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Is my Defined Benefit Pension Safe?
2011-12-08 13:30:00 Defined benefit pensions (DB) ? call them what you want: pyramid schemes or retirement safe haven. Some are skeptical of their long-term sustainability, while others are thankful to have an employer that offers one. With tough economic times upon us, it?s not uncommon for large multinational firms like General Motors or Canadian Pacific Railway to have ...
54 double-dipping retired Chicago cops just the tip of pension abuse iceber
2011-08-23 06:27:00 According to the Chicago Sun-Times there are 54 Double-Dipping Chicago Cops living the high life since their retirement. I would certainly never begrudge anyone from enjoying their earned pensions after serving a career long enough to get it, but it does bother me when there appears to be a policy in place which allows retirees... Read more »
Pension vote hours away -- call your legislators now!
2011-05-26 18:14:00 It all comes down to this. We just got word that the historic pension reform bill you've supported for so long could come to a vote in the next few hours. Call your legislators right now and tell them to vote "yes" on Senate Bill 512. Even if you've already contacted them, they need to be reminded of your support as they get ready to cast their votes. We don't have a single second to waste. Use our simple tool to call your legislators right now -- it only takes a few minutes: http://action.illinoisisbroke.c-om/CallNow Your work so far has been remarkable. In the past few months, the pension reform movement has sent thousands of letters to state legislators. Thanks to...
Pension Reform in Illinois: A Hard Job That Springfield Wants to Ignore
2011-05-09 19:23:00 -By Warner Todd Huston Americans for Prosperity - Illinois has launched an effort to goad our lawmakers in Springfield to tackle the single most vexing problem the state faces: pension obligations. AFP has launched a website called "Fix Illinois Pensions Now" to help inform and empower voters so that they might encourage their representatives to do the right thing and fix this mess now! A second website to find important information can be seen at: www.illinoisisbroke.org. AFP has partnered with The Civic Committee of the Commercial Club of Chicago and they have jointly produced an informative video on the effort....
Illinois Pension Systems - Is It Fair To Taxpayers? Ask The Double-Dippers!
2011-05-01 08:45:00 Illinois Pension Systems - Is It Fair To Taxpayers? Ask The Double-Dippers! Political Pensions have long been under-funded, but at the same token not very equitable to the taxpayers that must subsidize them. I suppose what bothers me more than anything is that some very fortunate career politicians make a hell of a lot more retired than they actually earned.
The Democrat Caused Pension Bomb About to Destroy Our States
2011-04-28 17:30:00 -By Warner Todd Huston A few weeks ago I wrote that unions have driven every state budget into a hole from which it isn't likely the states can easily dig themselves out. I did not at that time reference the Pew report on the pensions mess and I want to revisit it here. On April 5, I said, "The worst mess that states are in is because government unions have been handed luxurious and unsustainable pensions and healthcare plans by those very Democrat politicians that unions have paid off to do so. Again all at the expense of the suffering taxpayers." The Pew report shores this up thoroughly....
Illinois Infested With Public Pension Fund Abusers: Protected By Legislatur
2011-03-13 23:14:00 Illinois Infested With Public Pension Fund Abusers: Protected By Legislature The list of public pension abusers in Illinois is long..Pension-padding, double and triple-dipping and good old fashioned conflicts of interest abound and it appears to be occurring in nearly every government entity, township and/or municipality. Simply put, the State of Illinois is infested with pension abusers and is protected by the Illinois Legislature.
Straight talk on teachers' pension
2011-01-10 20:45:00 Joel Klein, former chancellor of New York City's public schools, makes a common sense suggestion that would reduce the public's burden of financing overly generous pension benefits while giving teachers what they say they want: Equity (better) pay when they start their careers. The teachers' union rejected it as "anti-union." Read about it in the Wall Street Journal....
Tell legislators: No tax increase without pension reform!
2011-01-04 21:19:00 Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt;- mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-ser-if"; mso-ascii-font-family:Calibri;- mso-ascii-theme-font:minor-lati-n; mso-hansi-font-family:Calibri;- mso-hansi-theme-font:minor-lati-n; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;-} Some scary things are happening in Springfield. The governor is considering borrowing $15 billion. Lawmakers are talking about borrowing $3.7 billion for pensions. And everyone is talking about increasing the personal income tax from 3 to 5 percent. Responsible legislators in both parties should ...
