Latest news with #FutureFund
Irish Independent
15-07-2025
- Business
- Irish Independent
Revealed: Vast majority of public supports long-delayed new mandatory pension scheme
The new auto-enrolment pension, called My Future Fund, is due to begin from January after more than two decades of promises to launch such a scheme. Now a survey has found that over eight in 10 Irish adults believe it is fair to automatically sign workers up for the new pension scheme. The findings came in a survey of 1,000 adults nationwide by Ask Acorn, a national network of financial intermediaries. Under auto-enrolment, workers aged between 23 and 60 who earn more than €20,000 and are not already in an occupational pension scheme would automatically be enrolled in the new pension plan. These workers will have the option to opt out after six months. However, the research suggests they are unlikely to do so. Almost nine in 10 of those eligible for auto-enrolment say they are likely to remain in the pension scheme once enrolled. Financial experts said the findings showed a strong appetite for the scheme and signalled a positive shift towards broader pension coverage. But Ask Acorn experts warned that this could lead some workers to a false sense of financial security. Ask Acorn CEO Keith Butler said: 'People who may have previously been putting off pension planning could see their auto-enrolment as a 'job done' moment, when in fact the scheme might not be the most suitable or sufficient option for their individual retirement needs.' Last week, Social Protection Minister Dara Calleary launched a national awareness campaign for My Future Fund. Mr Butler said the Government should be encouraged by the feedback from the research. ADVERTISEMENT 'Even more important than the fact that so many support the fairness of the auto-enrolment itself is the fact that so many of those eligible plan to remain in the scheme,' he said. 'If nothing else, these results should be viewed by those with responsibility for the rollout as a compelling reason to ensure there are no further delays.' The rollout of the scheme has been subjected to repeated delays over the last two decades. Mr Butler said My Future Fund would be a good fit for many, especially those who have not yet thought seriously about pensions. 'But for others, particularly those with different income levels, career paths or retirement goals, auto-enrolment could fall short of delivering the retirement they're expecting. 'Workers should absolutely be proactive in taking some advice to determine whether auto-enrolment is truly the right vehicle for their needs, or whether the rollout is just the prompt they need to take action around their financial plans for the future.' The survey, conducted by iReach, found that four in 10 Irish adults believe it is 'very fair' that workers would be automatically enrolled to the pension scheme. A further four in 10 described it as 'somewhat fair'. One in six feel the compulsory enrolment of workers to the scheme is either 'somewhat' or 'very' unfair. The youngest age cohort surveyed are the most likely to feel it is 'very unfair' to automatically sign workers up to the scheme. Mr Butler said the findings indicated there was an obvious demand and need for the scheme. One-third of Irish workers have no pension coverage outside the state pension.
Irish Independent
15-07-2025
- Business
- Irish Independent
Revealed: How vast majority of public supports long-delayed new mandatory pension scheme
The new auto-enrolment pension, called My Future Fund, is due to begin from January after more than two decades of promises to launch such a scheme. Now a survey has found that over eight in 10 Irish adults believe it is fair to automatically sign workers up for the new pension scheme. The findings came in a survey of 1,000 adults nationwide by Ask Acorn, a national network of financial intermediaries. Under auto-enrolment, workers aged between 23 and 60 who earn more than €20,000 and are not already in an occupational pension scheme would automatically be enrolled in the new pension plan. These workers will have the option to opt out after six months. However, the research suggests they are unlikely to do so. Almost nine in 10 of those eligible for auto-enrolment say they are likely to remain in the pension scheme once enrolled. Financial experts said the findings showed a strong appetite for the scheme and signalled a positive shift towards broader pension coverage. But Ask Acorn experts warned that this