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first_imgImage by Office of Governor Andrew M. Cuomo.ALBANY — While the number of positive COVID-19 cases in Western New York are declining, they are not where state officials want them, Gov. Andrew Cuomo said late Monday morning in a press conference.“It appears to be stabilized right now,” Cuomo said. “We would like to get it down lower but it is day by day. It’s stone by stone across the morass.”Regional numbers have been between .9 and 1.6 the last few days, but Cuomo wants the numbers to fall below 1 percent of positive cases.“We have dispatched teams, we’ve worked very hard on the messaging around compliance, we’ve stepped up operation on bars etcetera,” he said. “It appears to be having an effect, the numbers have been under 2 percent for a couple of weeks,” he said.“You’re only as good as your performance yesterday. We’re going to keep the caution flag out because it is higher than we’d like to see,” Cuomo said. “We’d like to see it under 1 percent and they are at 1.6.” Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more


first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A U.S. Senate bill that would limit federal banking regulators’ ability to restrict depository institutions from entering into or maintaining a relationship with specific customers unless certain criteria are met has the full support of the Credit Union National Association (CUNA). The Financial Institution Consumer Protection Act of 2016 (S. 2790) is a companion to H.R. 766, which passed the House in February.Specifically, the bill would place limits on the Department of Justice’s Operation Choke Point, which allows investigations of financial institutions and payment-processing companies to determine if they have enabled fraudulent activity by serving certain customers or members.“While we strongly support the government’s role in ensuring the integrity of financial markets and eliminating fraud, the program’s broad enforcement tactics could create unnecessary risks to consumers and to the economy,” wrote CUNA President/CEO Jim Nussle.In addition to limiting the ability of regulators to discourage or restrict financial institutions from a financial services relationship, S. 2790/H.R. 766 would require regulators to have a material reason for termination. The reason cannot be based solely on the reputational risk posed by the consumer. continue reading »last_img read more


first_imgTOWN OF DICKINSON (WBNG) — Children as young as 8-years-old will get the opportunity to build apps, games and more at the first hackathon held at SUNY Broome Community College. They say the hackathon will feature mentors from local colleges, tech companies and developers. SUNY Broome is located at 907 Upper Front St. in the town of Dickinson. The AT&T Binghamton Youth Hack will be held in the campus’s Applied Technology Building Room 014 from 10 a.m. to 6 p.m.center_img The event aims to showcase the region’s future technology and entrepreneurs. AT&T says there will be a focus on stopping cyber bullying. Participates will also learn about online safety.last_img


first_imgDark or fish? / Photo: Pexels.com Underwater protection so-called. “No take” zones would make Croatian diving tourism much more attractive, and the benefits would be felt by everyone, from diving schools to fishermen and local communities. “As a diving destination, we are mostly complained that you cannot see fish in our seabed and that is a fact. We have the example of our neighboring Italy, which was also completely devastated, but they decided to protect several zones, which led to a real tourist boom. Today, in one such zone, Portofino, diving is 3,5 times more expensive than in Croatia. In our country, the average price of a dive is around 25 euros, and with them around 70”, Points out the president of the Diving Tourism Association of the Croatian Chamber of Commerce Vedran Dorušić, adding that we in Croatia should also protect certain zones because they would quickly become attractive for diving tourism and attract more guests.  How much money diving tourism actually brings is shown by the example of Egypt, which has become one of the leading diving destinations in the world with its smart underwater protection policy. Today, the diving attraction and wreck of the sunken ship SS Thistlegorm brings them more revenue than the pyramids at Giza. Photo: Pexels.com The establishment of a “no take” zone with the aim of protecting the underwater world would flourish diving tourism, according to the gathered members of the Diving Tourism Association of the Croatian Chamber of Commerce. Photo: Pexels.com These are small protected areas, of a few square kilometers, which do not have to be in an important fishing zone, but must be suitable for spawning. This is determined in agreement with biologists, and once established, they regenerate very quickly and become known to them.  