​PensionsEurope: Even more need for private pensions post-COVID

first_imgThe leader of the European pensions lobby group has said that as economies are changed by the coronavirus pandemic, there will be even more need for funded private pension provision than there is now.Speaking at the IPE Summer Pensions Congress 2020, Matti Leppäla, chief executive officer of PensionsEurope, said: “What is certain is the debt levels of members states are growing tremendously, and the problems that the members states have already had with changing demographics and being able to deal with public pensions, and social security – that’s even more difficult going forward.“So there is even more need for funded private pensions, whether it’s workplace or personal pensions for different people in different countries in different ways,” he said in an online panel session in which pension fund leaders discussed future agendas in the sector.“What this crisis means is that many people need to save for themselves in one way or another more than they ever did before,” Leppäla said. Assessing the response of European supervisors as well as the European Commission to the onset of the COVID-19 crisis this year, he said their first reaction had been very good.“I think it was very good that for pension funds EIOPA was recommending the same relaxation of reporting requirements as they had some for insurance companies, and that was very helpful,” Leppäla said.Though the situation had now improved in the financial markets and the pensions sector was resilient at the moment, Leppäla said concerns about the real economy and financial markets were growing.Governments in EU states had put very different types of measure in place to ameliorate their local economic situation, he said, with some taking money out of their pension funds to be able to manage the unemployment crisis and to make ends meet.“Which is of course understandable but for pension funds that’s not a good option – almost a last resort,” he said.“I think the worst thing would be to nationalise pension funds, but in some countries nothing like that happens or is even possible,” he added.Looking ahead, Leppäla said it was quite obvious there would be long-term impacts on pension funds in the region, especially when looking at the recovery and stimulus measures being taken as well as the role of the central bank.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

Budget Revision Allows Raise For Franklin County Government Workers

first_img(Image: Franklin County Government)Government employees in Franklin County will now receive the promised 50 cent an hour raise, the Franklin County Observer is reporting.The 2014 budget that had been sent in for review to the state Department of Local Government Finance (DLGF) first returned with a demand for $1.3 million in additional cuts. The budget slash not only threatened department funds but also would have led to some job cuts.Auditor Steve Brack contacted the DLGF and requested assistance. A representative from the department came to Franklin County to help find a solution.According to the Observer, investment funds that belong to the county were added into the budget calculations which allowed the budget to become sufficient.Job cuts will no longer be necessary and employees will be eligible to receive the 50 cent an hour raise.Council members will now send the revised budget to the DLGF. A vote will be held on the 50 cent an hour raise at the next county council meeting, on Tues., Jan. 28.Full-time employees will receive the raise, while part-time workers will be subject to their department lead. The raise will be retroactive to Jan. 1. Elected officials will not be eligible for the raise due to state statute.last_img read more

Syracuse closes out Duel in the Desert with 69-55 win over UNLV

first_img Published on December 22, 2017 at 8:36 pm Contact Billy: wmheyen@syr.edu | @Wheyen3 Facebook Twitter Google+ Coming off its first loss of the season on Thursday, Syracuse (12-1) came out firing in the first quarter of its game against UNLV (5-6) on Friday in its final nonconference game. 18-straight points set the Orange out in front from the opening tip and the game was never close in a bounce-back 69-55 win for SU at the Duel in the Desert.The Rebels cut the lead to 14 on the last bucket of the game, but that was the closest the tournament hosts would be to closing on Syracuse after the opening 18-0 run.UNLV struggled with turnovers throughout the contest. The Rebels turned the ball over 28 times, in contrast to Syracuse’s much smaller total of 14. Tiana Mangakahia wreaked much of the havoc for SU, ending the game with eight steals. The turnover margin meant that the Orange was able to attempt 17 more field goals than UNLV in a game which the Rebels barely outshot SU from the floor, 36 percent to 35.8.Gabrielle Cooper, who led the Orange with 22 points in the loss to No. 5 Mississippi State, had another strong scoring output with 17 points. Digna Strautmane had 13 points in the first half and finished with 15 points, seven rebounds and four blocks.Mangakahia finished with 12 points and nine assists, not missing a triple-double by much when combined with her eight steals. Miranda Drummond rounded out Syracuse’s double-digit scorers with a team-leading 18 of her own.AdvertisementThis is placeholder textAt the end of the first quarter, Syracuse led UNLV 28-6. The Rebels outscored SU the rest of the way, winning the last three quarters 49-41. But the big run to start the contest meant that the Orange could breeze to the finish line. A day after losing to the highest-ranked team it will play in the nonconference, Syracuse made sure Friday’s result was never in doubt right from the get-go. Commentslast_img read more