Austrian companies not obliged to offer pension plan choice, experts say

first_imgAustrian companies will be under no obligation to offer workers a choice of pension plan, according to the University of Vienna’s Robert Rebhahn, an expert on social law.As part of the most recent overhaul of the law governing Austrian Pensionskassen (PKG), members were given the right to choose from among various forms of pension plans such as Pensionskasse and insurance-based Betriebliche Kollektivversicherung (BKV).It remained unclear, however, whether employers were obliged to offer this choice, or whether the law only applied in cases where the occupational pension plan was designed to include both options.In an article in the legal magazine Wirtschaftsrechtliche Blätter, Rebhahn said there was no obligation for employers to offer a choice. Andreas Zakostelsky, chairman of the Austrian pension fund association (FVPK), said: “This means there is now legal clarity on the subject.”Rebhahn is the second legal expert to arrive at this interpretation of the law after pension and legal expert Wolfgang Mazal published an article with a similar conclusion in December 2012.Both Rebhahn and Mazal stress there is no legal basis to sue employers for compensation if a company offers a Pensionskasse but no BKV plan.Over the last two years, there has been much uncertainty among employers and employee representatives on the subject.The legal experts explained that, in Austria, a company pension plan is a voluntary supplementary benefit offered by the employers.It is therefore free to choose the design, they said.In other news, two independent surveys are looking into how the new first-pillar pension benefit information sheet, the Pensionskonto, will change Austrians’ view of supplementary retirement provision.Since late last year, the social insurance bodies (Sozialversicherungen) have been sending out letters to members with a calculation on how much monthly pension each employer would receive if they stopped working now and retired at 60 (for women) or 65 (for men).It is the first time Austrians have received an official calculation of their future pension benefit from the first pillar.According to a survey by insurer Uniqa, Austrians still greatly underestimate the ‘pension gap’, i.e. the difference between final income and the first-pillar pension.A different survey by the Erste banking group showed that only 18% of Austrians understood how the Pensionskonto worked, while 41% had heard of it and 35% said they were unfamiliar with the term.last_img read more

Coverage ratios at Dutch pension funds continue slide in February

first_imgIt noted that the 30-year swap rate – Dutch pension funds’ main benchmark for discounting liabilities – fell by 25 basis points to 1% in February.The consultancy also cited the impact of falling equity markets.Mario Overduin, senior associate and investment consultant at Mercer, said: “Although the large losses of mid-February have been largely made good recently, the MSCI World Index has decreased 1% on balance.”The MSCI World Index, following a 6% drop in January, fell by 8% by mid-February.According to Aon Hewitt, the average Dutch real estate portfolio lost approximately 6% last month, while fixed income portfolios returned 5.4% on average over the same period. Mercer estimated the overall average investment return at 1.5%, Aon Hewitt 1.9%.Both consultancies saw pension funds’ official ‘policy coverage’ – the current-funding average over the previous 12 months, and the main criterion for rights cuts and indexation – decrease by 1 percentage point on average.Mercer placed policy funding at 103%, Aon Hewitt 102% as of the end of February.Most Dutch schemes will need to start discounting pension rights if their current coverage ratios fall below 90% at year-end.Under the new financial assessment framework (nFTK), however, schemes can apply the discount over a 10-year period.Frank Driessen, chief commercial officer for retirement and financial management at Aon Hewitt, said: “If conditions remain unchanged and the funding is still at the current level at year-end, it is inevitable a number of pension funds will have to apply rights cuts next year.“We expect pension funds will soon provide clarity about this.” Coverage ratios at Dutch pension funds fell by another 2-3 percentage points in February, after having already fallen by 5-6 percentage points the month previous. Mercer and Aon Hewitt, however, said funding ratios had rebounded slightly from a dip in mid-February, when equity markets declined sharply.Mercer calculated that the average coverage ratio at the end of February stood at 96%, while Aon Hewitt, employing a slightly different methodology, placed the ratio at 94%.Mercer attributed plummeting ratios chiefly to the low-interest-rate environment.last_img read more

