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NCUA first out with exec compensation proposal

first_img 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The NCUA Board on Thursday in a 3-0 vote released an interagency proposed rule aimed at preventing executive compensation that is excessive or could lead to material losses in credit unions. While revised from a 2011 proposal, in NAFCU’s view, it remains onerous and unnecessary.Comments on the proposal are due July 22; NAFCU is reviewing the proposed rule as it plans for an official comment letter.NCUA is the first of the federal financial industry regulators to reissue the proposal, which was first released jointly by the agencies in 2011 but was never approved in final form. Banks, securities firms and investment advisors are also affected, among others.The proposal includes grandfather provisions for incentive-based compensation arrangements that begin prior to the rule’s effective date, which would be 18 months following publication of any final rule in the Federal Register. In remaining cases: continue reading »last_img read more

Dutch roundup: Blue Sky, Zwitserleven, SNS Reaal, ASR, Chevron

first_imgA search – supported by consultant PwC – for a new provider concluded that Blue Sky Group offered the best “price-quality ratio”, as it specialises in non-insured company pension funds, the scheme’s board said.A spokesman for Zwitserleven said the insurer was disappointed about the pension fund’s decisions and that it had submitted a “market-consistent quote based on its specification”.“However, it has indicated that other providers had a better proposition on board support,” he said.According to the scheme’s board, costs at Blue Sky Group – including costs for actuaries and accountants – would be lower.In other news, the €370m pension fund of energy giant Chevron is to liquidate itself and transfer pension rights to insurer ASR.Pensions accrual will now occur in a new external defined contribution plan.Because Chevron has scaled back its activities in the Netherlands substantially, no more than 100 workers are to participate in the new scheme, it said.According to Kees Klink, the pension fund’s chairman, the drop in the number of active participants triggered the scheme’s liquidation.The Pensioenfonds Chevron was among the few remaining scheme’s with final salary arrangements.Thanks to a coverage ratio of 127% at the scheme, the board has been able to negotiate a deal with ASR where participants will be granted ongoing indexation based on the European consumer index, in addition to a one-off, partial compensation for indexation in arrears.“Under the new financial assessment framework, the latter would have been very difficult,” Klink added. The €2.7bn pension fund of banc-assurer SNS Reaal has replaced its pensions provider, SNS Reaal subsidiary Zwitserleven, with Blue Sky Group, pensions provider for the large KLM pension funds.Eelco Blauw, the scheme’s director, cited changing legislation as the chief reason for the decision.“Legal requirements for pension funds increasingly differ from those for insured pension arrangements,” he said.“Our scheme was the only uninsured one with Zwitserleven, which mainly focuses on insured pension plans.”last_img read more

Actuaries raise alarm over ability to transfer pension assets cross border

first_imgIt also retained much of the European Commission’s initial wording that would allow pension funds to question a regulator’s decision in court – powers not granted under the 2003’s Directive.“Multinationals will be extremely reluctant to invest the time and effort in working with all the stakeholders to proceed with the transfer if the transferring regulator can simply refuse to transfer on the grounds of their opinion,” Kelly said.“It also means it will be more difficult for multinational companies to sustain existing mature DB plans without the tool of combining these.”The ACA added that the veto could “kill” defined benefit cross-border activity, despite attempts by member states to relax the procedure whereby cross-border funds could be established – such as funding requirements.The number of cross-border funds has been limited since the initial IORP Directive was transposed, stagnating for three years from 2010 and only increasing from 82 to 86 at the end of 2013.French pension fund UMR was in 2012 considering the transfer of its assets to a Belgian organisation for financing pensions (OFP).In 2013, IPE was given to understand that the French regulator, Autorité de Contrôle des Assurances et des Mutuelles, “advised” the scheme not to proceed. The UK’s Association of Consulting Actuaries (ACA) has raised concerns that the latest draft of the IORP Directive will hamper a pension fund sponsor’s ability to transfer pension assets across European borders.Its chairman Paul Kelly said it was “perverse” the Directive, ostensibly meant to promote cross-border activity and enable the easy transfer of assets, would make it “extremely difficult” to do so.Kelly cited wording in the latest Council of the EU compromise draft that said the regulators of the IORP’s home member state should have the ability to, according to him, “refuse to transfer on the grounds of their opinion”.The latest draft, drawn up in late November, said regulators from home member states should be able to stop a transfer of assets should it consider the interests of members not “adequately protected during and after” the transfer.last_img read more

