Finland’s earnings-related pension assets dwindle in second quarter

first_imgAsset levels in Finnish earnings-related pension schemes fell by €1.3bn in the second quarter to stand at €182.9bn at the end of June, as share prices fell and pension payouts overtook contributions, according to data from the Finnish Pension Alliance TELA.The amount of assets held in equities and equity-type investments dropped to €87.6bn at the end of June from €90.2bn at the end of March and shrank as a proportion of overall assets to 47.9% from 49%, the analysis showed.Fixed income investments grew over the same time period to €78bn, or 42.7% of overall earnings-related pension assets, from €77bn, or 41.7%.Property investments were unchanged in absolute values overall from three months before at €17.1bn, though they increased slightly as a proportion of all assets to 9.4% from 9.3%. TELA analyst Peter Halonen said: “This development has been affected by the fact pension costs are now higher than pension revenues – i.e. pensions now being paid out are more than the amount workers and employers are paying in as pension contributions.”He said, on top of this, the pension providers are facing a challenging investment environment, with returns diminishing as the year progresses.“In particular, share prices have fallen in the second quarter,” he said.However, the value of pension funds’ assets has been growing steadily, having quadrupled over the past 20 years, despite dips in 2008 and 2011, TELA said.TELA chief economist Reijo Vanne added that, while investment returns will cover part of the financing of pensions in Finland, the level of pension contributions is the more important factor.“The financial stability of the earnings-related pension system requires long-term contributions on the level agreed within the pensions reform, and the preparation for this is already in place,” he said.Under the terms of the Finnish pension reform, contributions within the earnings-related pension system are expected to stabilise at 24.4% from 2017 onwards, Vanne said. “This secures the financing of future pensions.”last_img read more

Mr. George B. Miller

first_imgMr. George B. Miller, age 55, of Patriot, Indiana, entered this life on November 3, 1960, in Madison, Indiana, the son of the late, William Thomas Miller and Iris Darlene (Blair) Turner Miller Reeves Turner. He was raised in Patriot, Indiana and was a 1979 graduate of the Switzerland County High School. George was united in marriage on October 15, 1983, in Patriot, Indiana, to Barbara Anne Sharpshair. He was a former Maintenance Technician in Patriot, Indiana. George was also employed for Hilltop Basic Resources for 15 years. He was employed for Hoerst Celenase in Florence, Kentucky, for 10 years. George was employed as a custodian for Dorman Products Inc. in Warsaw, Kentucky. George was a former member for 30 years at the Patriot Volunteer Fire Department where he served as a Volunteer Firefighter and was a past Fire Chief. George designed the Patriot Memorial Park in Patriot, Indiana and was very instrumental in getting a piece of steel from the 9/11 Twin Towers. George was a member of the Patriot Baptist Church in Patriot, Indiana. George was well known for being a self-employed handyman. He enjoyed fishing, bird watching, especially bald eagles, his front porch and the river. George also enjoyed socializing with his family and friends and never met a stranger. He loved his Patriot community where he will be dearly missed. George passed away at 6:04 pm, Wednesday, April 6, 2016, at the IU Health University Hospital in Indianapolis, Indiana.George will be dearly missed by his daughter: Crystal Miller & her companion: Brandon Fuller of Bennington, IN; his son: Christopher George Miller & his wife: Rachel of Vevay, IN; his step-daughter: Dawn Kelly of Quercus Grove, IN; his grandchildren: Kaine Steele, Tearra Steele, Trey Lane, Kiya Lane & Ellsie Miller; his sisters: Sara Forthman & her husband: Rev. Frank Jr. of Metropolis, IL, Terri Scudder of Trinity, TX & Ann Mattox & her husband: Barrie of West Chester, OH; his brothers: Daryl Miller of Richmond, IN & Paul Miller of Richmond, IN & Tom Miller of Charleston, SC; his step-sister: LaDonna Webber & her husband: Mike of Madison, IN; his step-brothers: Terry Reeves of Hanover, IN & Jeff Reeves of Red Lion, PA & his numerous nieces, nephews and other relatives.He was preceded in death by his parents: William Thomas Miller & Iris Darlene (Blair) Turner Miller Reeves Turner; his son: Steven Paul Miller, died March 23, 1988; his brothers: David & Frank Miller; his step-fathers: Billy Don Turner & Donley Dean “Bud” Reeves; his step-brother: Mike Reeves & his brother-in-law: Harold Scudder.Funeral services will be conducted Monday, April 11, 2016, at 1:00 pm, by Rev. Frank Forthman, Jr., at the Haskell & Morrison Funeral Home, 208 Ferry Street Vevay, Indiana 47043.Interment will follow in the Eastview Cemetery, Patriot, Indiana.Friends may call 3:00 pm – 8:00 pm, Sunday, April 10, 2016, at the Haskell & Morrison Funeral Home 208 Ferry Street Vevay, Indiana 47043.Fireman Services will be conducted at 7:30 pm, Sunday, April 10, 2016, at the funeral home.Memorial contributions may be made to Mr. George B. Miller Memorial Fund. Cards are available at the funeral home.last_img read more

