US - California Governor Edmund Brown has proposed a set of seven bills aimed at eliminating public-employee pension abuses in the state.
The proposals include plans to scrap the ability to purchase additional retirement service credit; prohibit pension holidays; prohibit Employers from making employee pension contributions; ban retroactive pension increases; prohibit pension spiking: and prohibit payment of pension benefits to t workers who commit a felony related to their employment.
Brown is also drafting legislation which would let public sector workers to opt into a hybrid benefit scheme, introduce a benefits cap, place limits on post-retirement government employment; and improve board governance and the funding liability at the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS).
The Democrat said all 12 of these pension reform measures were presented and discussed in detail with Republican legislators. Brown said talks broke down, however, over other issues, but he pledged to introduce the reforms with or without Republican support.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.