Big money in cannabis

first_imgGovernment could make $150 million annually from taxing cannabisStuff 19 July 2016Family First Comment: Sigh! What a dopey argument. There’s good money in the drug P also. And sex trafficking (unfortunately). Should we decriminalise and just make money off them?? There’s a moral and public safety argument that should take priority.Decriminalising cannabis would generate money for the Government and ease pressure on New Zealand’s courts according to an informal Treasury report.The documents obtained under the Official Information Act by Nelson lawyer Sue Grey came from an internal Treasury forum “to test policy thinking on a range of issues in the public domain,” Finance Minister Bill English said.The documents reveal Government spends about $400 million annually enforcing prohibition whereas decriminalisation would generate about $150m in revenue from taxing cannabis.Moreover, it said reforming drug policies would “ease pressure on the justice sector, and lead to fewer criminal convictions for youth and Maori”.Drug prohibition in New Zealand disproportionately affects males, Maori and youth. In 2001 Maori made up 14.5 per cent of the population but received 43 per cent of convictions for cannabis use.The report also noted that “drug reform isn’t a particularly radical idea these days”.“It’s supported by The Economist and the Global Commission on Drug Policy, as well as reports by our Health Select Committee and the Law Commission.READ MORE: up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

EPL: Liverpool survive Watford scare

first_imgRelatedPosts Mane double eases Liverpool to win over 10-man Chelsea Trio of signings make instant impact as Everton stun Spurs Mane beats De Bruyne to PFA Fans’ Player award For the second time in four days, Liverpool forward Mohamed Salah showed a touch of class to score two brilliantly different goals as the Premier League leaders made it 16 wins out of 17 in a 2-0 win over Watford. Neither may have had the pin-point precision of his narrow-angle effort against Red Bull Salzburg in the Champions League, but his lofted finish over goalkeeper Ben Foster oozed quality, while his clever 90th-minute backheel showed quick-thinking. Quality was something of a rare commodity in the early kick-off at Anfield as the visitors made life difficult and could arguably have taken at least a point from Nigel Pearson’s first match in charge with better finishing. Salah showed them how it should be done with his fourth goal in three games – taking his tally to 13 for the campaign – and his eighth in five appearances against the Hornets. Watford have scored only nine Premier League goals this season and on the evidence of their first half it was easy to see why as only a comedy of errors prevented them taking the lead. In only the sixth minute Troy Deeney went with the wrong foot in trying to convert a cross from Ismalia Sarr and missed from eight yards. Worse was to follow as Will Hughes skimmed a shot wide with three team-mates in close proximity before the circus really came to town as both Abdoulaye Doucoure and Sarr had embarrassing mis-kicks in front of goal. Nigel Pearson was taking charge of his first match as Watford manager (Peter Byrne/PA) By the time the latter had shinned it after Alisson Becker had parried Gerard Deulofeu’s shot, Liverpool were ahead with a clinical counter-attack. They broke from a Watford corner, won as a result of the Doucoure miss, with Roberto Firmino releasing Mane down the left. He in turn put Salah through one-on-one with Kiko Femenia and the Egypt international cut back onto his right foot before curling a shot up and over Foster which, judging by the spin of the ball, appeared to be wind-assisted. It was the one moment of quality in a half which saw the hosts dominate possession but struggle to break down opponents who retreated 11 men to within 40 yards of their own goal when out of possession. One driving run from Mane through the inside-left channel broke through those defences but Jordan Henderson blazed well over from the cross. Mane was also put off by Foster charging out of his goal to force a heavy touch after Salah had held off two defenders to play his team-mate through on goal. Alisson made two good saves early in the second half, one from Sarr and the other from Deulofeu – in between much Mane had his powerful, flicked header from Xherdan Shaqiri’s cross ruled out after VAR adjudged his hip was fractionally offside. Liverpool’s injury worries – they are already missing centre-backs Joel Matip and Dejan Lovren and midfielder Fabinho – deepened when Georginio Wijnaldum was forced off with an apparent hamstring problem. If Watford were their own worst enemies in the first half it was Liverpool’s turn after the break with over-complication in the penalty area seeing Firmino and Salah spurn chances. But the worst incidence came 10 minutes from time when Virgil Van Dijk side-footed a 20-yard back pass past Alisson and could only watch with relief as the ball trickled past the post. Warmer climes now beckon as Liverpool head to Qatar for the Club World Cup, meaning they miss next weekend’s action and will have a match in hand of their rivals. By the time they return their lead may have been cut to seven points but they will remain top of the tree at Christmas as their quest for a first title in 30 years gathers pace.— Tags: Abdoulaye DoucoureDivock OrigiGerard DeulofeuKiko FemeniaMohammed SalahSadio Manelast_img read more

