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.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
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The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.