It is a special form of protection that completely prohibits any exploitation of the seabed for the protection of ecosystems and cultural assets, and they have proven to be excellent in preserving biodiversity, but also in economic development. As Dorušić points out, numerous scientific studies, from the Mediterranean to the Pacific Ocean, show that biomass in protected areas is on average 670 percent higher than in neighboring unprotected areas. Fish from protected areas live longer and are much larger than specimens from the surrounding unprotected sea, and it could be the secret of rapid population recovery in size. Namely, research has shown that larger specimens of fish produce much more eggs. Thus groupers 50 centimeters in size produce about a million eggs, while only ten centimeters larger females produce about 3 million. When asked if Croatia has such attractive diving locations, Dorušić believes that we have many such locations, in fact, that we are certainly number one in Europe, and even in the top of the world in terms of the number of wrecks in the sea that have attractiveness and historical importance. “But the problem is that apart from that iron you don’t see a niche, there are no fish, while in other similar locations you can see huge groupers and teeth coming to you and not afraid of the diver. It attracts people, but we are not yet sufficiently aware of how much wealth we have, so it happens that people drop anchors in locations where we have shipwrecks that are cultural assets.”, Explains Dorušić, noting that the protection of selected areas would quickly restore the fish stock, which would immediately attract divers.  This type of protection usually encounters resistance from small fishermen, but it is actually great news for them because with the renewal of the fish stock comes the effect of the so-called. overflowing fish into adjacent areas where hunting is allowed. Again, everything is in education and communication and such an important synergy with the local population, and in this case with local fishermen.  And a larger number of guests is good news for everyone because they are mostly tourists of higher purchasing power who spend only one fifth (18 percent) of their budget on diving, while the rest is spent on accommodation, food, souvenirs, etc. So, with four fifths of the budget they strengthen the economy of the local community, and as they come a little earlier than the peak season and stay longer, like boaters, they extend the tourist season. “Today, with the help of video surveillance and ultrasound probes, you can see in real time what is happening in protected locations and alert the competent services, so that the problem of control can no longer be an excuse. After all, according to the experience of other countries, no special protection is needed, because most of these zones are guarded by divers themselves and they report to the police if devastation occurs. “, explains Dorušić and points out that in tourism it is most difficult to fight the competition by doing what everyone else knows, such as renting rooms and apartments.  It is unfortunate that in the 21st century, the digital age where we have all the information and decades of tourism, we have to talk about this topic today and that we have not been leaders in this segment for a long time. Or at least systematically engaged in the development and “fought” to be at the top, both the protection of our seabed and the development of diving tourism. Whatever segment we touch in tourism, we have chaos, which is just another proof that more and more is happening to us more and more spontaneously, and that there is not so much key strategic and sustainable development of tourism and tourist destinations. “You have a great example of New Zealand where small-scale fishermen fought against bans in protected areas, and today they insist on establishing more protected zones because they have better catches in the surrounding areas.”, Emphasizes Dorusic, adding that the problem is in the competent institutions, which have always referred to the problem of supervision, under the pretext – what if we declare it a protected zone, and we can not control it.  “But when you have a product that is different, more interesting and more specific, like diving, then it is not so difficult to reach the guests and you will always be filled. We need to fight for the protection of the seabed because it brings benefits to all, and if we do not do it ourselves, no one else will do it for us”, Concludes Dorušić.   Yes, we definitely need the protection of our submarine as well as the “no take” zone, as the first basis for strategic development in general. We are late again, if not more then at least 10 years, and we are still not dealing with challenges, but we are still just talking. While we are not engaged in development and stagnation, others are growing, and the jazz between the successful and us is getting bigger and bigger.last_img read more