Football: Chryst believes Wilcox is ‘great fit’ as new defensive coordinator

first_imgWhen asked about his new defensive coordinator Justin Wilcox in a press conference Monday, University of Wisconsin head football coach Paul Chryst said the same thing time and time again to describe Wilcox.“I really do think it’s a great fit for our staff and for our players and for this program,” Chryst said.That “great fit” that Chryst described numerous times has some big shoes to fill after the highly-touted and successful defensive coordinator Dave Aranda left to take the same position at LSU.Football: Wisconsin to hire Justin Wilcox as new defensive coordinatorThe Wisconsin football team is close to finalizing a deal to hire former University of Southern California defensive coordinator Justin Read…But for Wilcox, he’s not going to let those lofty expectations affect how he approaches the job.“I think when you start adding in external things you might lose track of what’s really important and that’s just preparing the team as best you can,” Wilcox said. “There are great coaches on the staff, again, I’m just a piece of it.”Any adversity Wilcox may see in his first season as the Badgers new defensive coordinator will be nothing that he hasn’t seen before.After finding success as a defensive coordinator at Boise State, Tennessee and Washington, Wilcox hit a rough patch when holding the same position at USC for the past two seasons. Not only was his head coach Steve Sarkisian forced to step down due to substance abuse problems, but Wilcox was also fired before the team’s bowl game.Wilcox, however, is looking at the situation he’s been in optimistically. He’s embracing it as just another chapter in his life, and he is more than ready for what is to come next.“That’s life in general,” Wilcox said. “Rarely do [things] go exactly how you planned them to go, so it’s when you do have a little adversity here or there that really makes you who you are.”In terms of what Wilcox is expected to bring to the team’s defensive system, Chryst hopes he will bring in a similar strategy to that of Aranda.Not only does the new defensive coordinator plan on implementing the same 3-4 defensive scheme that Aranda had in place, but the two also have a history together, according to Wilcox.When Aranda was coaching at Hawaii and Wilcox was at Boise, they had been in constant communication for a number of years and shared thoughts regarding “football things.”“I watched a lot of tape, we had shared ideas and things like that,” Wilcox said. “There is a lot of similarity. Some of the language may differ a little bit, but they played excellent defense. There is no doubt about it.”And while the current and former defensive coordinators see eye-to-eye, Chryst believes that he and his new assistant see eye-to-eye as well.Wilcox was not on top of the head coach’s list of potential replacements once Aranda told Chryst he was leaving, but Chyrst had heard enough about Wilcox that he wanted to find out more.What he found out was that Wilcox was a “great fit” for what he and the program were looking for.“The more I talked to people, and specifically when I talked to Justin, I got more energy,” Chryst said. “I’m excited for him to be coaching our kids.”last_img read more