Wenger certain of Henry return

first_img Wenger remains unconvinced Henry has the appetite to continue his playing career, although believes the World Cup winner has some unfinished business with the French national team, amid suggestions the veteran would be offered an honorary international cap for a potential friendly against Brazil in 2016. “I think that is the minimum the French (Football) Federation can do. After what happened with (Republic of) Ireland in the (2010 World Cup) qualifiers, the situation was not handled too well by the federation,” Wenger said. “I don’t think the feeling between Henry and the (French) federation was good at the time and I think they owe him that. I hope he will get that, and get the honour he deserves.” Arsenal tackle Southampton with injury concerns in defence over Nacho Monreal and Kieran Gibbs, which could see Mathieu Flamini asked to play at the back, with 19-year-old Hector Bellerin also on stand-by. The Saints were beaten 3-0 at home by Manchester City on Sunday, which saw Ronald Koeman’s side drop to third place. Chelsea, who drew 0-0 at Sunderland, are now six points clear of champions City, with Arsenal and Manchester United both looking to make up ground this week. “After 13 or 14 games, you cannot say that (the championship race is over), you cannot say that (six points) is not catchable,” Wenger added. “We have not started very well, but we had never the squad together since the start of the season. It was a typical post-World Cup start. “I think we have what is requested to do it (challenge for the championship again). “We have to fight like mad now to come back as much as possible to show that we can compete in every single game. “We have fought many times for the title. People always remember who won it, but the fight has been very tight for long periods in the last eight or nine years. “We have a big competition in England, we have to accept that. The Premier League level goes always up and this season Chelsea has started very well. They will be difficult to catch, but everybody will fight to come back on them.” Arsenal boss Arsene Wenger feels Thierry Henry’s biggest challenge to becoming a successful manager will be the realisation that nothing else in life matters apart from the job. The Gunners boss would welcome some sort of role for Henry with them again in the future, although the exact nature will be down to the 37-year-old following a period of reflection. “Being a manager is a different job, but it is dedication. In this job, it is a dedication of your life. You have to realise there is nothing else (other) than that,” said Wenger, who is now the longest-serving manager in the top flight. “If you look around me, people who have worked without interruption for 30 years in this job, you will not find many.” ”Thierry is intelligent, committed, he loves the game. He just has to think, ‘Do I want to sacrifice all the rest of my life to be involved in that job?” Wenger added: ”Thierry is an Arsenal man. The best moment certainly of his life and of his career has been experienced here. ”Certainly one day he will come back here. In what role I don’t know, that is what he has to think about: what direction he wants to give to his next life.” Wenger feels having ex-Arsenal men on the bench can be positive, but only in the right balance. He said: “(Assistant Arsenal manager) Steve Bould is one of my ex-players, before I had Pat Rice. I think it is important to have a staff (who are former players at the club), but as well not too many, there is a right number.” Press Association Henry confirmed on Monday he will leave the New York Red Bulls after four-and-a-half years with the Major League Soccer franchise, prompting speculation over a return to the Barclays Premier League club. Wenger believes Henry, the Gunners’ record goalscorer, will always be “an Arsenal man”, having trained at their Hertfordshire base before a brief loan spell during January 2012. last_img read more

Ellsworth boys’ indoor track team wins Small-School title

first_imgORONO — The Ellsworth boys’ indoor track team won the Small-School Eastern Maine Indoor Track League title Saturday when it beat Orono by a whopping 64 points to take home the championship.On the track, Henry Scheff won the 55-meter hurdles with a time of 8.62 seconds. Ellsworth’s other track wins came courtesy of Matt Shea (1-mile run) and Nick Cormier (2-mile run).The Ellsworth boys’ team also enjoyed a successful day in the field, where Scheff (high jump), Nate Mason (long jump) and Beck Deeny (triple jump) won individual PVC championships. The Eagles finished the day with 146 points.Bucksport’s Carter Tolmasoff won the 55-meter dash on the boys’ side with a time of 6.74 seconds and also claimed first in the 200-meter dash with a time of 23.9 seconds. Bucksport’s Nate Sawyer (400-meter dash) and George Stevens Academy’s Meredith Bradshaw Thomas (800-meter run) also won conference titles.This is placeholder textThis is placeholder textOn the girls’ side, GSA enjoyed an excellent day with a second place finish behind Orono. Grace Broughton took first place in the 55-meter hurdles with a time of 9.74 seconds for the Eagles, who earned team wins in the 4-by-800 and 4-by-200 relays.Hancock County teams will head to Bates College in Lewiston for the Class B championships, which are scheduled to begin at noon Saturday, Feb. 16.last_img read more

