US - Ohio employees last week escaped a potential increase in contributions when a plan to shift 2% of contributions from employer to employee failed to make it into the state's biennial budget.
The proposal originally called for the member contribution to increase from 10% to 12% of pay, while employer contribution would decrease from 14% to 12%.
Both the House and the Senate had removed the proposal from the draft budget, but there was a concern by industry officials that the shift could be re-inserted by a conference committee. The role of the conference committee was to hash out differences between the House and Senate versions of the budget.
The new budget went into effect on 1 July.
Ohio State Teachers' Retirement System executive director Michael Nehf and Ohio Public Employees Retirement System (Ohio PERS) interim executive director Karen Carraher both testified against the proposals arguing it would extend the time it would take to make up funding shortfalls.
Despite the budget coup, officials at Ohio PERS warned "the issue may be re-visited in the context of pension redesign legislation".
Separately, Ohio PERS said it would issue a request for proposals on 11 July for actuarial and consulting services. Proposals will be due on 11 August. More details about the search were not immediately available.
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