19,000 Illinois public employees get a loophole to enjoy greater pension be
2011-01-04 20:50:00 Reported the Rockford Star-Ledger: When it comes to pensions in Illinois, a day can mean all the difference in the world.Thanks to the eight-month span between Gov. Pat Quinn's approval of a pension reform bill last spring and its implementation, any public worker hired in Illinois as late as Friday has been enrolled in a far more lucrative pension plan than those hired on or after Saturday.A Rockford Register Star analysis of pension data has identified nearly 19,000 public workers at all levels of Illinois government hired in that span, from bus drivers to university presidents. More than 300 now work for Rock River Valley public bodies.The employees' 2010 hire date gives them a toehold in the richer -- and...
Illinois legislators will get $55,000 - no wonder they are against pension
2011-01-04 20:37:00 What do you contribute to your pension? Maybe put aside a few bucks here and there? Then you'll be happy to know that we, the taxpayers, contribute $55,000 a year for lawmakers' pensions. Gov. Pat Quinn does even better, receiving a $140,000 contribution. Sweet. In effect, taxpayers are not only coughing up their salaries, but also another 82 percent of their salaries as pension contributions. This is detailed in yet another fine piece of research by Bill Zettler and published in Champion News....
Illinois will be the first state to have its pension fund run dry
2010-12-28 05:45:00 "Illinois is just 8 years away from exhausting its pension fund and creating a yearly $14 billion hole, according to data from Kellogg professor Joshua Rauh [PDF]. That's a projected 32 percent of the state's revenue going to fill a pension hole. Every year.Read more: http://www.businessinsider.com/-the-state-pension-funds-in-the--most-trouble-2010-10##ixzz19NX9-fxzA "- Business InsiderUnless we take some extreme austerity measures, Illinois will become #1 in the worse possible category- the first state to have it's pension fund go dry....
Public workers' pension funds are eating Illinois alive
2010-11-13 00:28:00 We keep hearing about how the state has "borrowed" cash from money set aside in the Illinois public pension funds to help balance the state budget, in effect, spending their pensions to pay for such things as state aid to schools. But the Kankakee Daily Journal, in an excellent editorial, points out that it's a double-edged sword. Not only is the state borrowing billions of dollars to make its required massive contributions to the pension funds, but the state also is selling its assets to help pay the pensions.The systems are now consuming assets to make payments. The Teachers Retirement System, the largest, has cannibalized $1.1 billion of assets since JULY to keep pensions coming.The editorial nicely explains some of the...
While politicians dither, Illinois public pension funds forced to sell tens
2010-11-01 18:13:00 Read this and lose hope, all ye who believe that the election will solve much. The bad news continued to worsen even while politicians offered up their non-solutions to Illinois' budget problems. Said this Bloomberg story:The Illinois State Board of Investments, which manages about one-fifth of pension funds, can't wait, William R. Atwood, its executive director, said in an interview. The board is selling $80 million of assets a month to pay benefits, he said."We're not planning on the election solving our problems," said Atwood. "We have to prepare for the worst."No one is sure what the "worst" is, but it won't be pretty and it won't be easy. Look out, below....
Illinois public pension fund crisis worsens
2010-11-01 17:59:00 Before you vote on Tuesday, you should read this to get a better understanding of one of the biggest problems facing Illinois.Illinois' unfunded pension liability, already the worst in the nation, is expected to spiral to even higher levels because the financially desperate funds are revising their investment goals downward.The funds are desperate on more than one front. They are not getting their monthly contributions from the state on a timely basis. And those delays are forcing them to sell fund assets at an annualized rate approaching 10 percent to pay benefits to retirees. The one-two punch is deflating their bottom line.Gov. Pat Quinn and the Illinois Legislature don't intend to sit around and do nothing. What they're likely to...
MPSERS, The Pension Problems Grow
2010-09-29 21:02:00 Announced today, the employer contribution required to bail out the Michigan Public School Employees’ Retirement System will jump from an already astronomical 19.41% to 20.66% beginning in October 1, 2010. That’s a 6.4% increase levied to schools that are dealing with funding cuts of 2% to 4% The 20.66% rate is charged to districts on every dollar of employee compensation and has displaced $4.8 billion from school operating budgets from 2007 to 2009. The 20.66% rate is 3% higher than it would otherwise be because of the MEA’s legal action objecting to an employee contribution of 3% to help fund retirement health care costs. If the MEA succeeds in it’s legal action, it may have the perverse effect of killing this part of the pension plan. If the MEA fails in its legal action, the health care benefit may be preserved for retirees and contribution rates from the schools will fall correspondingly (which will have the positive effect of keeping more teachers employed). The h...