could lead some workers to a false sense of financial security. Ask Acorn CEO Keith Butler said: 'People who may have previously been putting off pension planning could see their auto-enrolment as a 'job done' moment, when in fact the scheme might not be the most suitable or sufficient option for their individual retirement needs.' Last week, Social Protection Minister Dara Calleary launched a national awareness campaign for My Future Fund. Mr Butler said the Government should be encouraged by the feedback from the research. ADVERTISEMENT 'Even more important than the fact that so many support the fairness of the auto-enrolment itself is the fact that so many of those eligible plan to remain in the scheme,' he said. 'If nothing else, these results should be viewed by those with responsibility for the rollout as a compelling reason to ensure there are no further delays.' The rollout of the scheme has been subjected to repeated delays over the last two decades. Mr Butler said My Future Fund would be a good fit for many, especially those who have not yet thought seriously about pensions. 'But for others, particularly those with different income levels, career paths or retirement goals, auto-enrolment could fall short of delivering the retirement they're expecting. 'Workers should absolutely be proactive in taking some advice to determine whether auto-enrolment is truly the right vehicle for their needs, or whether the rollout is just the prompt they need to take action around their financial plans for the future.' The survey, conducted by iReach, found that four in 10 Irish adults believe it is 'very fair' that workers would be automatically enrolled to the pension scheme. A further four in 10 described it as 'somewhat fair'. One in six feel the compulsory enrolment of workers to the scheme is either 'somewhat' or 'very' unfair. The youngest age cohort surveyed are the most likely to feel it is 'very unfair' to automatically sign workers up to the scheme. Mr Butler said the findings indicated there was an obvious demand and need for the scheme. One-third of Irish workers have no pension coverage outside the state pension.
Yahoo
26-06-2025
- Business
- Yahoo
Gun-industry companies and groups give $2 million to help build state-owned shooting range
A rendering of a state-owned shooting range under construction north of Rapid City. (Courtesy of South Dakota GF&P) A list of donors to a state-owned shooting range under construction north of Rapid City includes $2 million from gun-industry companies or organizations. The $20 million, 400-acre complex will be one of the largest public shooting ranges in the nation when it opens this fall, according to the South Dakota Department of Game, Fish & Parks. The complex will host recreational shooters, safety programs, marksmanship competitions and law enforcement training. It will include rifle, pistol, shotgun and archery ranges. About $6 million of the project's funding has been given or pledged by donors. The rest is from the state's Future Fund for economic development. The department announced last month in a news release that the range will be named the Pete Lien & Sons Shooting Sports Complex, but the release did not disclose the amount of the company's donation, or include a full list of donations. 'We are extremely pleased with all of the support and excitement for the shooting sports complex and our Second Amendment rights in South Dakota,' Department Secretary Kevin Robling said in the press release. South Dakota Searchlight requested a list of donors with names and amounts. The department's initial response said only that donors gave more than $6 million, including $2 million for naming rights from Pete Lien & Sons, a mining, concrete and construction aggregate company based in Rapid City. When Searchlight asked again for a full list of donors, a spokesman for the department directed the request to the state's online records request portal. Searchlight submitted a letter including a legal argument that the donation list is a public record. A lawyer for the department provided the list 15 days later. State lawmakers question authority for $20 million shooting complex, but it moves ahead anyway Three donors on the list who gave or pledged a combined $6,100 are referenced only as 'private donation'; Searchlight asked for those names or a justification for withholding them. The department's lawyer replied that the names are covered by exceptions in the state open records law to protect personal