PECO turns table on PLDT, lists telco’s shortcomings

first_img“We have been unable to remove ourpoles despite having relocated our facilities already due to PLDT’s facilities,which are still attached to them,” PECO added. To this date, the said pole has notyet been removed or repaired, said PECO attaching photo of it. As the to lack of emergency line teamto resolve issues, PECO turned the table to PLDT and its lack of available lineteams to attend to emergencies caused by their own leaning and/or fallen poles. ILOILO City – Panay Electric Co.(PECO) denied specifically attributing pole fires here to the Philippine LongDistance Telephone Co. (PLDT). “You have not been to our meetings inalmost two years; the other members of the other group may have concerns torelay to you in light of the challenges and opportunities posed by the manydevelopment projects in Iloilo City,” said PECO./PN According to PECO, never in theirstatements in the media nor in their report to the Energy Regulatory Commission(ERC) did they state that the 571 pole fires in this city were attributable toPLDT. Regarding wires that are extremely low-hangingand have not been attached to new poles, PECO told PLDT to review their wiringset up in the areas of Barangay Caingin (La Paz), Barangay Baluarte (Molo) andBurgos Street, La Paz, among other streets. “In light of these results, we wouldlike to immediately request that all PLDT facilities with attachments to PECOpoles be installed with insulated pole clamps. We would like you to submitwithin 15 days a timeline in which you can install insulated pole clamps forall your attachments on PECO poles,” read part of PECO’s letter. “These areas have extremelylow-hanging wires that are mistaken to be PECO wires and are a danger to thecommunity. We have surveyed these and they do not belong to us. The same gowith boxes in the middle of the street; one in Barangay Mansaya, La Paz hasalready been bumped and yet has not been removed,” PECO cited with attachedphotos as proof. “This can happen especially whentelcos install pole clamps without insulators on PECO poles for their messengerwire, and this un-insulated clamp touches PECO’s pole grounding wire,”according to PECO. Another instance, among others,happened in Barangay Kasing-kasing, Molo on Nov. 7, wherein a pole fell on theroad and no emergency personnel came from PLDT to rectify it. PECO sent itstroubleshooters to move the pole to avoid traffic congestion. On Lescano’s assertion that PLDT’slines were without voltage, PECO stated that one of the most common causes ofpole fires is when telecommunication equipment attached to PECO poles shortcircuit. This occurs when a linkage is created between telco lines and/ormessenger wires and PECO’s secondary, service lines and/or pole groundings. “We merely stated that of the reported709 pole fires from 2017 to 2019, only 138 were PECO-related. With that logicin mind, the remainder of the pole fires must related to telcos,” PECO statedin a letter to PLDT Panay Customer Service Zone senior manager Rene Lescano.center_img They cited for instance, the incidentin Jaro Plaza in front of the Archbishop’s Palace on Nov. 13 wherein PECO’steam had to temporarily fix the PLDT pole. PECO also attached a sample voltagetest of a telco messenger wire that has come in contact with a PECO secondaryline. The voltages were 157V, 156V and 70V, respectively. As to the poles on roads affected byroad widening and could not be removed due to PLDT cable attachments, PECOasked the telco to immediately remove its facilities from their old poles inthe following sites: four poles in Barangay Calajunan, Mandurriao district andtwo poles by the Rizal Bridge. PECO’sletter to PLDT was signed by AdministrativeManager Marcelo Cacho, Line Engineer Mark Sejob and Operations Manager forPlanning Engineer Aldren Deleste. This leaning pole in front of the Archbishop’s Palace in Jaro, Iloilo City is actually owned by Philippine Long Distance Telephone Co., according to Panay Electric Co. But since the telco had no team in sight when the pole leaned on the night of Nov. 13, the power distributor sent its own team to temporarily fix it. The pole was previously erroneously identified as PECO’s. IAN PAUL CORDERO/PN “We have experienced multipleinstances wherein our line teams have had to correct leaning or fallen PLDTpoles that are blocking roads and creating traffic,” PECO stressed. The other day, Lescano said it was “not correct tosay that the more than 500 posts are ours. We have very few wooden polescompared to (PECO’s).” PECO said it is standard procedurethat there should be a gap between electrical wires and telco lines. “These are just a few of the incidentswhen we had to troubleshoot your facilities. While we readily do these jobs inthe interest of public safety and uninterrupted traffic flow, we hope you canprovide teams to maintain and troubleshoot your own facilities,” PECO toldPLDT. Lastly, PECO invited Lescano to attendthe next Iloilo Utilities Group meeting on Nov. 27, 2 p.m. at the the PECOAnnex H. PECO also urged PLDT contractors notto bundle their wires with PECO’s wires as this may cause fire, especially whenGI wires are used to bundle the said lines, as these are conductors that cancreate short circuit as well. last_img read more