How big is your pension?
2010-09-07 01:09:00 In California and other states, groups are suing to disclose the size of individual public employee pensions. The story is here.Hat tip to Newsalert...
Unions Destroy Calif. Pension Reform Bill
2010-08-21 20:01:00 -By Warner Todd Huston Like most bills, the legislation meant to reform California's failing public pension system started out stronger than it ended up. But unlike most bills the final bill has been so gutted, so defanged, that it leaves the pension system in a worse mess than it was when the bill was introduced. Not surprisingly unions are the culprits. One of the things that the bill was supposed to stop was the practice of "pension spiking." This is the practice of government workers getting a sudden raise in position, salary and benefits just as they are about to retire. This sudden raise, often instituted only weeks or months before retirement, allows the employee to retire at a higher...
Now Democrats Want Another $34 Billion to Bailout Teamsters Pension
2010-08-21 19:00:00 -By Warner Todd Huston When will Obama's gifts to unions (at the expense of the taxpayers) ever end? On the heels of a $26.1 billion teacher union bailout, now Democrats are attempting to get Congress to give $34 billion of the taxpayer's money to the Teamsters because that union has mishandled its pension funds. Senators Robert Casey (D., Pa.) and Rep. Earl Pomeroy (D., N.D.) are now pushing the bill that will bailout the Teamsters pension fund by altering the U.S. Pension Benefit Guaranty Corp. which currently charges insurance rates to the funds it helps to solvency. Under new rules the help the PBGC offers troubled pension funds will now just end up coming out of federal funds....
Pension reforms, spending cuts must come before tax hike
2010-08-20 19:44:00 Illinois is broke. In the short run, it is running out of cash - and borrowing to cover its own operations as well as to fund health care, schools, local governments and social services. Or it simply fails to pay its bills - borrowing, in effect, from its suppliers. In the longer run, Illinois operates with a radically imbalanced annual operating budget that is perhaps $15 billion in the hole when one takes into account mushrooming pension and state retiree health costs. Why? Illinois supports a wage and benefit structure for state employees that does not reflect the pressures of the marketplace or the economic realities of modern America. State workers were given generous multiyear raises in fall 2008 by...
State Pension Fund Investigation: $472,255 Salary In Town of 20,000?
2010-08-08 02:51:00 State Pension Fund Investigation: $472,255 Salary In Town of 20,000? Officials of the Illinois Municipal Retirement Fund are re-examining the retirement of former Bellwood administrator, Roy McCampbell. It appears that McCampbell was paid $472,255 by Bellwood for 10 different job titles prior to his retirement. Roy McCampbell collects the highest pension from the IMRF at $252,689.
Illinois Bait & Switch: Will Fund Pension Funds With Build America Bond
2010-07-20 12:19:00 Illinois Bait & Switch: Will Fund Pension Funds With Build America Bonds Illinois will use Build America Bonds to fund their public pension funds in a classic bait & switch. That will, in effect, put every single taxpayer in the United States on the hook, not just Illinoisans in the event of a default.
Illinois Pension Problems and What to Do About Them, By Bill Zetter
2010-07-15 21:30:00 The folks at ChampionNews.net have a series of articles about the mess that Illinois public employees pensions is in that is must reading. The articles are penned by expert Bill Zetter. Of course, the pension mess is the single biggest trouble that Illinois (and most other states) face today. It is a ticking time bomb.... heck its a bomb exploding already, albeit in slow motion. Here is what they've posted thus far: Back To the Pension Future: What Did We Actually Guarantee? Illinois Pensions: Rob the Poor and Give It to the Rich If Public Employees Received Raises Equal to Yours There Would Be No Pension Deficit Teacher Contributes Less for His $130K Pension Than You Do for Your $21K...
