Willis Towers Watson, Mercer eye DC switches for Dutch staff

first_imgUntil 2011, Willis Towers Watson offered all staff a defined benefit (DB) plan.The advisory giant’s decision to switch to DC is part of a trend among Dutch pension consultancies.In 2016, Mercer also adopted DC arrangements, choosing ABN Amro’s PPI for new staff.Smaller consultancies, including Montae, Focus Orange and Sprenkels & Verschuren, already have DC plans in place.Mercer considers DC shiftIn Mercer’s €129m pension fund, almost 200 staff are accruing a pension under DB arrangements. However, the employer would like to switch to DC, according to its most recent member newsletter.In 2016 and 2017, the sponsor had to pay additional contributions of €1.7m and €743,000, respectively, in order to plug the scheme’s funding gap.At September-end, its coverage ratio stood at 103.7% – still short of the minimum level of 105% required by the end of this year – which could make another additional payment necessary.The employer said that it didn’t have concrete plans for DC in the Netherlands yet, but added that it was Mercer’s global policy to offer its staff a DC pension.Marc Heemskerk, trustee at the pension fund, said he expected it would take some time before the active participants switched to DC, as the employer had to consult employee representatives about any changes first.“Subsequently, the sponsor and the pension fund have to discuss how to deal with the accrued pension rights and the employer’s duty to fill the funding gap,” he said.Currently, consultancies Aon and Ortec have no plans to switch from their current DB plans to DC, but both are seeking consolidation in pensions provision.Aon is in the process of transferring its pension schemes to its Belgium-based pan-European multi-company pension fund United Pensions.Last year, the Ortec pension fund joined Volo, a multi-employer scheme established by asset manager PGGM. However, the consultant is now seeking new options after PGGM recently announced that it would cease supporting Volo. Willis Towers Watson Netherlands is to wind up its company pension fund next year and transfer accrued pension rights to its own low-cost defined contribution vehicle (PPI).The scheme’s board said its existing arrangement’s costs were too high and it had to invest too much in governance relative to the pension fund’s scale.Next year existing staff will transfer to LifeSight, the company’s defined contribution (DC) fund. New staff have been enrolled into LifeSight since 2015. At the end of 2017 the pension fund had more than 400 participants, predominantly deferred members. It reported administration costs of €585 per participant for 2017.last_img read more

IMCA Late Model awards are new from FAST

first_imgFAST is a division of the Comp Performance Group and manufactures ignition components, as well as intake manifolds, throttle bodies and other EFI components. MEMPHIS, Tenn. – FAST expands its IMCA awards program again in 2020, giving a combination of product and product certificate awards in three divisions. Information about FAST products is available at the www.fuelairspark.com website, by calling 877 334-8355 and on Facebook.  Product certificates good for $100 again go to the other Modified and Stock Car regional rookies of the year, as well as to sixth through 10th place drivers in national point standings for the Late Models.  National rookies of the year in the IMCA Modified, IMCA Sunoco Stock Car and now IMCA Sunoco Late Model divisions all receive ignition boxes from the Memphis, Tenn., high performance parts manufacturer.  Awards given by the fourth-year IMCA sponsor will be presented during the national banquet this fall or mailed beginning the following week from the IMCA home office. “The expansion of the FAST program to include our Late Model drivers further displays a commitment to the division by not only IMCA, but our sponsors as well,” said IMCA Marketing Director Kevin Yoder. “It will be great to add these awards to the growing list of contingencies presented at our national banquet.”last_img read more

IHOC : Defensive letdowns cost Syracuse in loss to Ohio State

first_img Facebook Twitter Google+ Jenesica Drinkwater had one slip-up and it cost her and her Syracuse team. The SU goaltender blocked away a shot from Ohio State’s Ally Tarr that went off her facemask. Tarr kept skating toward the crease, and got to the puck sitting right in front of Drinkwater before she could cover it up.Tarr sent the puck into the back of the net for the eventual game-winning goal with 10:22 to go in the third period. As the siren sounded off to signal a goal, Drinkwater looked toward the ceiling in disbelief.‘It hit my helmet and I lost kind of control of it,’ Drinkwater said. ‘And as I went to go grab it the girl was right there to get her own rebound, so I just had to have more control and cover that right away instead of letting that rebound out for her to put it in.’Drinkwater’s gaffe on Tarr’s shot — one she’d usually secure — cost Syracuse (5-9) in its 4-3 loss to Ohio State (7-4-1, 5-4-1 Western Collegiate Hockey Association) inside Tennity Ice Pavilion Saturday night in front of 302 fans. The Orange also dropped it matchup with the Buckeyes 6-3 on Friday. Drinkwater, along with the rest of her defense performed efficiently for nearly the entire game on Saturday. But minor letdowns led to major goals for the Buckeyes whose offense struck when the opportunities arose.AdvertisementThis is placeholder textThroughout the game, Drinkwater played admirably, stopping numerous shots with acrobatic saves. Whether it was a kick-save, or snarling glove snag, the sophomore was impressive.Drinkwater finished with 35 saves, but it’s the one that got away from her at a critical juncture in the game with the Orange that she wish she could have done over again.With SU already trailing by one, Tarr’s goal gave OSU a comfortable cushion in the final period.‘It’s definitely frustrating in a game, it was still pretty close and then we could have had that tying goal right there at the end,’ Drinkwater said. ‘So yeah with less than ten minutes to go in the game and I let in a goal like that. I feel like it’s not the greatest goal to let in.’But Drinkwater’s one blunder was just a microcosm of the Syracuse defense’s performance. The defense played tough against an attacking Ohio State offense led by forwards Natalie Spooner and Laura McIntosh, but broke down occasionally to allow goals.With 5:19 left in the first period, Spooner and McIntosh displayed the two-headed tandem they are. After a Buckeyes player intercepted an Orange pass, Ohio State had an easy two-on-one. Spooner fed the puck to McIntosh who shot it right past Drinkwater’s right leg pad, tying the game 1-1.Then in the second period, OSU’s Sara Schmitt sent a long pass up to teammates Hokey Langan, who was on a breakaway. Langan kept her poise and buried the goal right past Drinkwater, who couldn’t do much to stop it.‘They capitalized. Very opportunistic and we just didn’t,’ SU head coach Paul Flanagan said. ‘And that was the difference in the ball game because otherwise it was pretty even.’And for part of the game, that’s exactly what the scoreboard indicated.SU took an early 1-0 lead in the first period after an Allie Lacombe goal. Later, Julie Knerr spun around in front of the net to bang home a goal that tied the game up at 2-2.The final offensive strike came from Margot Scharfe with 1:53 remaining in the contest when she was able to knock home a loose puck, to inch Syracuse closer to 4-3.But that fourth goal that came for Ohio State nine minutes earlier was the key. It’s a blemish Drinkwater and the SU defense could have prevented, and that makes the loss tough for SU to take.For most of the game, the Orange did prevent Ohio State from hitting the back of the net, but as freshman defender Jordyn Burns said, SU needs to keep its defense tight for all of the game, not most of it.‘We need to work on consistency a little bit,’ Burns said. ‘Playing the full 60 minutes.’[email protected] Commentscenter_img Published on November 19, 2011 at 12:00 pmlast_img read more