The issues faced by public pension plans in the United States aren't especially unique, it turns out. Across the world, the bubble of retiring Baby Boomers and the generally flat (or faltering) labor market means huge changes will have to be made to pension systems.
According to Reuters, the Paris-based Organization for Economic Cooperation and Development suggests that raising retirement ages and moving pension systems into the 401(k)-styled private arena will be a necessity.
The organization, which represents 34 countries, says that pension ages have increased to at least 67 in 13 of those member nations, and more than a dozen have also changed their system to lower benefits for early retirement or reward those who work longer.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.