Bonnie J. Effing

first_imgBonnie J. Effing, age 69 of Batesville, died Wednesday, October 19, 2016 at Christ Hospital in Cincinnati.  Bonnie for years was the head of housekeeping for Hillenbrand Industries.  She married Ray Effing October 20, 1967 in Richmond, Indiana.She is survived by her husband Ray; daughter Kris Sieko of St. Joseph, Michigan and grandchildren Ashleigh Sieko of Batesville and Nathan Sieko of St. Joseph, Michigan.  In addition to her parents, she is also preceded in death by her son Scott Effing.Bonnie’s wishes were to be cremated.  A private graveside service will be held.  Memorials may be made to the Batesville Fire Department.last_img

Lawrenceburg’s Alyssa Lay honored with Ivy Tech Distinguished Alumni Award

first_imgLawrenceburg, IN—Lawrenceburg resident Alyssa Lay has been honored by the Ivy Tech Foundation as part of its annual Distinguished Alumni Awards programs.Each year since 1998, the Foundation has celebrated the success of Ivy Tech Community College alumni by recognizing graduates who have made a lasting, positive contribution to the community, state or College since completing their education. The Award is the highest honor alumni can receive and is designated for individuals with outstanding professional, philanthropic or volunteer accomplishments. Lay is one of 19 recipients this year.Lay received an Associate of Science in Business Administration from Ivy Tech in 2016. She is also a graduate of Indiana University and the University of Louisville. As Director of K-14 Initiatives and Recruitment for the Ivy Tech Lawrenceburg Campus, she is passionate about helping others rise to overcome new challenges. She volunteers with numerous organizations including Ivy Tech’s women’s philanthropy circle, Circle of Ivy; the Vevay American Legion Post 185 Ladies Auxiliary; the Order of the Eastern Star Bennington #407 Chapter; the Soccer Association of Youth; and the Switzerland County Angel Tree, which serves Switzerland County children in need during the holiday season.“Our Distinguished Alumni honorees exemplify what makes Ivy Tech special,” said John M. Murphy, Ivy Tech Foundation President. “Over the years we have recognized more than 250 outstanding men and women for their contributions to their communities and success in their professional lives. We congratulate them for their efforts and we’re proud to call them part of the Ivy Tech family.”For more information, visit www.ivytech.edu/alumniawards.last_img read more

