US - San DIego city attorney Michael Aguirre has described the decision to appoint John Torres as the new Municipal Employees Association (MEA) president as a sign of how "perverse and corrupt" the city's governmental system has become.
Outgoing president Judie Italiano recently announced her retirement, and MEA by-laws call for the first vice president (currently Torres) to assume the role in the case of a vacancy. But Torres has been charged with improperly benefiting from a controversial pensions deal in 2002.
Aguirre said of his appointment: “Torres is currently being charged with felonies, so it shows just how corrupt and perverse the whole system of city government and the various players there have become.”
Aguirre also suggested MEA members were “starting to learn how dishonest things have been”.
Outgoing president Italiano said Torres was “excited” about assuming a more active role in the MEA, and offered to help Torres “in any way necessary to make the changes seamless for our members.”
By Damian Clarkson
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".