US - The Mayor of Philadelphia is seeking the approval of state legislation to defer pension payments in order to prevent job losses and other cuts in the city.
Mayor Michael Nutter said Philadelphia will be forced to make 3000 city worker redundancies in October and implement other budget cuts if lawmakers do not approve the pension changes to Pennsylvania's municipal pension laws.
It has been estimated that the legislative amendments, which also allow Philadelphia to temporarily raise its sales tax, could save the city U$700m over five years.
However, the changes would affect all public pensions in the state of Pennsylvania and the process has stalled amid union protests.
Unions representing Philadelphia police and firefighter employees said the pension changes would weaken members' collective bargaining rights.
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