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first_imgTopics : “In this low price environment, Medco has sufficient liquidity and supporting structures in place,” writes the company in its latest update presentation on March 17.Global crude oil prices fell about 30 percent on March 9 after Saudi Arabia, the world’s largest oil exporter, slashed selling prices and set plans to increase crude production, effectively starting a price war between oil exporting countries.International oil price benchmark Brent fell 60.2 percent year-to-date to $26.37 per barrel on March 26, Bloomberg data shows.Indonesia’s Upstream Oil and Gas Special Regulatory Taskforce (SKKMigas) previously said the government would make sure domestic oil and gas production rates remained unchanged. However, as industry analysts have pointed out, many oil companies need deep spending cuts to protect their cash flows.Medco stocks, publicly traded at the Indonesia Stock Exchange (IDX) as MEDC, rose 5.85 percent in the afternoon break on March 27 in line with the increase in  the benchmark Jakarta Composite Index’s (JCI), which rose 5.13 percent. Publicly listed oil and gas company PT Medco Energi Internasional has slashed its capital expenditure and production targets this year because of weakened global demand and the recent oil price crash.Indonesia’s eighth most productive oil producer plans to reduce its 2020 capital expenditure by 30 percent to US$240 million “with potential for further 2021 reductions”. Three quarters of the funds are to go to Medco’s oil and gas business. The remainder is to go to the company’s electricity ventures.Medco also plans to slash oil and gas production – “into 2021 and beyond” – by 5 million barrels of oil equivalent per day (mboepd) to 105 mboepd this year. The company may further cut production by 5 mboepd if demand weakens.last_img read more


first_imgArkadiusz Milik has emerged as Napoli’s first-choice frontman this season (Getty Images)Mertens’ blistering form allied to another serious knee injury for Milik meant he was relegated down the pecking order under Sarri, however, he has been pivotal to Ancelotti thus far, top-scoring for his side with 16 goals in 28 Serie A games. His superior physicality and hold-up play to the diminutive Belgian has been a factor in his rise in importance.AdvertisementAlthough Mertens has still made an important contribution with 11 league goals and nine assists, he has already made more substitute appearances (11) this term than in the previous two seasons combined (10), highlighting his more reduced role in Ancelotti’s plans.Part of the reason for that has been Lorenzo Insigne’s redeployment as a second striker in a central position after playing out wide under Sarri. Insigne’s stats haven’t been as eye-catching as Mertens’ – nine goals and six assists – yet his greater understanding with Milik could see him get the nod at the Emirates.Area of weaknessNapoli have plenty of attacking weapons with which to inflict damage on Arsenal with Milik, Mertens and Insigne all in double figures for goals this season in all competitions and Jose Callejon likewise in the assists charts.However, while Ancelotti will be confident in his attackers’ ability to cause Arsenal problems, Emery will be equally hopeful that his own set of forwards can do damage at the other end of the pitch given Napoli’s own defensive issues of late.‘We’re defending badly at the moment, even when it was 11 against 10, and that means we cannot control the game. If you control the game, you don’t allow counter-attacks, you don’t let the opposition to turn and run at you,’ Ancelotti said at the weekend. Maurizio Sarri received plenty of praise for Napoli’s style of play (Getty Images)Having taken over a side that achieved a points tally of 91 in the 2017-18 Serie A season, Ancelotti was wary of trying to change too much, too soon. He acknowledged as much in October, saying: ‘I don’t want my squad to have only one identity, I want it to have many. My goal is not to take apart the legacy that has been constructed here.’Ancelotti’s desire to keep remnants of Sarri’s style intact have been clear in some respects. Napoli top the possession stakes in Serie A this season once more, for instance, although their average rate has shrunk from 60.3% last season down to 56.7% this. They remain a potent goal threat too, scoring on average 1.87 goals per game, compared to 2.02 last term.4-3-3 to 4-4-2Nevertheless, there have been obvious changes. The first major shift away from ‘Sarri-ball’ came in pre-season when Jorginho – Napoli’s metronomic midfield centrepiece under Sarri – was whisked off to do the same job at Chelsea just a day after Sarri had been paraded around Stamford Bridge.Napoli opted against signing a natural replacement for Jorginho with the more adaptable and attack-minded Fabian Ruiz joining in a £27m deal from Real Betis instead.AdvertisementAdvertisementAt first, Ancelotti retained Sarri’s favoured 4-3-3 system and attempted to re-purpose Marek Hamsik as the team’s midfield lynchpin in the ‘Jorginho role’ after persuading him to stay in Naples last summer amid interest from China. Napoli have been leaky at the back in recent matches (Getty Images)‘It’s an alarm bell, certainly, because if we play like this in London, then we’re in trouble.’Despite the presence of the £130m rated Kalidou Koulibaly in their backline, Napoli haven’t kept a clean sheet since beating Salzburg 3-0 in their Europa League last-16 first leg six matches ago, conceding eight goals in that time.AdvertisementNapoli’s propensity to keep the ball at will under Sarri played a part in their impressive defensive record last season but Ancelotti’s more open style is perhaps partly to blame for the team conceding more goals per game this season than in 2017-18.