The Bahamas Electricity Corporation's (BEC) pension fund is worth in excess of $160 million, but legislation and reform is needed to protect the interests of public entities.
During a debate on pension reform in the House of Assembly yesterday, BEC Chairman Leslie Miller lauded the introduction of the Employees Pension Fund Protection Bill. While in the past pension funds have operated unchecked, the legislation would provide a framework to manage the industry and offer assurances to members that their investment is protected.
Miller charged legislators, however, to take the landmark legislation a step further.
He said that the government must consider making the bill retroactive to include former City Market workers, hundreds of which are now fighting to receive pension payments long after the supermarket chain's demise.
Miller also expressed concern that the bill does not include public corporations.
"My main concern is a public corporation is owned by the people of The Bahamas," he said. "It is their hard-earned money that allows the government to initiate the investment in getting them off the ground and it is imperative and our duty to see to it that it applies to those public corporations so there won't be abuse or misuse of funds under those corporations."
The chairman said that employees at BEC have "not contributed a single penny" to the pension fund.
He further insisted that, in the future, it should be mandatory that any contributions by the corporation should be matched by employees.
"I personally don't think it's fair that the people of The Bahamas carry that burden," Miller said yesterday.
The disclosure by the chairman follows a second reading of the Employees Pension Fund Protection Bill last week.
Michael Halkitis, the state minister of finance, outlined a number of provisions under the bill, most notably the formation of a Pension Commission to serve as a watchdog.
"Some of the penalties are much higher than we are used to seeing," Halkitis added, referring to those charged with infractions.
"However, they are meant to serve as a deterrent."
Also last week, a copy of an audit of the Bahamas Supermarkets Retirement Trust was circulated among media outlets, which highlighted a number of issues on the accounting procedures and investment strategies of its administrators.
Covering the period July 1, 2003 to June 30, 2010, the audit alleged that outsourcing the fund would result in better accounting standards and a more diversified investment strategy.
According to the audit, which was submitted in the Supreme Court last year, the trustees were appointed by the committee, who were in turn appointed by the board of directors at Bahamas Supermarkets Limited (BSL).
"The committee members themselves were officers and directors of BSL. Yet the trustees chose not to engage independent auditors of the trust, or to review the trust under International Standards if Auditing applicable to reviews," the report stated.
Now, in 2013, it is unknown whether there is any pension money left for City Market workers.

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