Feel we may be able to train again within two weeks: Kevin De Bruyne

first_imgBRUSSELS: Belgium and Manchester City midfielder Kevin De Bruyne believes his club might restart training in two weeks’ time and the English Premier League season, on hold due to the coronavirus pandemic, will be completed.”My feeling says that we may be able to train again within two weeks, ” De Bruyne told Belgian newspaper Het Laatste Nieuws. “The government wants to restart football as soon as possible to give people something. Everything will be finished without fans I think. That is not really interesting for anyone, but this season will be finished. The financial aspect is far too important in the Premier League. If the season is not finished, it will cause serious problems,” said the 28-year old. City and Argentina striker Sergio Aguero, De Bruyne’s colleague in England, had said that players are scared to get back to playing because of the pandemic. The Premier League is hoping to return to action by June 8 in a bid to complete the season. “Gosh, I don’t think they are really afraid of themselves, but of their family. That is mainly the problem for many people,” said De Bruyne. “Everyone will be tested once we start playing again.” De Bruyne added that when football resumes, the feeling will be like it’s a new season. “You are in a rhythm and you have to stop suddenly. When the league resumes, I don’t really see this as an extension of the season. This feels more like the start of a new season. I have never stood still for so long in my career. Well, I’m not going to make a problem of it. Greater powers are at work. Whatever is said and decided, I agree.” On City’s European ban, De Bruyne said: “I trust my team. Once the statement is made, I will review everything. ‘I’m very happy with City. I play for one of the best teams in the world, play in England — for my competitive view the best competition — and I like that. “It remains a challenge to be the best and I need that too. What is coming is coming. But it’s not that I’ve tried to leave City in those five years. I have also remained calm for my previous transfers. I have never had any problems and have always waited for my moment. With respect, because I think you get most of it back. Even outside of football,” he added. IANS Also Read: Kevin de Bruyne explains why he would love to play with Cristiano Ronaldo Also Watch: Quick Shoppe in Guwahati takes precautionary measures against the spread of Coronaviruslast_img read more

ICC World Cup Here’s how Amitabh Bachchan, Paresh Rawal mocked ICC’s super over rules

first_img For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps. New Delhi: The 2019 World Cup culminated into a climax that could have never been predicted or even thought about. The England vs New Zealand encounter at Lords offered numerous nail-biting moments punctuated with ups and downs. At last, by the virtue of ICC’s boundary count rule, host-England had all luck going in their favour as they clinched their first World Cup title. The result of final amazed a lot many cricket supporters worldwide. With this, celebrities took to Twitter to express their discontent and raised questions over this ‘weird’ ICC regulation while former cricketers ridiculed this rule calling it ‘unfair’.Moreover, Bollywood superstar Amitabh Bachchan came up with a hilarious analogy to describe what unfolded in the match.Writer Chetan Bhagat also mocked the ICC Boundary rule, as he tweeted-Actor Paresh Rawal slammed ICC for focussing on changing MSD’s gloves rather than doing something about the rules which go against the spirit of the game.Earlier, New Zealand skipper said, “No one lost the final. At the end of the day nothing separated us, no one lost the final, but there was a crowned winner and there it is.”The 4192nd ODI witnessed was one of the greatest clashes in the history of the One Day International Game. In 11 World Cup editions, the closest victory margin was seven runs by Australia against England in 1987 at Kolkata. Now, England, with the pain of three World Cup final losses and New Zealand, the 2015 final losers, clashed against each other. last_img read more

Other Sports Nikhat, Deepak among five Indian boxers to make Thailand International finals

