequality 2011 Pensions Act. These changes came as a shock to many women who hadn't been made aware of them. Some women discovered they would have to wait up to six years longer for their state pension which often affected their retirement plans. In 2015, WASPI was formed by five women to argue for the government to provide transitional payments to women born in the 1950s receiving their pension after the age of 60. They also call for compensation to women who now receive a state pension but had to wait longer. Three of the original founders stepped down as leaders