Headlines about "International, expatriate issues"

Gathered from the web by the editors at BenefitsLink.com.
British Pensions Face £85 Billion
British companies with defined benefit pension schemes are likely to face rising pressure to plug deficits that could grow by 85 billion pounds this year against a backdrop of falling bond yields and prolonged market volatility[.] (The New York Times)

[Guidance Overview] Puerto Rico Treasury Dept. Guidance for Qualification of Retirement Plans under 2011 PR Code and Relief for Retroactive Qualification under 1994 PR Code (PDF)
"[The guidance] includes a list of the 2011 PR Code qualification provisions that must be included in the plan document (or appendix/supplement to the plan) in order to obtain a qualification letter under the 2011 PR Code. However, note that a plan must have been operated in compliance with all applicable 2011 PR Code provisions since January 1, 2011, even though the plan is not amended untilsometime in 2012." (Groom Law Group)

Global Pensions Asset Study, 2012 (PDF)
"This is a study of the 13 largest pension markets in the world and accounts for more than 85% of global pension assets. The countries included are Australia, Canada, Brazil, France, Germany, Hong Kong, Ireland, Japan, Netherlands, South Africa, Switzerland, the UK and the US." (Towers Watson)

Global Pension Fund Assets Hit Record High in 2011
"Global institutional pension fund assets in the 13 major markets grew by 4% during 2011 to reach a new high of US$28 trillion, up from US$26 trillion in 2010 according to Towers Watson's Global Pension Assets Study released today." (Towers Watson)

[Guidance Overview] IRS Extension of Transition Relief for Puerto Rico Qualified Plans to Participate in U.S. Group Trusts and Deadline to Transfer Assets
"There are now two separate deadlines: First, in recognition of the fact that Puerto Rico adopted a new tax code in 2011 with significant changes to the requirements for qualified retirement plans, the IRS has extended the general deadline to December 31, 2012, for dual-qualified plans to make transfers to Puerto Rico-only plans, in order to give plan sponsors time to consider the effect of the changes made by the new tax code." (The Bureau of National Affairs, Inc.)

[Guidance Overview] Recent Developments Affecting Puerto Rico Retirement Plans (PDF)
"First, the Governor of Puerto Rico recently signed legislation making technical amendments to the retirement plan provisions in the Puerto Ricotax code enacted in January 2011. Second, Puerto Rico issued Circular Letter 11-10 which provides guidance for amending plans and obtaining plan qualification letters. Finally, the IRS issued Notice 2012-6 which further extends the transfer deadline for U.S. qualified plans tospin off their Puerto Rico participants into a second plan." (Buck Consultants, LLC)

[Guidance Overview] Puerto Rico Treasury Department Issues New Income Tax Withholding Tables on Wages Paid in 2012 (PDF)
"The PR Treasury confirms in the Guide that every employee whose gross annual wages does not exceed $20,000 will not be subject to Puerto Rico income tax withholding in 2012." (McConnell Valdes LLC.)

Nearly a Third of Employers Willing to Cover Relocation Now
"While employers continue to struggle finding qualified workers for skilled positions, 32 percent say they're willing to pay for relocation expenses in 2012, according to a nationwide CareerBuilder study." (BenefitsPro)

[Guidance Overview] IRS Extension and Expansion of Relief Provided for Transfer of Assets from U.S. Retirement Plans to Retirement Plans in Puerto Rico (PDF)
"After many requests by professional organizations and legal practitioners, both in the U.S. and Puerto Rico, the [IRS] recently issued Notice 2012-6 . . . providing relief for certain asset transfers from U.S. retirement plans to Puerto Rico plans." (McConnell Vald?s LLC)

[Guidance Overview] IRS Extends Transition Relief for Plans Qualified in Puerto Rico
"This relief gives employers more time to figure out how best to handle retirement benefits for their Puerto Rico employees in light of extensive amendments to the Puerto Rico tax code that generally took effect on January 31, 2011." (Thomson Reuters/EBIA)

[Official Guidance] Text of IRS Notice 2012-6: Qualified Pension, Profit-Sharing, and Stock Bonus Plans under the Puerto Rico Internal Revenue Code (PDF)
"This notice extends and expands the transition relief provided under Rev. Rul. 2011-1, 2011-2 I.R.B. 251, and Rev. Rul. 2008-40, 2008-2 C.B. 166, for certain group trusts, certain retirement trusts that qualify under the Puerto Rico Internal Revenue Code . . . and that participate in group trusts, and certain qualified retirement plans that benefit Puerto Rico residents. This notice also provides additional time for governmental retiree benefit plans described in ? 401(a)(24) of the [IRC] (? 401(a)(24) plans) to be amended to satisfy the applicablerequirements of Rev. Rul. 2011-1." (U.S. Internal Revenue Service)

[Opinion] A Transatlantic Crisis for Pension Plans: Italy, Ireland, and Greece Are Just the Beginning (PDF)
"[Plan sponsors, both governments and companies, face financial obligations to retirement programs] they do not have the wherewithalto meet. Steps taken to address the crisis will worsen the financial condition of pension plans worldwide. On top of this, pension plans on both continents operate under restrictive regulatory regimes that provideinsufficient flexibility for the plans themselves to address the current difficulties they are facing." (The Bureau of National Affairs, Inc. via Kraw & Kraw)

The Strengths and Failures of Incentive Mechanisms in Notional Defined Contribution Pension Systems
"Public pension systems based on the Notional Defined Contribution (NDC) principle were introduced during the '90s in Italy, Sweden and Poland, among other countries. They mimic private savings, in that individuals get back, as pensioners, what they contributed to social security during working life, plus returns. As such, NDC systems should realize actuarial equity and incentive neutrality." (Social Science Research Network)

Social Security in an International Context
"[This discussion describes] how U.S. social security operates for multinational employers and employees, and how it currently coordinates with other countries' social security systems." (Pillsbury Winthrop Shaw Pittman LLP)

Developing a Global Policy for Controlling Your Defined Contribution Plans
"The purpose and rationale for switching the provision of retirement benefits to a DC model is to allow the multinational to reduce its financial risks and pass most of these onto employees, including investment, inflation and longevity risks. DC has now become the new global standard. In this new DC world, is there a need for control through a global policy and, if so, how would a multinational develop one?" (Mercer LLC)

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