first_img For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps. New Delhi: Former junior world champion Nikhat Zareen (51kg) was the lone woman boxer to make the finals, while Asian silver-winner Deepak Singh (49kg) led a four-strong Indian men’s charge into the summit clashes of the Thailand International Tournament in Bangkok on Friday. Ashish Kumar (75kg), Commonwealth Games bronze-medallist Mohammed Husammuddin (56kg) and Brijesh Yadav (81kg) were the other three men to make the gold medal bouts. However, former Asian youth silver-medallist Ashish (69kg) lost his semifinal bout to sign off with a bronze medal. Ashish lost to Thailand’s Wuttichai Masuk in a split decision after an exhausting clash.Among the women, Manju Rani (48kg) and Bhagyabati Kachari (81kg) ended with third-place finishes. Manju went down to Chuthamat Raksat of Thailand, while Bhagyabati lost to China’s Li Qian. Earlier, Deepak hardly broke a sweat against Bhutan’s Tashi Wangdi. The Indian’s dominance was such that Wangdi faced two standing eight counts and was left with a gash above his right eye. The judges eventually ruled unanimously in the Indian’s favour. Nikhat was up against Thailand’s Jutamas Jitpong.ALSO READ: EXCLUSIVE: I wanted to prove my father’s statement wrong, says boxer Nikhat ZareenThe Hyderabadi impressed with the ferocity of her punches as she edged past the local favourite 4-1 and let out a scream to express her elation when her hand was raised by the referee. “I dedicate my today’s Semi-Final victory at the Thailand Open to our brave soldiers of Kargil war who sacrificed their lives for our country,” Nikhat said after the bout.Also advancing was Husammuddin (56kg). In a messy slugfest with Thailand’s Ammarit Yaodam, the Indian came out as the more aggressive and clean puncher to emerge triumphant in a 3-2 decision. In the 75kg category, Ashish defeated Uzbekistan’s Fanat Kakhramnov to make the finals. Brijesh was up against local favourite in Saranon Klompian in the last bout of the day and produced a ferocious performance.A left hook just a minute into the second round sent his opponent crashing and the Thai could not regain his composure after that.Klompian faced three eight counts before the referee stopped the bout in Brijesh’s favour.  last_img read more

Nand Persaud Karibee Sprint Classic set for December 10

first_imgTHE Nand Persaud Group of Companies will stage its Sky Plus Incorporated Promotions Group `Nand Persaud Karibee Sprint Classic’ Horse Race Meet on December 10 at the company’s racing facility at Number 36 Village, Corentyne, Berbice.Seven sprint races are carded for the day and more than $4M in cash and trophies will be up for the taking.The feature event is open to horses classified `D’ and Lower over 880 yards with $400 000 going to the winning stable.The `H’ and Lower animals will also battle over 880 yards and the winning stable will earn $260 000, while the `I’ Class horses will race for 660 yards for the $200 000 first prize money.Horses classified `K’ and Lower will contest 660 yards and will have a first prize purse of $140 000.There will also be three races for `L’ and Lower horses and two of these races will see the horses galloping for 660 yards to win the first prize package of $100 000 each.The other `L’ Class event will be an 880 yards contest and carries a first prize worth $100 000 also.The champion jockey, the champion trainer and the champion stable will all receive trophies, compliments of Trophy Stall of Bourda Market, Georgetown.Entries will close on December 5 and interested owners and trainers can make contact with Mohini Baker on 600-4728 or Amanda on 646-2390.last_img

Syracuse and Montana have never played in basketball, but 98 years ago they fought to a tie in football