Lewis’ maiden ton in vain as Lanka clinch dramatic one-run win.

first_imgBULAWAYO, Zimbabwe (CMC) – Evin Lewis struck his first ODI century but his knock was in vain as West Indies panicked in the death overs to hand Sri Lanka a nail-biting one-run win in the fifth game of the Tri-Nation Series at Queen’s Club here yesterday.Lewis scored an enterprising 148 to keep West Indies on course for victory, while cameos from captain Jason Holder and Carlos Brathwaite brought the Caribbean side within striking distance.But with ten runs needed in the final over to successfully chase a 300-plus target for the first time in ODIs, the Windies were bogged down by deliveries at the death from Nuwan Pradeep in a thrilling finish.Sri Lanka’s win secures a spot in Sunday’s final while West Indies and Zimbabwe meet tomorrow to decide who will advance.Victory guarantees West Indies a place in the finals while a tie or a no-result would knock Zimbabwe out.Lewis’ maiden ODI century contained 15 fours and four sixes as he kept West Indies in line with the asking rate for most of the chase.The Trinidad and Tobago batsman shared in two half-century partnerships that powered his side’s innings to 329 for nine after the home side amassed 330 for seven after they were sent in.He featured in an opening stand of 63 with Johnson Charles who scored 26 and 70 for the second wicket with Kraigg Brathwaite who got 16 and rode his luck several times during his backbone innings.Lewis, dropped on 26 and 41, survived an lbw decision on 53 as well as a run-out chance on 114 before he was stranded mid-pitch as a result of a mix-up with Holder.He was one of three batsmen who went by the run-out route, the others being Shai Hope for 25 and Jonathan Carter.Lewis’ departure saw West Indies slip to 262 for six with 69 needed from 57 balls until Holder and Brathwaite, who contributed 19, put together 45 runs for the seventh wicket to drag Windies within 24 runs shy of Sri Lanka’s score.Brathwaite was one of two victims of Nuwan Kulasekara who was Sri Lanka’s top bowler with two for 72.West Indies, who were cruising to the target for most of the game, found themselves needing 19 from ten balls, before ten runs were required from the final over.Sulieman Benn sparked excitement in the Windies camp when he hit the second delivery of Pradeep’s over, over deep midwicket and then holed out to sweeper cover with three needed from the final three deliveries.Holder, who then needed three from the final ball, managed a shot to cover for a single as Sri Lanka prevailed.Holder, who was not out on 45, also finished as the leading wicket-taker for his side with three wickets for 57 runs.Earlier, two Sri Lankan batsmen missed out on centuries by exactly six runs after the home side recovered from the loss of Kusal Perera in the third over with the score on 18.Niroshan Dickwella 94, Kusal Mendis 94 and Dhananjaya de Silva 58 were the top scorers for Sri Lanka who lost to West Indies at the start of the series.SRI LANKA inningsD. de Silva c & b K. Brathwaite 58M. Perera b Gabriel 7N. Dickwella lbw b Holder 94B. Mendis c Hope b Nurse 94D. Jayasuriya b CR Brathwaite 9W. Tharanga c Nurse b Holder 26D. Gunaratne c Powell b Holder 6S. Pathirana not out 24Extras: (lb-7, w-5) 12Total: (7 wickets, 50 overs) 330Fall of wickets 1-18, 2-123, 3-230, 4-258, 5-277, 6-291), 7-330.Bowling: Gabriel 5-0-29-1(w-1), Holder 10-0-57-3, C. Brathwaite 7-0-64-1 (w-2), Nurse 8-0-58-1, K. Brathwaite 10-0-56-1 (w-1), Benn 10-0-59-0 (w-1).WEST INDIES inningsJ. Charles c Tharanga b Lakmal 26E. Lewis run-out 148K. Brathwaite b Gunaratne 16 33S. Hope run-out (Pradeep) 25J. Carter run-out (Tharanga) 6R. Powell lbw b Kulasekara 10J. Holder not out 45C. Brathwaite b Kulasekara 19A. Nurse c Dickwella b Lakmal 2S. Benn c de Silva b Pradeep 11S. Gabriel not out 0Extras: (lb-6, w-15) 21Total: (9 wickets; 50 overs) 329Fall of wickets 1-63, 2-133, 3-175, 4-198, 5-224, 6-262, 7-307, 8-312, 9-328.Bowling: Kulasekara 10-0-73-2 (w-3), Lakmal 10-0-67-2 (w-3), Jayasuriya 4-0-20-0 (w-1), Pradeep 10-0-65-1 (w-3), Pathirana 7-0-51-0, Gunaratne 9-0-47-1(w-1).Points: Sri Lanka 4, West Indies 0.last_img read more

