US - The $13.2bn Indiana Public Employees' Retirement Fund (PERF) has made strong improvements in the areas of accountability and internal processes in the past year, executive director David Adams has claimed.
Adams made the statement following the completion of the 2005 State Board of Accounts (SBOA) audit report on the fund.
The 2004 audit report highlighted a number of concerns, which Adams said had since been tackled.
“Once the issues from the previous year’s audit were presented, the PERF leadership team aggressively resolved problems in the two months prior to June 30, 2005.”
Adams said the report indicated the fund had made “significant improvement” in the areas of internal processes and accountability.
Additionally, Adams claimed PERF conducted the final exit conference with the SBOA more than four months ahead of last year’s schedule.
“The PERF leadership team is taking the necessary steps to implement a plan for solving longstanding problems. PERF leadership will continue to make recommendations and take actions to improve operations”, Adams said.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.