US - The City of Jacksonville's pension plans face a major overhaul if recommendations from a government watchdog are put in place.
The report said the current pension obligations were unsustainable and risky and were too generous in their benefits to retiring police and fire personnel.
It recommended a task force be formed to study pension options and future management of the funds.
City mayor John Peyton said he was open to studying the viability of other retirement programmes besides pensions, but in the past police and fire unions had not agreed to such changes and the Legislature had mandated certain benefits for public safety employees.
He said the current solution was for the city not to agree to new benefits that would aggravate the problem.
"The benefits we agree to may not cost us today but will cost us down the road," Peyton said.
Both fire union president Randy Wyse and police union president Nelson Cuba were opposed to the plans and said it was unfair for the city to try to reduce pension costs during years of economic downturn.
TaxWatch chairman David Smith said the city was in both an economic and security crisis requiring innovative solutions for new funding.
Smith said: "The goal of the study is to apply private-sector business practices to the local government in hopes of increasing service levels without raising taxes or requiring additional money."
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.