Jake Reichbart: tribute to the Police... no not the pension fund
2010-06-17 21:57:00 his is the closest I've ever come to actually properly arranging a song, memorizing fingerings, etc., what a pain... The Police, Every Little Thing She Does Is Magic - Solo Fingerstyle Guitar by Jake Reichbart
Rep. Biggins Votes for Illinois Pension Bailout, Should he be Thrown out of
2010-05-28 00:56:00 -By Warner Todd Huston State Representative Bob Biggins (R, Elmhurst) was one of two Republicans to vote yes on a bill to borrow $3.7 billion to shore up state pension funds this week. The vote caused tongues to wag that the retiring representative was offered a job or some other goodies by the Illinois Democrats through Governor Quinn's offices to change his previous vote to side with Quinn. It isn't that Biggins sided with Democrats and against the Republican leadership, but that he ducked a meeting with his own caucus in order to hide away in Governor Quinn's office with chief of staff Jerry Stemer raises eyebrows. For his part Biggins claims he was offered no incentive to change his...
How Greek’s Debt Crisis Can Inform Michigan’s Pension Debate
2010-05-07 15:24:00 Michigan’s teacher pension fund (MPSERS) is underfunded by nearly $61 billion. This massive debt is split between an unfunded pension liability of $35 billion (supported by Manhattan Institute study) and an unfunded health care promise, known as OPEB, of $26 billion (from MPSERS financial statement). Michigan's total budget is $43 billion (see here, slide 19). MPSERS unfunded liability equals 142% of Michigan's total budget. The Greek debt crisis is fueled by debt levels that will exceed 120% of Greek’s gross domestic product. While not an apples to apples comparison the message is clear, spending more than you make is not sustainable. The debate regarding proposals to mandate new MPSERS entitlements for health care is irresponsible. MPSERS funding requirements are crippling school budgets with a tax on districts approaching nearly 20% on every salary dollar. The proposed amendment to enshrine health care in SB 1227 will add to that burden for generations. Greece, ...
Civic Committee Reports that Chicago's Pension Funds Badly Underfunded
2010-04-30 22:17:00 Without Reforms, Funds Could Run Out of Money in the Next 10 YearsThe Mayor's Commission to Strengthen Chicago's Pension Funds released its report today. Although the four City pension funds are badly underfunded, the Commission's report recommends little more than the reforms enacted into law by the Illinois legislature a few weeks ago, which were limited to "new" employees - those who have not yet started to work for the City.The Civic Committee today released a separate report on the City's pensions. It shows that in the aggregate the City's pensions are as badly underfunded as those of the State of Illinois.At the end of 2009, the unfunded pension liability of the City's four pension funds totaled about $14.6...
Manhattan Institute Confirms Michigan's $60 Billion Pension Nightmare
2010-04-21 16:34:00 The true scope of Michigan’s unfunded teacher pension (MPSERS) disaster has been verified by Josh Barro and Stuart Buck. The two researchers examined fifty-nine state run teacher pension plans and have quantified the massive underreporting of pension liabilities. While recent losses in market values contribute to the problem, the authors focus on the aggressive assumptions buried deep in the financial footnotes. The authors conclude that the assumptions employed by pension funds conceal the magnitude of the funding problem. It is a problem which falls squarely on the shoulders of taxpayers, students, and teachers. Their analysis highlights the deeply flawed and misleading pension reporting of the MPSERS Audit. The numbers for Michigan are sobering, but are consistent with what I have been writing about for years. From their report (page 16 of Civic Report No. 61), Michigan discloses an unfunded pension liability of $8.9 billion. The realistic* unfunded pension liability is ...
Pension Funds in Hot Water, A Commodity to Short, Gene Patents, Capital Con
2010-04-08 18:26:00 State and autoworker pensions horrifically underfunded? how you might end up paying for both. Sugar prices get too sweet? Chris Mayer bets on a ?reversion to the mean.? Patrick Cox on a gaming-changing court settlement for biotech investors. Plus, a closer look at the new capital controls in America.
Michigan's Pension -- Who Will Pay The Bill?
2010-04-08 17:19:00 The following is from my article in The Center for Michigan's Newsletter -- this version contains the supporting links to pension documents:The Michigan Public School Employees Retirement System (MPSERS) is on a doomsday course to fiscal ruin, while continuing to assert its own financial health as “good.” Using aggressive accounting and market assumptions, the appointed board of MPSERS is growing the funding deficit by billions each year beyond the funds reported deficit. This hidden and unreported underfunding amounts to as much as $12 billion and is in addition to the reported loss of over $17.9 billion in assets for the last two years. Warren Buffett has said, “pension accounting encourages cheating,” and MPSERS engages in aggressive pension accounting.To clarify, MPSERS manages two programs for all public school and university employees and retirees; a pension fund and an “Other Post Employment Benefits” (OPEB) fund which pays for health, dental, and vision benefit...