GOtv Boxing Night Mini Chance to Enhance My Reputation, Says Baby…

first_imgRilwan “Baby Face” Babatunde, reigning West African Boxing Union (WABU) welterweight champion, has stated that GOtv Boxing Night Mini is an opportunity to enhance his reputation and prepare for a possible shot at the African title.The maiden edition of the event holds on 16 November at the Rowe Park Sports Complex, Lagos.Speaking in an interview in Lagos yesterday, Babatunde, who remains undefeated, said the event will also provide other boxers the chance to beef up their fight records and keep them in shape. “Boxers need a lot of fights to test themselves and this is only possible when promotions are regular. It is no secret that I want the African title and GOtv Boxing Night Mini will help me realise this bid quicker,” Babatunde said.Babatunde commended the sponsors for introducing the new event, describing it as a right step in the right direction for Nigerian boxing.Boxers scheduled to fight at GOtv Boxing Night Mini include Rilwan “Real One” Oladosu, West African Boxing Union (WABU) lightweight champion; Waheed “Skoro” Usman, former African Boxing Union (ABU) featherweight champion; Kabiru “KB Godson” Towolawi, Opeyemi “Sense” Adeyemi and Sikiru “Omo Iya Eleja” Shogbesan.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Gallery: Syracuse players pugil fight after practice

first_img Published on August 19, 2015 at 9:14 pm Related Stories Gallery: Syracuse players test fears by rappelling down 45-foot wallCapt. Greg Durso details 4-year progression of Syracuse-Fort Drum relationship Text by Paul Schwedelson, asst. copy editor, FORT DRUM, N.Y. — Following a rifle demonstration at the conclusion of Wednesday’s practice, Syracuse head coach Scott Shafer stood in the center of a circle of SU players preparing to pugil fight.Shafer told his team that there would be two whistles: one at the start of the 20-second fighting period and another at the end. Players matched up one-on-one for the military-style bout, each with a pugil stick that was thick on each end and thin in the middle where the players placed their hands.Senior center Rob Trudo and senior defensive end Donnie Simmons started off the action as the surrounding players yelled and jumped whenever a swing was landed successfully.Shafer occasionally called out the two players that he wanted to see go up against each other and also sometimes asked certain positional groups to choose a representative. During some fights, Shafer cracked a wide grin while keeping the whistle in his mouth.A list of the matchups:AdvertisementThis is placeholder textTrudo (6’4”, 301 pounds) vs. Simmons (6’2”, 264 pounds)Ervin Philips, sophomore hybrid (5’11”, 181 pounds) vs. Antwan Cordy, sophomore safety (5’8”, 175 pounds)Eric Dungey, freshman quarterback (6’3”, 202 pounds) vs. Austin Wilson, sophomore quarterback (6’3”, 217 pounds)Colin Byrne, freshman offensive tackle (6’5”, 303 pounds) vs. Jake Pickard, freshman defensive end (6’5”, 244 pounds)Josh Parris, junior tight end (6’4”, 246 pounds) vs. Zaire Franklin, sophomore linebacker (6′, 230 pounds)Corey Winfield, sophomore cornerback (6’1”, 180 pounds) vs. Brisly Estime, junior wide receiver (5’9”, 178 pounds)Kendall Moore, junior tight end (6’5”, 245 pounds) vs. Jonathan Thomas, sophomore linebacker (6’1”, 214 pounds)Amir Ealey, freshman defensive end (6’3”, 237 pounds) vs. Evan Adams, freshman offensive guard (6’6”, 314 pounds)Matt Keller, freshman long snapper (5’11”, 217 pounds) vs. Keith Mitsuuchi senior long snapper (5’10”, 223 pounds)Here is a video of the Byrne (No. 64) vs. Pickard (No. 99) fight, taken by assistant sports editor Matt Schneidman:center_img Comments Facebook Twitter Google+last_img read more