Including: US - New Jersey mulls deferred pension payments; NORWAY - Government to tap oil fund to beat recession; AUSTRALIA - Super funds hit by market turmoil
A Bill before the New Jersey state legislature may allow towns and school districts to defer some half a billion dollars of pension payments until 2012, despite strong opposition from unions.
Assemblyman Joseph Cryan, the Bill's sponsor, said the measures were the "least of many dismal options" facing the state. Other options include severe increases in property taxes or cuts in services.
NORWAY - Government to tap oil fund to beat recession
The Norwegian government announced a NOK20bn (US$2.9bn) fiscal stimulus plan using excess revenues from the Government Pension Fund - Global, commonly known as the Oil Fund, aimed at mitigating some of effects of the global economic downturn.
Part of the plan will include investment in infrastructure, the construction sector and corporate tax breaks.
AUSTRALIA - Super funds hit by market turmoil
Superannuation funds lost some AUS$200bn (US$132bn) between January and October last year, according to estimates by the Organisation for Economic Co-operation and Development (OECD).
The losses, which represent almost a quarter of the country's $1trn superannuation plan assets, have seen some individuals' super savings fall by 40-60%.
Most people think it is right that savers take responsibility to protect from pension scams.
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
On balance the asset class is well-positioned for 2019, according to Eaton Vance