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.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.