Pension reform should include current workers
2010-03-31 23:07:00 Last week in Springfield, the hole swallowed up the doughnut. Both houses of the Legislature enacted pension reform for Illinois workers, but they created exemptions so the reforms do not apply to any sitting legislator or any current Illinois worker. The left hand giveth and the right hand taketh away. It was first-rate sleight-of-hand, but it is terrible policy.
Illinois Supreme Court Strips Former Gov. Ryan of Pension Justice Anne Burk
2010-02-22 08:22:00 Illinois Supreme Court Strips Former Gov. Ryan of Pension Justice Anne Burke Dissents! When I read that the Illinois Supreme Court stripped former Governor Ryan of his $197k annual pension, a sense of joy overcame me. After all, when Ryan was indicted in 2003 it was widely assumed that he would somehow beat the rap based on the sleazy culture of politics that has permeated this state for as long as I can remember. And that's a long ass time!
A Very Broken Pension Get Granholm's Attention
2010-02-02 03:44:00 Governor Granholm made the following recommendations that target the escalating cost of the MPSERS retirement system:Employee contributions to the plan will increase by 3 percent for all employees except those in the MIP Plus program, whose contribution was increased in 2008. MIP Plus members’ contribution will increase by 0.9 percent. Elimination of subsidized retiree vision and dental coverage for school employees retiring with an effective date after October 1, 2010. Retirees will be able to purchase this coverage for a monthly fee through the plan. The retirement multiplier will be increased from 1.5 percent to 1.6 percent for employees who retire with an effective date between July 1 and September 1, 2010, which will be paid by the applicable school districts. A new, more cost-effective retirement plan for new employees hired on or after October 1, 2010 will be created. New employees will participate in both a base defined benefit plan and a defined contribution plan. Phased-...
DiNapoli bans donors from pension business
2009-09-24 21:38:00 [From Capitol Confidential] by Casey Seiler [NY] State Comptroller Thomas DiNapoli has signed an executive order banning any investment advisor who makes a campaign contribution to anyone holding or seeking the comptroller’s office from doing business with New York’s massive Common Retirement Fund. The ban, which DiNapoli is implementing in advance of expected action from the Securities and ...
By: News for Greens
When is Pension Received From UK Taxable in India?
2009-09-05 06:47:00 A senior citizen uncle is getting pension from UK in respect of contribution made by him during his employment there. He is resident in India & pension is received thru SBI. Till 2007-08, he had shown this as part of his income and return was filed with the SBI ward.Now, he saw article wherein it was stated that as per DTAA with UK, pensions are taxable only in that state. No tax has been deducted/paid in UK because of the amount is less than the personal allowance (i.e. exemption limit for old persons there).If this income is not taxable in India then his total income is below the taxable limit. Should he file his return? If yes, where will this amount be shown? Bharati Saxena . New Delhi First of all , one should understand that in case of Resident of India, his global income is taxable . Section 5 of I.T. Act is about total income of a person taxable under I T Act. Read 5. (1) ?the total income of any previous year of a person who is a resident includes all income fr...
QROPS created a new blog: qrops pension transfers
2009-07-25 14:33:00 QROPS created a new blog: qrops pension transfers
QROPS created a new blog: qrops pension transfer
2009-07-25 14:33:00 QROPS created a new blog: qrops pension transfer
Pension Laws Allow "Mafia Cops" to Keep Tax-Free Income Despite Convictions
2009-03-10 01:01:00 A side door swung open, and the two retired police detectives, dressed in shapeless prison scrubs, walked into the courtroom. They looked as if they had been shipwrecked.Nearly three years ago, the...
Philippine World War II Veterans finally get their pension
2009-02-15 03:10:00 After fifty years of controversy, the US Congress finally decided to grant the promised pensions to the “irregular” soldiers who fought the Japanese in the Philippines during World War II. Rooting back to 1941, since the Philippines was considered a protectorate of the United States, then-U.S. President Roosevelt ordered that those Filipino soldiers who fight against ...
Royal Dutch Shell Pension Fund Scandal
2008-12-26 21:38:00 By John Donovan 26 December 2008 Instead of a happy relaxed Christmas, Dutch Shell pensioners have been faced with the shocking news that their pension fund has plunged heavily into deficit and also has a $45 million exposure to the ?Madoff? fraud. Royal Dutch Shell Pension Fund Meltdown It is revealing to compare that disturbing state of affairs ...
