US - All Californian public agencies will be able to participate in the California Public Employees' Retirement System (CalPERS) trust fund, under a bill signed by state governor Arnold Schwarzenegger.
The Assembly Bill 554 has opened up the California Employers Retiree Benefit Trust Fund to all California public agencies regardless of whether they contract with CalPERS to provide health benefits for their employees.
Fred Buenrostro, CEO at CalPERS, said: “Beginning in January, all public employers will be able to prefund their future retiree health insurance costs by taking advantage of our excellent risk-adjusted investment performance and our low administrative costs”
CalPERS established the California Employers Retiree Benefit Trust Fund so that public employers who contract with CalPERS for employee health benefits could prefund future retiree health benefits costs by making regular periodic contributions into the trust fund to enable the money to grow.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers