Washington Electric Cooperative Inc,The Board of Directors of Washington Electric Cooperative (WEC) has called on the Vermont Legislature to vote against authorizing continued operation of the Vermont Yankee nuclear power plant after its current operating license expires in 2012. They further urged legislative leaders to vote on the matter early in this legislative session.In a resolution adopted unanimously at its January 27th meeting (attached), the WEC board cited several reasons for its position, expressing concerns about Vermont Yankee owner Entergy s poor track record in operating the plant, its proposed spin-off of plant ownership to a debt-laden entity Enexus, the growing on-site stockpile of high level radioactive waste, insufficient funding for decommissioning potentially worsened by recent leaks of radioactive materials, as well as WEC s potential liabilities for paying part of these costs.In a letter to members of the Vermont House and Senate, after urging legislative leaders to vote against extending the plant s license past 2012, WEC s Board President Barry Bernstein stated: Our Board feels strongly that a timely decision on the plant s continued operation by the Vermont Legislature is critically important. It would enable state utilities and regulators to plan for an efficient transition from current dependence on the plant to a safe and sustainable energy future for Vermont. Washington Electric Co-op is a consumer-owned utility serving over 10,000 member households and businesses in 41 towns in Orange, Washington, Caledonia and Orleans Counties. The Co-op s nine-member Board of Directors is elected by its member/owners. Source: WEC. 1.28.2010### AttachmentSize WEC_VY_press_release__resolution.pdf259.76 KB
The study differentiates between public pension funds with funding ratios under 100%, and private funds with funding levels of around 107.5%.“The coronavirus crisis leads to uncertainty, to problems for the financial market and to negative returns,” said Jürgen Rothmund, investment analyst and author of the report.This year Complementa expects different performance levels from pension funds, which will depend on their reaction to the crisis. “There will be funds with less strong negative returns and funds with very strong negative returns,” he added.Returns reached -3.9% at the end of April compared to 10.6% in 2019. Higher returns were only recorded in 2005 with 11%.“The coronavirus crisis leads to uncertainty, to problems for the financial market and to negative returns”Jürgen Rothmund, investment analyst at ComplementaIn the last decade, between 2011 and 2020, funds achieved average returns of 3.6%, according to the analysis. “This is a high figure if you think how low the interest rate is,” Rothmund said.Swiss pension funds have invested the returns of 2019 to build up their funding ratio (49%), while 19% was spent on interest payments, 1% on administration, 6% on administration of losses, and 25% on adjustment of technical parameters, including technical interest rate, the report disclosed.The study compared the impact on investments caused by the COVID-19 crisis to other crises in the past, including the financial downturn of 2008, and found similarities with the consequences brought by the collapse of the Long-Term Capital Management (LTCM) hedge fund in the 1990s.“Pension funds will have to continue to fight against low interest rates” when the coronavirus crisis will eventually ease, Rothmund added.The interest rate on employees’ savings was 2.2% in 2019, relatively high in relation to a minimum interest rate for occupational pensions of 1%, and for the fist time since 2002 over the technical interest rate, the analysis showed.“It is certain that the technical interest rate will continue to drop, we estimate from 1.9% in 2019 to 1.8% this year,” Rothmund said.The Umwandlungssatz (UWS), the conversion rate used to calculate pension payouts from accrued assets upon retirement, will decrease in 2020 to 5.53%, and in the next five years even further, to 5.26%.“It is very far away from the established 6.8% and from the correct actuarial conversion rate of 4.48% we calculated, but the difference will decrease in the next five years,” Rothmund said.In the study, Complementa asked pension funds whether the Swiss second pillar pension system was fit for the future – 80% of respondents found it reasonable to increase the retirement age to make it sustainable, but only 25% believe the measure will be executed.Complementa said pension funds must generate a return of at least 2.2% in order to maintain a stable funding ratio.To read the digital edition of IPE’s latest magazine click here. The funding ratio of Swiss Pensionskassen bounced back to 103% in April after declining to 99.8% for a short time at the end of March, according to Complementa’s latest “risk check-up” analysis report.Central banks have sent a clear message through a series of interventions to say they “stand by” the equity market “whatever it costs”, Thomas Breitenmoser, head of investment consulting at Complementa, told IPE during a conference call.The funding ratio of Swiss pension schemes will depend on the future of equity markets, he said, adding that it should not drop further as long as national banks keep their current policies in place.The analysis focuses on 158 Pensionskassen with total assets of CHF396bn (€371), and it is based on previous year’s data of 437 pension funds with assets worth CHF650bn, which represents 70% of the Swiss occupational pension system.