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalEx-Arsenal scout claims Mikel Arteta will give Thomas Partey a new role Advertisement Arsenal return to continental duty on Thursday as they host Napoli in the Europa League quarter-final first leg and there will be a familiar face in the opposition dugout.The Emirates faithful will know all about Carlo Ancelotti having seen a couple of his team’s steamroller Arsenal in their own back yard: Didier Drogba inflicting the damage in a 3-0 win in November 2009 and Bayern Munich doing so collectively in a 5-1 hammering just over two years ago.Ancelotti also presided over a 0-0 stalemate at the Emirates in a Champions League last-16 first leg clash in 2008 – a result that put his AC Milan side in the driving seat before a shock 2-0 defeat in the return. A similar outcome tonight, however, would set Ancelotti’s latest club Napoli up quite nicely, given their excellent home record and Arsenal’s rather shoddy away one.AdvertisementAdvertisementThis latest encounter between Ancelotti and Arsenal at the Emirates is a little different to the others, though. It will be the first time he locks horns with Unai Emery for a start, while Napoli, despite their qualities, are not as strong as Milan in 2008, Chelsea in 2009 or Bayern in 2017.ADVERTISEMENTNapoli might be the slight favourites according to the bookies’ but it is debatable whether or not they are as tough a proposition now as they might have been this time 12 months ago when managed by current Chelsea boss, Maurizio Sarri.Moving away from Sarri-ballAncelotti inherited statistically the greatest-ever runner-up in Serie A history when taking the reins at Napoli last summer before Sarri had even formally been dismissed. It was an intriguing appointment given the differences in style between the two coaches.Sarri, as Chelsea fans have discovered this season, is utterly embedded to his coaching philosophy and unshakable in his set of footballing principles. Ancelotti, meanwhile, has a reputation for being far more laissez-fair in his approach, generally adapting his methods to the players at his disposal rather than imposing a set style upon them. CommentShare this article via facebookShare this article via twitter165Shares By Oliver Young-MylesThursday 11 Apr 2019 6:00 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link165Shares The departures of Jorginho and Marek Hamsik have resulted in Napoli changing their shape under Carlo Ancelotti (Getty Images)The experiment didn’t work, Ancelotti ditched the 4-3-3 for a 4-4-2 by early October and Hamsik belatedly made the trip to the Chinese Super League in February, moving to Dalian Yifang. Both Jorginho and Hamsik were pivotal parts of Sarri’s Napoli puzzle and both have since moved on.According to Whoscored, Napoli have started a match in a 4-4-2 formation in 23 of their 31 Serie A games this season, while in European competition they have done so in nine out of ten games. Only in their Champions League opener away to Red Star Belgrade, did Ancelotti send his side out in a system other 4-4-2.Milik the focal pointAllan and Ruiz have emerged as Napoli’s key central midfielders since Jorginho and Hamsik have left, with Piotr Zielinski also becoming a fixture in the side from a tucked in position off the left flank, but there have been other key personnel changes further up the pitch.Arguably the biggest beneficiary to a new manager and subsequent switch in approach is the Polish striker Arkadiusz Milik, who has taken Dries Mertens’ place as the focal point of Napoli’s attack.Milik had been signed as a direct replacement for Gonzalo Higuain in 2016 but a cruciate knee ligament injury sustained a couple of months into his spell in Naples resulted in Sarri turning to Dries Mertens as his first-choice striker. Advertisement How Arsenal’s Europa League opponents Napoli have moved on from ‘Sarri-ball’ under Carlo Ancelottilast_img read more