Royal Dutch Shell Pension Fund Meltdown
2008-12-21 22:22:00 21 December 2008 By John Donovan On 12 December news surfaced that the Dutch pension fund of the oil giant Royal Dutch Shell is heavily in deficit, with a 40% plunge in value as a result of share market turmoil. A $45 million exposure to the “Madoff” fraud was revealed a few days later following speculation surrounding ...
Final salary pension scheme trustees border on complacency
2008-06-09 16:35:00 Trustees of final salary pension schemes are bordering on complacency, despite a high degree of uncertainty surrounding the future financial position of some of the UK's largest pension schemes, research has found.
Can a State Constitutional Convention Save the Illinois Pension System?
2008-06-06 15:45:00 One of the chief arguments against a constitutional convention is that “they” will take away the pensions. In fact, there are some proponents (chiefly business groups) that advocate scrapping the pension system because it is a large part of the state’s debt. To be fair, in about 10 years, the state’s pension obligations ...
China pension fund cleared for private equity
2008-06-06 04:50:00 China's $74 billion national pension fund said it has received approval to invest up to 10 percent of its assets in private equity funds. The National Council for Social Security Fund,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Teacher Pension Transfer Approved
2008-06-03 18:15:00 More than 78 percent of Teachers' Defined Contribution plan members have elected to move to the Teachers' Retirement System and its traditional pension benefit.The Associated Press has details.With 14,871 TDC enrollees approved for the exodus, the rate more than exceeds the 65 percent threshold set by lawmakers. It also triggers the state subsidy provision, as it cleared 75 percent of eligible members.Lawmakers had previously proposed providing $24.5 million to ensure the transfers can receive full benefits under the other plan. They had otherwise faced paying sizable actuarial estimates, as they've been paying less from their wages than their soon-to-be TRS brethren have been toward their retirement.
Teacher Pension Transfer Results Due
2008-06-03 14:46:00 West Virginia's Consolidated Public Retirement Board expects to get the final tally today from the bid by Teachers' Defined Contribution plan members to transfer into another pension program."Transfers will be allowed if the number equals at least 65 percent of TDC members," The Associated Press explains. "That means at least 12,343 teachers, school service personnel and other enrollees must approve the transfer."The state has promised to subsidize payments required to ensure full benefits under the other program, the Teachers' Retirement System, but only if 75 percent or more move.The Charleston Gazette also sets the stage for Tuesday's meeting."One likely issue will be what to do about teachers at a Marion County high school, where the principal submitted transfer forms after the May 13 deadline," The Gazette reported. "At present, the CPRB cannot accept those transfers."An official said "that was the only instance where a supervisor failed to submit collected transfer forms b...
Pension Mortgage - Your Pension would Now Pay off Your Mortgage Posted By :
2008-06-02 09:00:00 Since the dependency in old age is increasing as time progress with a steady increase in the number of senior citizens, pension mortgages are going to save their day. The only care to be taken is regarding the mode of repayment. Any delays would cause social embarrassment. Thus, Independent financial advice should be sought before purchasing such a product.
Is Salary or Pension Received By Employees Of United Nations Tax Free?
2008-05-25 07:36:00 Yes is the emphatice answer .The provision given under the United Nations (Privileges And Immunities) Act, 1947 shall override all other laws passed in India , is given in section 2 which is as under :2. Conferment on United Nations and its representatives and officersand certain privileges and immunities.(1) Notwithstanding anything to the country contained in any other law, the provisions set out in the Schedule to this Act of the Convention on the Privileges and Immunities, adopted by the General Assembly of the United Nations on the 13th day of February, 1946, shall have the force of Law in India.The salary or emoluments received by employees of United Nations organization are not taxable because of the express provision u/s 18(b) of the United Nations (Privileges And Immunities) Act, 1947 . The said section provides as underSECTION 18.Officials of the United Nations shall;(a) ?????..(b)Be exempt from taxation on the salaries and emoluments paid of them by theUnited Nations;Is ...
[PHvB - Wirtschaft im weitesten Sinne] Qype: Hotel- Pension Austriana in Be
2008-05-25 00:00:00 Berlin Hotel- Pension Austriana ist zentral in Berlin nahe dem Kurfürstendamm gelegen. Die Anreise kann problemlos per Auto oder öffentlichen Verkehrsmitteln erfolgen. Wenige Meter entfernt vom Hotel ist ein öffentlicher Parkplatz zu f...
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