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Tag: pension

Auto-debit of Atal Pension Yojana contributions will re-start from July 1

Auto-debit of Atal Pension Yojana contributions will re-start from July 1

Finance
From July 1, 2020, banks will restart auto-debiting monthly contributions from the accounts of Atal Pension Yojana (APY) subscribers. "As you are aware, vide its circular (Ref. No: PFRDA/2020/8/P&D-APY/1) dated April 11, 2020, Pension Fund Regulatory and Development Authority (PFRDA) had instructed Banks to stop auto-debit of APY contribution till 30th June, 2020. Accordingly, auto debit for APY contributions shall resume from 1st July, 2020," PFRDA stated in an email communication to subscribers of the scheme. Back in April, the PFRDA had announced that auto-debits from APY subscribers' bank accounts would be halted till June 30, 2020. The decision, PFRDA said, was taken as majority of the pension scheme subscribers belonged to the lower strata of society and were suffering the most d...
They worked at a Catholic hospital for decades. Then it took away their pension

They worked at a Catholic hospital for decades. Then it took away their pension

Finance
St. Clare's Hospital was everything to Jerry and Kathy Adach.They married after meeting at the Schenectady, New York area hospital, where both worked, in the early '80s. Their two daughters were born there. The couple, who devoted a combined 59 years of service to the facility, had expected to retire with a good pension from the hospital.That is, until last year, when their former employer — which went out of business back in 2008 — delivered a gut punch: Its pension plan was in financial distress and wouldn't pay a dime of their expected benefits.For Jerry and Kathy, both 58, that means losing around $ 27,000 a year in planned retirement income — around a third of their combined income from the hospital."Last year, out of nowhere, they just said, 'We're done,'" said Jerry Adach, who works
WH Smith faces row over new chief’s pension award

WH Smith faces row over new chief’s pension award

Business
WH Smith risks becoming the first major company to face a pay backlash this year after an influential adviser warned investors over the pension award to its new chief executive.Sky News has learnt that the voting advisory service run by the Investment Association (IA) has issued a red-top notice - its strongest-possible objection - over the high street retailer's remuneration report ahead of this month's annual general meeting. The IA's alert relates to the fact that Carl Cowling, who recently took over as WH Smith's chief executive, is being paid a pension contribution worth 12.5% of his salary - a proportion higher than the average paid to the company's workforce.The investor body has run a prominent campaign over the last year aimed at forcing blue-chip to curtail pension perks for thei...
Fisher Investments outflows surpass $2.5 billion as Los Angeles pension departs

Fisher Investments outflows surpass $2.5 billion as Los Angeles pension departs

Finance
The Los Angeles Fire and Police Pension System voted on Thursday to fire Fisher Investments, pulling about $ 522 million from the money manager.The nine-member board of commissioners voted in favor of terminating the relationship with the Camas, Washington-based firm, following lewd comments Ken Fisher had made at an investment conference on Oct. 8.The Los Angeles pension has $ 24 billion in total assets.The board of commissioners said they had invited Fisher himself to speak at the meeting, which was webcast live, but he did not attend."The only explanation is that Mr. Fisher was unable to attend and had business in the office," Ray Ciranna, general manager of the Los Angeles Fire and Police Pension System, wrote in an email to CNBC.In total, Fisher Investments has lost more than $ 2.5 bi...
Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Finance
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.Gillianne Tedder | Bloomberg | Getty ImagesIt remains to be seen how long other clients will stick with billionaire money manager Ken Fisher in the wake of off-color and sexist comments he recently made at an investing conference.The Iowa Public Employees Retirement System on Friday notified the firm it would end its contract. Fisher Investments oversees $ 386 million of the IPERS $ 34 billion trust fund.More than $ 1.2 billion public pension assets have left Camas, Washington-based Fisher Investments so far, including the Boston Retirement System with $ 248 million in assets and $ 600 million the State of Michigan says it's withdrawing....