first_imgAdvertisement Metro Sport ReporterSunday 28 Jun 2020 8:59 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link6kShares Comment Chelsea handed Ben Chilwell boost as Ajax confirm Arsenal transfer target can go Chilwell is set to leave Leicester (Picture: Getty)Chelsea’s hopes of landing Ben Chilwell this summer have been boosted after Ajax confirmed Nicolas Tagliafico is free to leave the club this summer. Tagliafico is Leicester’s top target to replace England international Chilwell, should he get his wish of moving to Stamford Bridge. Brendan Rodgers is a big admirer of the Argentine left-back, 27, and he is ready to make a play for him in the summer transfer market as he grows increasingly resigned to losing Chilwell. Chelsea had also been watching Tagliafico but have made Chilwell their top target, while Arsenal have also flashed admiring glances in his direction. AdvertisementAdvertisementADVERTISEMENTAnd the Gunners could rival Leicester for his signature after it was confirmed by Ajax boss Erik Ten Hag that he will be allowed to leave this summer. He told Het Parool: ‘For [Andre] Onana and [Donny] Van de Beek, another year at Ajax could certainly be an option. Advertisement Tagliafico could come to the Premier League (Photo by ANP Sport via Getty Images)‘For Tagliafico – because os his age – something different. ‘In preparation I will try Lisandro Martinez in that position.’After capturing Hakim Ziyech and Timo Werner, Chilwell is now Frank Lampard’s top summer target.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalLampard does not consider current left-back options Marcos Alonso and Emerson Palmieri as up to scratch and they are hopeful of landing Chilwell. Should Leicester refuse to sell, Tagliafico is viewed as Plan B and he would be significantly cheaper than the £85million wanted by Leicester for Chilwell. However, it seems more likely Tagliafico, who is keen on a move to the Premier League, will join the Champions League-chasing Foxes as a replacement for Chilwell, unless Arsenal also decide to join the hunt for his signature.Should Chelsea sign Chilwell?Yes0%No0%Share your resultsShare your resultsTweet your resultsFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram. For more stories like this, check our sport page.last_img read more


first_img Efficiency,  Government Reform,  Government That Works,  Pension Reform,  Press Release,  Results Harrisburg, PA – Pennsylvania Governor Tom Wolf and Treasurer Joe Torsella today wrote the boards of the state’s two largest pension funds to reduce investment costs by moving away from Wall Street money managers, implement administrative efficiencies, and increase savings opportunities.“The evidence is clear that passive investment can yield similar or even better returns than Wall Street money managers and reducing these fees could save billions for the funds and taxpayers over the long-term,” Governor Wolf said. “I applaud Treasurer Torsella for his cooperation and leadership on reducing money manager fees and our hope is that the pension funds can proactively do the same.”“Every dollar that we save in Wall Street fees is a dollar we can keep in the pockets of Pennsylvanians. While Treasury has led the charge in being responsible stewards of taxpayer money by reducing investment fees, all of us have much more work to do,” said Torsella. “I greatly appreciate the cooperation and effective leadership Governor Wolf has shown in urging the pension funds to embrace common sense savings and reforms.”In the letters, Governor Wolf and Treasurer Torsella ask the boards of both the State Employees Retirement System and the Pennsylvania State Employees’ Retirement System to work towards three goals: Reduction of Investment Management Fees.The PSERS Board does not have the ability to control market returns, salary growth or inflation rate.  However, the amount the System pays for investment management is well within the control of the Board.  According to its most recent annual report, the System paid approximately $416 million in total investment expenses.  PSERS represents its “total investment expenses” ratio to be 65 basis points.[2] Though PSERS has had some success in reducing active management costs by moving investments in domestic public equities into indexing strategies, according to a study of 33 comparable pension funds by the Maryland Public Policy Institute, PSERS’ expense ratio remains well above both the average (48 bpts) and the median (39 bpts) of state-managed pension funds.[3]  Indeed, when both SERS and PSERS are considered together, the Pew Charitable Trusts ranks Pennsylvania 4th highest in the nation in terms of fees paid as a percent of assets under management. We should do better.To this end, we ask that the Board formally adopt fee caps to substantially reduce manager fees to a level between the national average and median among state pension systems over the next three years.  