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Super impact knownLatrobe City Council has been advised that their share of the funding shortfall disclosed in a defined benefit funding review undertaken by trustees of Local Authorities Super in December 2002, amounts to $2,000,545. By Latrobe City - 14th May 2003 - Back to News Latrobe City Council has been advised that their share of the funding shortfall disclosed in a defined benefit funding review undertaken by trustees of Local Authorities Super in December 2002, amounts to $2,000,545.
The $2m+ figure represents Latrobe City’s share of an acturial deficit of $127 million that has to be found by local government and related bodies. Speculation in national media at the time suggested large rises in rates would be forced upon municipal councils which would have to make up the shortfall.
Latrobe City’s Chief Executive Officer, Richard Hancock, explained that Latrobe City is in the same situation as councils across the breadth of Victoria, and the shortfall has to be made up one way or another. Council will now examine through the budget process the best option to minimise the impact on ratepayers," Mr Hancock explained.
The funding shortfall relates to Defined Benefit Funding arrangements for the Local Authorities Superannuation Fund that guarantees members’ benefits against decline, with any shortfall resting with the employer. Defined Benefit Funding was closed to new members in 1993, prior to the amalgamation of the former shires and cities into La Trobe, but existing members retained their entitlements.
Mr Hancock explained that trustees of the Local Authorities Superannuation Fund had been closely monitoring the impact that the fall in global equity markets had been having on the adequacy of its defined benefit funding arrangements.
"Under superannuation law, trustees of defined benefit plans are required to maintain an appropriate solvency ratio equal to at least 100% of that needed to pay out all members’ exit benefits from existing assets," Mr Hancock explained.
"Local Authorities Super has fallen short of key investment objectives. As a consequence, there is a predicted shortfall, and as the inherent local government authority, our hands are tied to funding that shortfall," Mr Hancock said.
"Councillors who have experience of defined benefit superannuation funds have asked for more details of the fund’s investment performance and the disposition of any fund surpluses in past years, and this is being followed up with fund
Source: www.gippsland.com Published by: news@gippsland.com
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