US - Proposals to tackle California's pension shortfall have been introduced to the California State Legislature.
Governor Arnold Schwarzenegger established the commission in December 2006 to identify the extent of unfunded liabilities in public sector pension and retiree health care obligations, review and analyse options for addressing them and recommend a plan to the legislature and governor.
A 212-page report, released on on 7 January 2008, contained a comprehensive, eight-point plan containing 34 specific recommendations.
The Hernandez bill (AB 1844) aims to increase transparency with regard to public employee benefits through enhanced reporting requirements and to curb fraud in the various retirement systems by providing those systems with the tools they need to detect and prosecute fraudulent actions.
The Wiggins bill (SB 1123) is focused on increasing transparency and oversight of public employee benefits.
Wiggins said: "The commission report reflects the fact that this diverse group was able to come together around some very important issues.
"I am optimistic that implementation of these key recommendations will help stabilise employers' costs with regard to worker pensions and retiree health care - and do so without negatively impacting retirees."
This week's edition of Professional Pensions is out now
Collective defined contribution (CDC) schemes will need clear and transparent governance frameworks, as well as effective communication strategies, to be a success, the Work and Pensions Committee (WPC) has been told.
The aviation sector's constant evaluation of mistakes to improve safety should be applied to defined benefit schemes, as too many are making the same mistakes again and again, latest research shows.
A month of strikes are due to hit 64 universities from tomorrow over major reforms to the Universities Superannuation Scheme (USS).