Assuming a reduction of the expense ratio by 20 basis points for example, this step alone could save PSERS approximately $100 million annually and add approximately $10.2 billion to the System’s returns (compounded over 30 years).Consolidation of Pension Investment Operations.Both SERS and PSERS maintain independent responsibility for overseeing and investing each system’s funds. Though each fund has unique investment liability profiles, there is substantial redundancy in investment and back office support operations – including common professional consultants and investment managers. Reducing these redundancies and beginning the process of establishing a consolidated operation that would assume the responsibility for executing the investment strategies of each of the pension systems would present substantial cost savings opportunities for the Commonwealth and beneficiaries of the two systems.In varying forms, other states such as Florida, New Jersey and Wisconsin have established central investment authorities to manage the assets of separate pension and investment boards. Instead of duplicating the Commonwealth’s pension investment operations among several systems, there are efficiencies that could be realized by consolidating these operations (potentially including PMERS). For example, periodically, both SERS and PSERS have retained actuarial advisor and private equity consulting services from the same provider, yet under separate contracts.SERS and PSERS could share investment consultants, advisors and certain support services in an effort to reduce costs. A concerted effort should be made by both boards to identify common investment and support service needs, to cooperatively select providers and to merge support operations, in order to leverage the capacity and purchasing power of the combined funds.Establishment of Deferred Compensation Program for PSERS members.Originally enacted in 1987, the deferred compensation savings program administered by SERS is an effective and low cost defined contribution investment opportunity that allows state employees to supplement their retirement savings.  Though an excellent program, a similar state administered program is not offered by PSERS to public school educators and employees.  With a $25,000 average annual benefit paid to retired public school employees, there is need for supplemental retirement savings.The System should develop a comprehensive plan and identify steps necessary to provide low-cost, supplemental retirement savings opportunities PSERS members.  Most public school districts are too small or otherwise unable to provide a similar low-cost defined contribution plan.  Creating a new deferred compensation program available to a public school teachers and school employees (PSERS members) is a tangible step toward ensuring more people have access to tools necessary for a secure retirement.Unfortunately, a recent National Institute on Retirement Security study asserts that 45% of working age households have no retirement savings.  For those households that do have savings, the study estimates that the median retirement savings account balance is $3,000.  Though the creation of a tax deferred supplemental retirement savings program will not solve this problem, it does represent an important step in providing low cost savings opportunities.  As such, we ask the Board to identify actions, legislative or executive, necessary to establish a state deferred compensation program to the thousands of local public school employees through the Commonwealth.By taking these three commonsense steps towards reducing fees, eliminating inefficiencies and expanding savings opportunities we can save billions of dollars and improve our pension systems.  Achieving pension reform through legislation remains a priority this session.  But it is also important to look at our operations to see how we can achieve real reform with the authority we already possess.  In our capacities as Governor and Treasurer, we are mutually committed to working together and with you and your colleagues on both pension boards to maximize returns while reducing costs. Governor Wolf, Treasurer Torsella Push Pension Funds to Reduce Wall Street Fees, Costs SHARE Email Facebook Twitter Reduction of Investment Management Fees to National Average.The SERS Board does not have the ability to control market returns, salary growth or the inflation rate. However, the amount the System pays for investment management is well within the control of the Board.  According to its most recent annual report, the System paid approximately $167 million in investment expenses on $26.1 billion in assets under management and reports its fees as 62 basis points – a total that may understate the non-primary level fees paid in fund-of-funds investments. Though SERS has experienced some success in reducing investment costs over the past six years, according to a study of 33 comparable pension funds by the Maryland Public Policy Institute, SERS’ expense ratio remains well above both the average (48 bpts) and the median (39 bpts) of state-managed pension funds.[1]  Indeed, when both SERS and PSERS are considered together, the Pew Charitable Trust ranks Pennsylvania 4th highest in the nation in terms of fees paid as a percent of assets under management.  We can and should do much better.To this end, we ask that the Board formally adopt annual fee caps to substantially reduce manager fees to a level between the national average and median among state pension systems over the next three years.  