Sharing is caring! Tweet Share 640 Views no discussions EntertainmentFaithLifestyleLocalNews A night of ‘unspoken’ worship by: Dominica Vibes News – August 29, 2016 Share Share The dance ministry of the New Day Fellowship and Deliverance Ministries, New Day Dancers, under the leadership of Pastor Leroy A. Hill, held a night of worship through dance dubbed ‘Raise the roof: A night of Unspoken Worship’ on Friday August 26, 2016.The event was organized as a fundraiser for the church’s roof repairs. Members of the Truth and Grace Fellowship Global’s Shakah Dancers and the Roseau Christian Union Church dance ministry also participated in dance.Many corporate bodies also provided sponsorship for the event. They were J. Astaphans & Company Limited, Dons and Divas, Towdah’s, Genesis Salon, CLC Bookstore, Dominica Brewery and Beverages, Josephine Gabriel & Company Limited, Green’s Wholesale, Springfield Trading, Dominica Fisheries Division, D&D Hardware Supplies, Cadrec, members of New Day Fellowship and Deliverance Ministries.Members of the dance fundraising committee expresses sincere thanks to all those who contributed in cash or kind. Also to Pastor Hill for his support, pastors of the participating churches for allowing their ministries to partake in the event and most importantly the Lord Jesus Christ.Fund raising activities continue on Friday September 2, 2016 with a movie night where ‘God’s not dead 2’ will be shown. – / 109
Facebook Twitter Google+ Published on March 28, 2012 at 12:00 pm Contact Stephen: [email protected] | @Stephen_Bailey1 Comments As disheartening as it was, Michelle Tumolo’s impulsive eruption was at least timely for her and the Orange.Leading Connecticut 15-6 midway through the second half, Tumolo and midfielder Katie Webster aggressively double-teamed a Huskies player. Too aggressively, according to the referee.The official issued Tumolo a red card, causing her immediate ejection from the game and suspension from the Orange’s next matchup. Fortunately for SU, that opponent is one of the few unranked opponents on its nonconference schedule.‘She admitted to me after that she made a play that wasn’t a smart one,’ SU head coach Gary Gait said. ‘… Hopefully she’s learned her lesson, and I think it was a great lesson for her to learn as a young athlete that you can’t go around retaliating and expecting to get something good out of it.’The shorthanded No. 2 Orange (5-2, 1-0 Big East) travels to Foxborough, Mass., Saturday to take on Harvard (4-4, 1-2 Ivy League) at noon in the first-ever women’s collegiate game in Gillette Stadium history. Kailah Kempney will replace Tumolo in the starting lineup and another rookie, Gabby Jaquith, will see extended minutes playing above the crease.AdvertisementThis is placeholder textKempney and Jaquith will be part of a joint effort to fill the void left by SU’s offensive captain. This will be Kempney’s first game since Feb. 29 after she suffered an injury in the second half of Syracuse’s game against Northwestern.So as one of Gait’s offensive components returns, another is relegated to the sidelines.‘Lacrosse is about making adjustments, and this is just as if it were an injury. We’re ready to make that adjustment,’ Gait said.Tumolo leads SU with 15 assists and 32 points on the season. But 10 other players have found the back of the net this season, and four of them have scored at least 10 times.Webster churned out three scores in SU’s overtime loss to the top-ranked Northwestern. Freshman Devon Collins is turning heads, tied for third on the team with 14 scores.And throughout the season, each member of the Orange offense has shown a willingness to move the ball and work to find open space.Sophomore attack Alyssa Murray is confident her teammates will find a way to compensate for their leader’s absence.‘Well, we definitely are going to miss her a lot on the field, her presence and just the energy that she brings,’ Murray said. ‘But I think that we’re going to just go around some of her strengths because we’re not going to be able to fill that void.’Webster may see a few more isolation sets, and the Orange might look to find Kempney cutting through the middle of the defense more often, Murray said.But Murray herself is arguably the Orange’s top offensive threat aside from Tumolo.She tallied a program-record eight goals against Boston College and seven goals against UConn – SU’s two highest single-game totals this season.But in the past two years, Murray said she’s only ever played up top with Tumolo. Their chemistry, give-and-go combinations and backdoor cuts won’t be options for the SU offense for a week.Instead, Murray plans to fill her mentor’s role as someone capable of both scoring and facilitating the ball.And with the left-handed Jaquith filling in for Tumolo, who’s one of the best lefties in college lacrosse, Gait said the Orange offense can operate in a similar fashion.‘We’re very fortunate that we’re one of the few teams in the country to have lefties at all,’ Gait said. ‘… The good thing is we do have people who can fill that in there and fill the lefty position, so we’re a lot better off than a lot of other teams would be in this situation.’Playing without Kempney against top-five opponents Florida and Maryland, the Orange flourished with a pair of one-goal victories.Without Tumolo, Gait envisions a similar result, believing the adversity will push the rest of the Orange to step up.‘Sometimes adversity helps your team rise to the occasion, and I think there’s going to be a lot of players playing out there that love Michelle’s leadership and what she brings to this team,’ Gait said. ‘They’re going to want to make sure that when she’s not playing that they step up their games a bit to help fill the void for her.’[email protected]