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.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.