Assuming a reduction of the expense ratio to 45 bpts, this step could save SERS approximately $46 million annually and add approximately $4.5 billion to the System’s returns (compounded over 30 years).Consolidation of Pension Investment and Support Operations.Both SERS and PSERS maintain independent responsibility for overseeing and investing each system’s funds.  Though each fund has unique investment liability profiles, there is substantial redundancy in investment and back office support operations — including common professional consultants and investment managers.  Reducing these redundancies and beginning the process of establishing a consolidated operation that would assume the responsibility for executing the investment and operational functions of each of the pension systems would present substantial cost savings opportunities for the Commonwealth and beneficiaries of the two systems.In varying forms, other states such as Florida, New Jersey and Wisconsin have established consolidated functions to manage the assets of separate pension and investment boards. Instead of duplicating the Commonwealth’s pension investment operations among several systems, there are substantial efficiencies that could be realized by consolidating these operations (potentially also including PMERS). For example, periodically both SERS and PSERS have retained actuarial advisor and private equity consulting services from the same provider, yet under separate contracts. SERS, PSERS (and potentially PMERS) could share investment consultants, advisers and certain support services in an effort to reduce costs. A concerted effort should be made by both boards to identify common investment and support service needs, to cooperatively select providers, and to merge support operations, leveraging the capacity and purchasing power of the combined funds.Expansion of Deferred Compensation ProgramOriginally enacted in 1987, the deferred compensation savings program administered by SERS is an effective and low cost defined contribution investment opportunity that allows state employees to supplement their retirement savings at no cost to taxpayers. Though an excellent program, the participation rate of eligible state employees is less than 30%. With a $25,000 average annual benefit paid to state employees, there is need for supplemental retirement savings.The System should develop a comprehensive plan to increase the participation rate among active state workers and to identify steps necessary to open the program to local municipal, township and county employees throughout the Commonwealth. Most political subdivisions are too small or otherwise unable to provide a similar low-cost defined contribution plan. Making the existing state deferred compensation program available to a new class of workers is a tangible step toward ensuring more people have access to tools necessary for a secure retirement.Unfortunately, a recent National Institute on Retirement Security study asserts that 45% of working age households have no retirement savings. For those households that do have savings, the study estimates that the median retirement savings account balance is $3,000. Expansion of the deferred compensation program would not solve this problem, but it would represent an important step in providing low-cost savings opportunities. The enabling legislation for the deferred compensation program envisioned making it available to local government employees. We therefore ask the Board to identify actions necessary to open the existing state deferred compensation program to the thousands of local public service employees through the Commonwealth. While legislative action may ultimately be required in certain cases, we ask the Board to take whatever steps it can to begin the expansion process now.By taking these three commonsense steps towards reducing fees, eliminating inefficiencies and expanding savings opportunities we can save billions of dollars and improve our pension systems. Achieving pension reform through legislation remains a priority this session. But it also important to look at our operations to see how we can achieve real reform with the authority we already possess. In our capacities as Governor and Treasurer, we are mutually committed to working together and with you and your colleagues on both pension boards to maximize returns while reducing costs.The full text of the letter to PSERS is below:Dear ____[PSERS board member]__________:We write to urge your consideration and active support for three initiatives that would both save money and increase retirement security for public employees.  Reducing investment cost, implementing administrative efficiencies and increasing saving opportunities are critical steps that the Public School Employees’ Retirement System should take immediately in order to better position itself to face future financial challenges.In particular, we formally request that the following matters be prioritized for consideration and action at the earliest opportunity by the PSERS Board:center_img [1] SERS investment returns under this fee structure have been 6.5% 1 year, 4.3% 10 year and 7.2% 20 year.