MAV’s Defined Benefits Super Accountability – the shits starting to hit the fan!

A Ballarat Councillor is saying “Councils around the state have been hit by a shortfall due to liabilities to the former Local Authorities Superannuation Fund defined benefit scheme.

Cr Harris slammed operating fund Vision Super and the Municipal Association of Victoria for underestimating the liability in what he called an “incompetent process ……………

…….I have talked openly with Councillors about withdrawing from the MAV, as I think this has been an incompetent process and I still don’t have any concept we are being represented effectively……….

…………..Council might take the decision to downscale the organisation, but there’s no way to mitigate the need for the one per cent rise.”

The Municipal Association of Victoria was not available for comment yesterday.

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