Tag: guaranteed income

Tech Hurdles, Price Keeping Guaranteed Income Options Off of 401(k) Menus

Plan participants want guaranteed income options, a survey finds. But certain barriers are preventing some recordkeepers from putting them on their platforms.

A version of this story ran previously in Financial Advisor IQ sister publication Ignites under a different headline.

Technological barriers and high costs have prevented many recordkeepers from adding guaranteed income options for retirement accounts on their platforms, a recent survey shows.Some 85% of plan sponsors want the ability to offer participants guaranteed income products in the next two years, according to a recent survey from Allianz cited in an SEI paper.The 2019 passage of the Setting […]

11 US Cities/States Offering The Universal Basic Income In 2023, Sending Payments Ranging From $200 To $1,200 Per Month

11 US Cities/States Offering The Universal Basic Income In 2023, Sending Payments Ranging From $200 To $1,200 Per Month

Stimulus checks dollars (2) Through universal basic income (U.B.I.) projects, Americans around the nation are receiving assistance in making ends meet. These guaranteed income programs give eligible participants monthly payouts. The programs are often operated by nonprofit organizations or are funded by the government. Here Are A Few U.B.I. Initiatives From Around The Nation

1. Birmingham, Alabama

the Embrace Mothers programMarch 2022 until February 2023Expenses: $375 every month for a year.Those in attendance: 110 single mothers 2. California’s Los Angeles The Big Leap program runs from January 2022 through January 2023.Expenses: $1000 every month for a year.Participant count: about […]

The Enhanced Child Tax Credit Is Gone. The Battle Over It Remains.

The Enhanced Child Tax Credit Is Gone. The Battle Over It Remains.

WASHINGTON — When the history of American hardship is written in some distant decade, two recent events may capture the whipsaw forces of the age.

Child poverty fell to a record low. And the program that did the most to reduce it vanished.

The story of that temporary program — technically, a tax-credit expansion but more plainly a series of monthly checks to most families with children — was extraordinary in every way. A guaranteed income in a country long resistant to one, the expanded child tax credit emerged from obscurity to win support from most of the Democratic Party, aided […]

Financial watchdog reveals smaller than expected pay-out over British Steel pension scandal

Financial watchdog reveals smaller than expected pay-out over British Steel pension scandal

Photo Lewis Clarke is marked CC-by-SA/2.0 The financial regulator has said the total pay-out to British Steel Pensions Scheme members impacted by a mis-selling scandal is set to be more-than £20 million less than previously expected.

The Financial Conduct Authority (FCA) said more than 1,000 former British Steel Pension Scheme members are set to receive redress payments.

It said the bill to compensate workers will now be around £49 million. In March, it was estimated to cost slightly over £71 million.Steelworkers impacted by the scandal will receive an average redress payment of around £45,000, compared with a previously predicted pay-out of […]

California Launches First Guaranteed Income Program

California Launches First Guaranteed Income Program

The California Department of Social Services will be awarding more than $25 million in grant funding to seven guaranteed income pilot projects across the state – direct cash assistance monthly payments of $600 to $1,200 will be going to at least 1,975 Californians, including transition age foster youth and pregnant women.

Senator Dave Cortese (D-San Jose) made the following statement regarding this launch of California’s first state-funded guaranteed income program – the “California Guaranteed Income Pilot Program”:

“ I am pleased to see the legislative framework we proposed, modeled after our successes in Santa Clara County, be implemented statewide so that […]

UK watchdog sets out pension redress rules for steelworkers

UK watchdog sets out pension redress rules for steelworkers

LONDON, Nov 28 (Reuters) – Financial advisers will have to compensate many former members of British Steel’s pension fund an average of 45,000 pounds ($54,418) each for wrongly advising them to move their retirement savings, Britain’s financial watchdog said on Monday.

After the closure of a Tata Steel UK pension scheme, a legacy from previous owner British Steel, steelworkers could choose by December 2017 between moving to a new company scheme or joining a lifeboat known as the Pension Protection Fund (PPF).

But many were advised to take out their money completely and move it into pension schemes which offered no […]

Thousands of British Steel pension workers may miss out on full compensation as their advisors went bust

Thousands of British Steel pension workers may miss out on full compensation as their advisors went bust

Although millions is due to be given in redress, some whose financial adviser went bust will find they miss out

British Steel workers who lost out on their pension will be given a redress although some will miss out (Photo: Lindsey Parnaby/AFP via Getty Images) Two thousand people who worked at British Steel and who moved their pension out of its gold-plated pension scheme into unsuitable, high risk investments, may not receive full compensation even if they did receive bad advice, i can reveal.

This is because the financial advisor they used has gone out of business, which means they […]

Twin Cities at forefront of guaranteed basic income experiment

Twin Cities at forefront of guaranteed basic income experiment

A sign advertising an apartment for rent on Marshall Ave. in St. Paul. When Sydney Hunter got a flier about St. Paul’s guaranteed basic income program , she thought it was just junk mail. $500 a month with no strings attached seemed too good to be true. But she verified it was real online, and was chosen to participate in the pilot program.

That monthly payment came in handy almost right away, when Hunter was unexpectedly laid off from her job in the medical field.

“I used that $500 to pay my rent,” Hunter said. “That helped me secure my housing […]

Seoul Metropolitan Government hosts the “International Forum on Safety Income” in December to solve poverty and inequality

SEOUL, South Korea, Nov. 25, 2022 /PRNewswire/ — Seoul International Forum on Safety Income 2022 (hereinafter referred to as "Forum") will be held in Seoul on December 6 (Tue) where guaranteed income experiment researchers of various countries gather to solve the global challenges of poverty and inequality.

The prolonged COVID-19 pandemic and AI technology advancement have transformed the paradigm of jobs, making the lives of the vulnerable even more difficult. As such, many cities around the world are engaging in discussions on the need for a new income security policy.

Starting from Stockton in 2019, 100 cities in the US […]

UBI payment: Which states send payments between $200 and $1,000?

UBI payment: Which states send payments between $200 and $1,000?

Benjamin Franklin $100 dollar billsAP ore Universal Basic Income (UBI) payments are coming to folks from 34 different cities and states across the country. Yet another major aid from the government to people in need that is another guaranteed income program providing monthly payments to participants who are eligible. These programs tend to be sponsored by the government but there are also cases in which non-profit organizations have been responsible for them. Most cases show there are no strings atached to how the money can be used and people don’t have to pay it back.

There is a general opinion […]