[2] It should be noted that according to PSERS, a majority of the expenses ($396 million) were paid to external managers at 85 basis points. A more complete representation of PSERS’ expense ratio would be 82 basis points on $50.4 billion in assets under management.[3] PSERS investment returns under this fee structure have been, for fiscal year ending 2016, 1.29% 1 year, 6.01% 5 year, 4.94% 10 year. April 13, 2017 Reduce Wall Street Fees to National Average:“When both SERS and PSERS are considered together, the Pew Charitable Trust ranks Pennsylvania 4th highest in the nation in terms of fees paid as a percent of assets under management.  We can and should do much better.“To this end, we ask that the Board formally adopt annual fee caps to substantially reduce manager fees to a level between the national average and median among state pension systems over the next three years. Assuming a reduction of the expense ratio to 45 bpts, this step could save SERS approximately $46 million annually and add approximately $4.5 billion to the System’s returns (compounded over 30 years).”Reduce Administration Costs through Consolidation of Pension Investment and Support Operations:“Both SERS and PSERS maintain independent responsibility for overseeing and investing each system’s funds. Though each fund has unique investment liability profiles, there is substantial redundancy in investment and back office support operations — including common professional consultants and investment managers.”Expand Deferred Compensation Program:“The System should develop a comprehensive plan to increase the participation rate among active state workers and to identify steps necessary to open the program to local municipal, township and county employees throughout the Commonwealth. Most political subdivisions are too small or otherwise unable to provide a similar low-cost defined contribution plan. Making the existing state deferred compensation program available to a new class of workers is a tangible step toward ensuring more people have access to tools necessary for a secure retirement.By taking these three commonsense steps towards reducing fees, eliminating inefficiencies and expanding savings opportunities, the Governor and Treasurer believe Pennsylvania can save billions of dollars and improve our pension systems.The two executive officers also said that achieving pension reform through legislation remains a priority this session but noted it is also important to look at operations to see how the commonwealth can achieve real reform with the authority already available.The full text of the letter to SERS is below:Dear ____[board member]__________:We write to urge your consideration and active support for three initiatives that would both save money and increase retirement security for public employees.  Reducing investment costs, implementing administrative efficiencies, and increasing saving opportunities are critical steps that the State Employees’ Retirement System should take immediately in order to better position itself to face future financial challenges.In particular, we formally request that the following matters be prioritized for consideration and action at the earliest opportunity by the SERS Board:last_img read more


first_imgThe Eagles, who are top of their 2021 Group L leaders, are scheduled to take on Sierra Leone in March after their back to back win over Lesotho and Benin Republic back in November 2019.The Franco-German, who will commence talks with the NFF over his contract renewal, stated that the list has been prepared and the technical crew at in touch with the players ahead of the match which comes up next month.”Yes, we are already in February and the matches are in March and we are in constant touch with all our players.” Rohr told reporters.Rohr submits Super Eagles list for AFCON 2021 Qualifiers – https://t.co/OTEkr068nF pic.twitter.com/FMJabugKm1— FootballLiveNG (@footballliveCH) February 5, 2020Read Also: Man United include Ighalo, two others in Europa League squad“We are going to make our list at the end of the month so that we can prepare for the match,” Rohr told journalist on Tuesday.The Eagles will host their West African neighbours on March 23 and will travel to Freetown for the reverse fixture eight days later.FacebookTwitterWhatsAppEmail分享 Promoted ContentTop 7 Best Car Manufacturers Of All Time8 Things You Didn’t Know About Coffee7 Ways To Understand Your Girlfriend Better8 Superfoods For Growing Hair Back And Stimulating Its Growth7 Of The Wealthiest Universities In The WorldWho Earns More Than Ronaldo?The Highest Paid Football Players In The World7 Ways To Understand Your Girlfriend BetterWhat Happens To Your Brain When You Play Too Much Video Games?14 Hilarious Comics Made By Women You Need To Follow Right NowThe Best Cars Of All TimeTop 10 Most Romantic Nations In The World Super Eagles head Coach Gernot Rohr has discloses that the list of the players invited to prosecute the 2021 African Cup of Nations qualifiers will be released at the end of February.Advertisementcenter_img Loading… last_img read more