privacy and to prevent the 'unreasonable release of personal information.' The project has been controversial with state legislators, who refused to fund it. Some were angered last year when they learned that then-Gov. Kristi Noem gave the project $13.5 million from the governor-controlled Future Fund for economic development. The donations from the gun industry are another concern for Rep. Erik Muckey, D-Sioux Falls. He said that as a gun owner and hunter himself, he wants to ensure South Dakota's sporting and hunting traditions continue. But he is uneasy about the Legislature being successfully lobbied for fewer restrictions on firearms while some of the entities connected to those lobbyists — including the National Rifle Association — are helping to fund a state-owned shooting range. 'Private funding for state-owned facilities is not a new concept; in fact, several examples of public-private partnerships make this state better each day, like the combination of public and private funds to support the Build Dakota scholarship,' Muckey said, referencing a full-tuition program for technical college students. 'But this case should give South Dakotans pause.' The Republican-dominated Legislature routinely considers and passes pro-gun legislation. Last winter, lawmakers and Republican Gov. Larry Rhoden lifted concealed-handgun bans on college campuses and in bars. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX The shooting-range donor list includes $6.3 million from 43 sources, with nearly half of the money in hand and the rest pledged. Donations from the gun industry account for nearly one-third of the total: Smith & Wesson, a Tennessee-based gun manufacturer, donated $150,000 and pledged $600,000, for a total of $750,000. Glock, an Austrian gun manufacturer, donated $150,000 and pledged $600,000, for a total of $750,000. Aimpoint, a Swedish gun optics manufacturer that bills itself as the inventor of the red dot sight, donated $50,000 and pledged $200,000, for a total of $250,000. Luth-AR, a Minnesota company that sells custom stocks and other components for AR-15 rifles, donated $25,000 and pledged $100,000, for a total of $125,000. The National Rifle Association donated $50,000. Federal Ammunition, a Minnesota ammo manufacturer, donated $25,000. H-S Precision, a Rapid City weapons parts manufacturer, donated $5,000 and pledged $20,000, for a total of $25,000. Mack Bros, a Sturgis company that manufactures suppressors (silencers) and other gun components, donated $3,000. First Stop Gun Shop in Rapid City donated $3,000. Lane Silencers, a Rapid City manufacturer, donated $3,000. Sturgis Guns, a seller of firearms and accessories, donated $3,000. Some other donations came from companies that sell shooting-related accessories, but not guns or gun parts. Donations also came from various other individuals, businesses and hunting and conservation groups. Some legislators on both sides of the political aisle remain upset about Noem's unilateral decision to provide state funding for the project. 'Unfortunately, her actions have severely damaged trust in otherwise effective institutions, which may cost much-needed projects funding and support in the future,' said Muckey. In response, the Legislature passed and new Gov. Larry Rhoden signed into law a bill from Senate President Pro Tempore Chris Karr, R-Sioux Falls, that says Game, Fish and Parks projects over $2.5 million must receive legislative approval. 'The shooting complex is the reason I brought that bill,' Karr said. 'The appropriations process was circumvented.' House Assistant Majority Leader Marty Overweg, R-New Holland, said lawmakers feel their will was ignored. 'Now, the government has to be the one that ensures this shooting range continues to run,' he said. 'We voted no, but now we have to run it. Without any choice.' Robling, the head of GF&P, said in November that the complex will require three full-time employees who will be reallocated internally, as well as seasonal staff and volunteers. Robling said the range will not be profitable and will require help from federal firearm tax revenue allocated to the department. Department spokesperson Nick Harrington told South Dakota Searchlight recently that the shooting range will cost an estimated $355,000 annually to operate and maintain, including the three full-time employees. PARTNER A two-page list, supplied by the state Department of Game, Fish and Parks, of donations toward the construction of a state-owned shooting range.
