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Public Service Pensions Board updates administration system The Public Service Pension Board has selected a new provider to replace its pension-administration system. Sagitec’s pension-administration solution NeospinTM...
Sheree Ebanks has been appointed the new chairperson of the Public Service Pensions Board.
The Public Service Pensions Board has officially opened its office on Cayman Brac. On Friday, Governor Martyn Roper, Deputy Governor Franz Manderson and other officials led the ribbon-cutting ceremony at the office on Dennis Foster Road.
Orrett Connor, Sheree Ebanks and Robin Ellison have joined the Public Service Pensions Board as new trustees.
More than 300 retired Cayman Islands civil servants who do not make enough money each month to pay their bills are now receiving a $650-per-month payment from the government-run Public Service Pensions Board.
Retirees and special guests on the Brac marked the Public Service Pensions Board’s 25th anniversary.
The Public Service Pensions Board, which celebrates its 25th anniversary this year, will hold a “Pensioners Appreciation” event at Pedro St. James on Wednesday, April 12, from 3-9 p.m.
The unfunded portion of the Cayman Islands’ main public sector retirement plan rose from about $191 million in 2015 to $220 million in 2016, according to financial statements reviewed by the Cayman Compass.
Cayman Islands tourism sector managers fear “skyrocketing turnover” within the next year, following government’s decision to set a cutoff date for when workers can receive cash refunds from their retirement accounts.
The Cayman Islands government will give an extra $18 million to its Public Service Pensions Board to “catch up” what a 2014 financial evaluation said it should pay toward the main civil service retirement fund for most older government workers, Finance Minister Marco Archer said last week.
The Cayman Islands government has been advised to pay an additional $16 million a year for the next 20 years to help settle funding deficiencies in one of its civil service pension plans.
Cayman’s Public Service Pensions Board said Tuesday that it is “looking forward” to government’s continued cooperation to ensure long-term stability in the three public sector retirement plans it manages.