first_imgSyracuse and Montana have never played in basketball, but the two sides played once in football — in 1915. Syracuse, while on a three-game West Coast trip to play Montana, Oregon Agricultural College and Occidental College, tied Montana, 6-6. The Orange entered the game as heavy favorites, so it was a shocking result.This article originally appeared in The Daily Orange on Nov. 29, 1915.Playing on a field swept by a blasting, swirling whirlwind, the Varsity battled with the Montana eleven to a 6-6 score in a sensational combat at Missoula on Thanksgiving. Unacclimated to the icy weather conditions of the West, the Orange players faced a decided disadvantage in their contest with the hardy Westerners. The Montana men met Syracuse with fierce onslaughts and brought joy to their five thousand supporters who braved the storm to witness the greatest struggle ever contested between Eastern and Western teams.The Varsity bewildered the Missoulians with cleverly executed forward passes, which enabled Meehan to plunge through the line for a touchdown in the third period. Wilkinson’s punts, one of which went for 85 yards, the longest kick ever made on Montana Field, also amazed the Westerners. Montana, however, gave a fine exhibition of end runs and, aided by the line plunging of Fullback Dreis, the Missoula eleven gained much ground on the Orange in the first quarter. After Montana scored its touchdown on a fluke in the second quarter, Syracuse struck its stride and for the rest of the game had the best of the argument.Wind Proved Important Factor.AdvertisementThis is placeholder textThe wind proved the most important factor throughout the game and favored Montana at two important crises. In the second period, Vance fell back to his 40-yard line for a placement kick. The ball went wide of its mark after hitting a Syracuse player, but a strong blast of wind blew it across the goal line. Clark, rushing down the field, fell on the pigskin and gave Montana its six points. The wind again blessed the Westerners when Wilkinson attempted a goal after Meehan’s touchdown in the third quarter. Rafter caught the kick-out directly in front of the goal posts and a one-point lead for Syracuse seemed certain. The howling gale, however, outwitted Wilkinson’s accurate toe and blew the ball to one side, so that it missed the goal by inches. Coach O’Neill made the following statement about the game, which reiterates the conditions that confronted the Orange players on Thanksgiving:“Western football is not so slow by a good deal as Easterners generally imagine it to be. We have no excuses to make regarding the game at Montana on Thanksgiving Day. Montana has a wonderful team and they fought hard. The weather conditions, however, were decidedly against our team.”Field a Picturesque Sight.Montana Field presented a picturesque setting for the game between the two representative elevens of the East and West. Deep down in Hellgate Canyon, surrounded by towering snow-clad peaks, the field formed a natural amphitheater. A swirling northwest gale swept the field with howling blasts and held the shivering spectators and players in its icy breath.The thousands of spectators huddling together for protection from the blinding snowstorm presented an interesting surrounding for the game. Husky cowboys, fresh from the ranches, hardy mountaineers of the mighty Montana ranges, brilliantly clad Indians from the Flathead reservation, swarthy miners in overalls, wealthy business men from the cities, college professors and the spirited, cheering Montana students all made a fascinating scene as they eagerly watched the progress of the battle royal.Montana Rushes Ball in First Period.Rose kicked off for Syracuse and Montana brought the ball back to their 30-yard line. A series of end runs and line plunges carried the pigskin into Syracuse territory, but a fumble gave the ball to the Orange. Montana withstood the attack of Coach O’Neill’s players well and held for downs. A shift formation gained much ground for Montana and the Westerners advanced to the Syracuse 25-yard line. Here Blackwell, their swift quarterback, made an end run of 20 yards, but dropped the ball when tackled by Johnson. The swift Syracuse tackle fell on it and Wilkinson soon punted out of danger. The quarter ended with the ball in the middle of the field.Westerners Score After Attempted Placement Kick.In the beginning of the second quarter, a battle of line plunging brought the ball to the Syracuse 35-yard line. The line held and Vance dropped back for a placement kick. The attempt failed but the ball, after hitting a Syracuse player, was blown across the goal by the howling wind. Clark ran down the field and gained the pigskin before any of the Syracuse players could cover it, and Montana scored. Vance’s try at goal failed. From this point to the end of the half, the battle waged up and down the field with a slight advantage for Syracuse.Meehan Ties Score. McQuarrie kicked off to Rose, who returned the ball to mid-field. Two long forward passes, Wilkinson to Rafter and Rafter to Travis, netted forty-five yards, placing the ball on Montana’s six-yard line. Wilkinson gained two yards in two attempts and Meehan shot through the line for a touchdown. Wilkinson punted out to Rafter, who heeled the catch directly in front of the goal posts. Wilkinson’s kick was caught by the wind’s deadly grip and steered to one side, and a one-point lead for Syracuse was missed by inches. The period ended with the play.Wilkinson Punts 85 Yards.Montana kicked off and Rose was tackled in his tracks. Wilkinson then punted for 85 yards, the longest kick ever made on Montana Field. His feat brought a great ovation from the spectators. During the rest of the game, the ball remained mostly in Syracuse territory.Meehan and Wilkinson were the backfield stars for Syracuse, while Cobb and Johnson played great football on the line. Dreis was the stellar line plunger for Montana. The other backs featured with brilliant end runs.—Compiled by Mark Cooper, editor in chief, mcooperj@syr.edu Comments Facebook Twitter Google+ Published on March 21, 2013 at 1:58 amlast_img read more