Yahoo
26-06-2025
- Business
- Yahoo
Governor commits funding to revive training program for inmates
South Dakota Gov. Larry Rhoden speaks to the media during a press conference on March 13, 2025, at the Capitol in Pierre. (Joshua Haiar/South Dakota Searchlight) South Dakota Gov. Larry Rhoden is giving new life to a training program for inmates that was shelved recently. 'Being Open for Opportunity means investing in people and believing in second chances,' Rhoden said in a statement Monday, referencing a slogan he often uses to promote economic development. The program will bring on-site instruction to the state penitentiary so inmates can earn a certificate to work on diesel heavy equipment. Inmate training program shelved while prison construction talks continue Last August, the Department of Corrections and Southeast Technical College got approval from the state Board of Technical Education to expand the college's diesel program to the penitentiary. Officials later decided to shelve the initiative due to a lack of funding and concerns over how it would fit into the still-developing plans for construction of a new men's prison at an undetermined site. Rhoden announced Monday that he will provide $1.5 million for the training program from the Future Fund, a pot of economic development money under the exclusive control of the governor. Corrections Secretary Kellie Wasko praised the program's reinstatement. 'Education is one of the best ways to support rehabilitation and reduce recidivism,' Wasko said in a statement. 'These programs give people purpose, build skills, and strengthen families and communities across South Dakota.' The diesel training program will fill a void left by Metal Craft Industries, a privately operated prison shop that employed inmates at market wages. The company said it was pushed out of the prison system last year by administrators. Wasko has said the company left voluntarily to avoid adhering to newer, stricter security protocols. The Future Fund, which Rhoden is tapping to provide money for the training program, is supported by a surcharge on employer payroll taxes. State law says the fund is for 'purposes related to research and economic development for the state.' Some of former Gov. Kristi Noem's uses of the fund were controversial. That included money to build a state-owned shooting range that the Legislature refused to fund, a workforce recruitment ad campaign starring Noem, a 'Governor's Cup' rodeo that included Noem carrying in the American flag on horseback, and a fireworks display at Mount Rushmore. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Sky News AU
25-06-2025
- Business
- Sky News AU
Treasurer Jim Chalmers pushes back against Donald Trump's section 899 tax threatening Australian super returns
Treasurer Jim Chalmers has made Australia's case against one of Donald Trump's controversial proposals which could eat into the nation's nest egg. The controversial section 899 of Trump's 'big beautiful bill' allows the US to implement 'revenge taxes' on nations the Administration believes unfairly treats US firms – such as tech giants Meta and Alphabet. This could mean Australians are forced to pay upwards of 20 per cent more tax on US investments if it is approved. Australia is under threat as the government looks to force tech giants to pay for local news through the media bargaining incentive. The US could also consider the Pharmaceutical Benefits Scheme enough to warrant the taxes. Many in Australia's $4.2 trillion superannuation system have expressed concerns about diminished returns if the legislation passes as hundreds of billions of dollars of members' funds is invested in the US. Mr Chalmers on Wednesday told reporters he had discussed section 899 with US Treasury Secretary Scott Bessent and made Australia's case against the looming tax. 'I've engaged a lot with Australian investors over the course of the last couple of weeks on their concerns,' Mr Chalmers said. 'I was able to represent them and raise their concerns directly with US Treasury Secretary Bessent and I know that the Treasury Secretary is very focused on these issues as well. 'We hope that they can be resolved. We do not want to see our investors and our funds unfairly treated or disadvantaged when it comes to developments out of the US Congress.' Investors have expressed caution about investing in the United States over growing uncertainty surrounding section 899. AMP's chief economist Shane Oliver earlier this month said section 899 of the bill, alongside other economic policies by the Trump Administration, 'called into question 'US exceptionalism' and its 'safe haven' status'. The Future Fund chair Greg Combet also expressed concerns about the bill where he argued the US was hurting itself by thwarting investment through section 899. 'Section 899 of the Bill will potentially and dramatically escalate tax rates for Australian institutional investors like the Future Fund,' Mr Combet said in a speech to the Committee for Economic Development of Australia earlier this month. 'In combination these policies and dynamics are making the US a more risky and uncertain investment destination.' Two versions of the bill currently exist: one from the US house and one from the senate. Both versions need to be identical before they are shown to Trump for approval. Pitcher Partners said if the US President greenlights the tax, Australia will have to wind back laws the US has deemed inappropriate. 'If it does pass, and Australia is identified as a country with tax practices which are subject to the Bill, it will place pressure on the Australian Federal Government to repeal its own laws so that Australia is not an 'offending' or 'discriminatory' foreign country,' Pitcher Partners said. 'However, as matters stand today, the potential impact of this Bill is certainly something that Australian taxpayers with US interests should keep a close eye on.'
