Illinois pension crisis (Ofer Abarbanel online library)

The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. The size of Illinois’ pension obligation is $214B, but the state’s pension funds have only $85B available for payouts to retirees.[1] Illinois has the second highest unfunded pension ratio, after New Jersey. Illinois state budget contributions have fallen short of the increases in pension liabilities for 12 of the past 15 years, resulting in a three-fold increase in the funding gap.[2] Continue reading “Illinois pension crisis (Ofer Abarbanel online library)”

Insurance and Pensions Authority (Ofer Abarbanel online library)

The Insurance and Pensions Authority (Manx: Lught-reill Urryssaght as Penshynyn) or IPA was the statutory body responsible for the regulation and supervision of pensions and insurance businesses operated in or from the Isle of Man. In 2015, the IPA merged with the Financial Supervision Commission (FSC) to form the Financial Services Authority (IOMFSA).[1] Continue reading “Insurance and Pensions Authority (Ofer Abarbanel online library)”

Pension Fund Regulatory and Development Authority (Ofer Abarbanel online library)

The Pension Fund Regulatory and Development Authority (PFRDA), a statutory body, is the pension regulator of India which was established by Government of India on 23 August 2003 and was authorized by Ministry of Finance, Department of Financial Services. Upon introduction of the PFRDA Bill by the Government of India in the Parliament of India and the subsequent passage of the PFRDA Act[2] in 2013, the Authority became a Central Autonomous Body. Continue reading “Pension Fund Regulatory and Development Authority (Ofer Abarbanel online library)”

The Pensions Regulator (Ofer Abarbanel online library)

The Pensions Regulator is a non-departmental public body which holds the position of the regulator of work-based pension schemes in the UK. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005[1] and has wider powers and a new proactive and risk-based approach to regulation. Continue reading “The Pensions Regulator (Ofer Abarbanel online library)”

Public pensions in Greece (Ofer Abarbanel online library)

Public pensions in Greece are designed to provide incomes to Greek pensioners upon reaching retirement. For decades pensions in Greece were known to be among the most generous in the European Union, allowing many pensioners to retire earlier than pensioners in other European countries.[1] This placed a heavy burden on Greece’s public finances which (coupled with an aging workforce) made the Greek state increasingly vulnerable to external economic shocks, culminating in a recession due to the 2008 financial crisis and subsequent European debt crisis. Continue reading “Public pensions in Greece (Ofer Abarbanel online library)”

Barnhart v. Peabody Coal Co. (Ofer Abarbanel online library)

Barnhart v. Peabody Coal Co., 537 U.S. 149 (2003), was a Supreme Court of the United States case.[1] The case was to determine if a law instructing a government agent “shall” perform an action by a given date was intended as a ‘spur to action’ or a limit on whether the agent could act after the date. In this case the court held the agent could still act even after the date. Continue reading “Barnhart v. Peabody Coal Co. (Ofer Abarbanel online library)”

Fund of funds (Ofer Abarbanel online library)

“fund of funds” (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A fund of funds may be “fettered”, meaning that it invests only in funds managed by the same investment company, or “unfettered”, meaning that it can invest in external funds run by other managers. Continue reading “Fund of funds (Ofer Abarbanel online library)”