The chancellor's pension reforms will ensure that 40% of the population cannot save enough to make themselves better off than his means-tested pension guarantee.
As the retirement checks began to disappear there was a public outcry that prompted Washington to enact the Pension Benefit Guarantee Corporation.
Like traditional pension plans, and unlike 401(k) plans, cash-balance plans are wholly funded by employers and insured by the federal Pension Benefit Guarantee.
The judge also signed off on a provision to cut costs by having the Pension Benefit Guarantee Corp. take over two Hawker Beechcraft retirement plans.
The request came in a June 20 letter from the Aircraft Mechanics Fraternal Association to U.S. Secretary of Labor Elaine Chao and Bradley Belt , executive director of the Pension Benefit Guarantee Corp.
And in our budget we have a proposal to give the Pension Benefit Guarantee Corporation the ability to set premiums, which are now very low, in a way that matches the default risk.
This would give them the ability -- participation is voluntary in the Pension Benefit Guarantee Corporation, but it would shift the burden of the risk from the taxpayers back to the companies that get the benefit.
"Age Concern Cymru and Help the Aged in Wales have argued for years that the state pension is too low and that it should be set at the level of the Pension Credit guarantee, " he said.
At one time, corporate employers saw fit to manage pension money, guarantee payments and health care upon retirement and make good on those promises in perpetuity.
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They will also object to the elimination of several statutory indices that guarantee them pension increases above the inflation rate.
He was critical of company directors, saying too many were prepared to tighten the belts of workers, while boardroom pension schemes continued to guarantee huge payouts.
Final salary schemes, which guarantee a pension equivalent to a fixed proportion of workers' final wages, provide a more generous retirement income than defined contribution schemes, which are tied to stock market performance.
The Pensions Bill - if passed - would set up a pension protection fund to help guarantee workers their pensions even if their employer goes bust.
However, it argues plausibly that these problems have now been tackled through tougher regulation--and points out that the state would continue to guarantee the minimum pension.
The shift by employers from traditional pension plans, which typically guarantee income for life, to 401(k) savings accounts has put more responsibility on Americans for managing their savings and making them last through their retirements.
He said it would guarantee Royal Mail a "total future in the public sector", give pension protection for current and future pensioners, guarantee investment in new technology and improve relations between employers and staff.
On top of this, the paper suggests scrapping current rules that guarantee that the state pension "will rise annually by an average of 0.26% more than earnings" and restricting universal benefits to pensioners, such as winter fuel allowance, free TV licences and free bus travel.
This entity, more commonly referred to as the PBGC, would collect fees and create a guarantee fund to support insolvent pension plans and their beneficiaries.
The new Pension Credit to be introduced in October 2003 will guarantee a minimum income for pensioners, but could cause other confusion and headaches for women.
Mr Webb said the government would honour its "triple guarantee commitment" to increase the basic state pension by the greater of earnings, prices, or 2.5%.
It also suggested ending its huge employee pension plans, which would cause the already stretched federal pensions-guarantee agency to cover the liabilities.
Well, the Minimum Income Guarantee has been introduced and is to be transformed into the Pension Credit.
"I go back to work tomorrow with no guarantee that the Labour Party is going to look at the way pension provision is legislated for in this country, " he said.
Without a federal guarantee, they would have had a greater incentive to reform their pension systems long ago, perhaps by paying out existing commitments and phasing out defined benefit pensions for new employees.
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