Last week, I was fortunate enough to participate in Hyland’s annual Summer of Service volunteer event – one day dedicated to giving back to the local communities where we live, work and play. It seems like every year the volunteer day grows bigger and the activities more rewarding, and this year was no different.In one day, more than 400 Hyland volunteers gave their time working at 16 Cleveland nonprofits and donating more than 1,100 volunteer hours.Those hours were dedicated to landscaping, beach and community beautification, painting, repurposing toys for children with disabilities and putting together meals for the homeless, to name a few activities.It’s truly humbling to see the impact one day can make for Cleveland nonprofits in need. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
DNB said MN’s new IT upgrade “didn’t yet instill confidence”In 2014, MN had started an ambitious €70m plan for operational improvement, called MN 3.0. Three years later, it became clear that MN had written off €15m on the project as it had largely failed to deliver.At the time, both metal schemes said they were satisfied with the provider’s decision.PMT and PME have more than 2.2 million participants, pensioners and deferred members in total, affiliated with 35,400 employers.MN also services the €4bn industry-wide pension fund for the merchant navy (Koopvaardij).In a response, an MN spokesman said the introduction of the new mid-office had been delayed due to an “additional complexity of linking new and existing systems”, and that the provider expected to deliver the upgrade no later than early next year.He said that MN would start developing the back office upgrade this year, and highlighted that it was a multi-phased project that would take up several years to complete.He added that the project would be assessed for the impact of the new pensions agreement while it was being carried out.MN declined to provide details about the project’s budget.ReturnsSeparately, PMT said it returned 18.4% on investments in 2019, largely thanks to the 16.1% yield on its large fixed income holdings of 61.5% of its assets and a 24% profit on its equity portfolio of 29.4%.However, it noted that the effect of declining interest rates on its liabilities was damaging, as its funding level had dropped by 4.7 percentage points to 97.6% at year-end.It said its investment returns reflected an underperformance of 2.8 percentage points. Its investment policy targets additional returns of 1.5 percentage points relative to its liabilities.The surplus yield – 1.4% on average since 2014 – is primarily destined for indexation, but has been used for improving the scheme’s financial buffers during the past years, PMT explained.It said its inflation compensation in arrears had increased to more than 20% for active participants.As for PME, it posted an annual return of 18.3%. Its 47% matching portfolio generated 15.3%, with long-duration government bonds and investment grade emerging market debt delivering more than 10% and 5.9%, respectively.It said it had decided on a new strategic investment policy for the period 2020-2025, aimed at decreasing its fixed income holdings from 50% to 40% in favour of high yield and real estate investments, which are to be increased to 15% and 10%, respectively.It will also gradually raise the interest hedge of its liabilities from 40% to 60%.The pension fund added that it had started building a portfolio for short-duration government bonds and credit, meant for “quick and cheap” availability of liquidity for collateral as well as temporarily absorbing surplus liquidy.PME also said it will increase its allocation to real assets from 1.3% to 5%, in part through investments in clean energy. It already has stakes in forestry and infrastructure.The metal scheme closed the year with a funding level of 96.9%, falling further to 95% at the end of March.Both metal schemes could avoid rights cuts this year, following social affairs’ minister Wouter Koolmees’ decision to grant pension funds with a coverage ratio of more than 90% a temporary exemption from a mandatory pensions reduction in 2020.Looking for IPE’s latest magazine? Read the digital edition here. However, PMT noted that, despite a successful test in October, no new functionality had become operational yet.The €80.3bn pension fund for the metal-working and mechanical engineering industry, said it was thoroughly monitoring the progress as well as the quality of the upgrade.It added that it had intensified its contacts with the provider about the delivery of the final products, risk management as well “MN’s ability to actually carry out the upgrade”.Last year, PMT paid MN €43m for pensions management.According to the metal scheme, supervisor De Nederlandsche Bank (DNB) had also announced that it would step up its supervision of the upgrade process.The €52bn PME, in turn, said it was “seriously worried” about MN’s ability to deliver, adding that it deemed affiliated risks as “high”.The scheme for metal and electro-technical engineering said DNB had concluded that the IT upgrade “was still short of expectations, and didn’t yet instil confidence in a controlled and sound pensions administration”. PMT and PME, the Dutch pension funds for the metal sector, said they were worried about the development and timely delivery of a new system for pensions administration by MN, their joint provider and asset manager.In their respective annual reports for 2019, the schemes indicated they weren’t entirely convinced whether MN would be able to successfully complete the project, a slimmed down version of a much grander scheme that failed to deliver three years ago.Since then, MN has started developing a fundamental upgrade aimed at an agile and modern system for tailor-made services for both pension fund participants and employers.The first part – a “mid office”, with systems for basic administration – was scheduled to be launched this summer. It is to be followed by a new back office in the coming years.
highlights Caeleb Dressel won a hat-trick of gold medals in the world swimming event.Michael Phelps holds the record for most Olympic gold medals with eight in 2008.Dressel only managed a silver in the 4x100m mixed medley. Gwangju: Everything he touches turns to gold, but American swim sensation Caeleb Dressel beat himself up over a less-than-perfect start Saturday after completing a stunning hat-trick of world titles. The 22-year-old retained his 50 metres freestyle and 100m butterfly crowns in Gwangju with plenty to spare, before leading the American mixed 4x100m freestyle team to a new world record for good measure. “I probably sound like a broken record but every time I race I always look for the bad,” said Dressel, who became the first swimmer to capture at least six gold medals at two world championships. “It wasn’t easy tonight. I don’t want it to be easy, I really don’t.” But despite leaving Brazilian Bruno Fratus and Greek Kristian Gkolomeev for dead in the 50m free, which he won in a championship best 21.04 seconds, Dressel was still fretting about his start. “It was so bad, I wish I could have that one back,” said the tattooed pin-up, who swept to seven gold medals at the 2017 world championships in Budapest. “There’s a lot of parts of my race that I can improve on,” added Dressel in a comment that will bring a collective gulp from rivals in the run-up to the 2020 Tokyo Olympics. “I’ve never had a perfect race in my life and I certainly don’t think I will.” In reality, Dressel is beginning to look like Michael Phelps in his pomp. And, whisper it, maybe even better. Dressel obliterated Phelps’s 10-year-old 100m butterfly world record in Friday’s semi-finals, clocking a jaw-dropping 49.50 seconds to lop 0.32 off the American legend’s old bodysuit mark and rob him of a second world record in 48 hours. ‘No accident’ The final was little more than a formality as Dressel exploded from the blocks in a signature fast start to win in 49.66 — only the second-quickest swim ever. “It doesn’t just come together by accident,” he shrugged. “It’s just about getting in every day and learning event to event, practice to practice. “But I’m glad it’s over — I certainly don’t want to swim any more than this tonight,” added Dressel, who could pocket the seventh gold — and eighth medal of the week — in Sunday’s 4x100m mixed medley. “Tomorrow I will be ready to swim one more, and one more fast.” The only blot on Dressel’s copy-book in Gwangju was a silver medal behind Australia in the 4x100m mixed medley earlier this week. But in the individual races, the American looks untouchable, also winning the 50m fly and retaining his title in swimming’s blue riband event, the 100m freestyle. Dressel’s challenge will be to play down the massive expectation on him to emulate Phelps’s record eight gold medals at the 2008 Beijing Olympics in Tokyo next summer. “I’ve never been one to buy into all the hype,” he insisted. “It’s really just between myself and my coach and getting ready. But I’ll be ready for it next year.” For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps.