USS employers revise pension proposals as union continues strike ballot

first_imgUniversities UK (UUK), the representative group for employers in the Universities Superannuation Scheme (USS), has revised proposals to manage the scheme’s deficit as trade unions continue industrial action plans.The £41.6bn (€50.3bn) USS saw its latest published report suggest the scheme’s triennial valuation to reveal a “substantial deficit”, with expectations of £8bn.In response, sponsoring employers of the scheme, mainly UK universities operating before 1992, began consulting on changes to the USS model, including ending its final-salary defined benefit (DB) offer and moving all members to career-average DB, which it began in 2011 for new members.The new proposal would also include a defined contribution (DC) hybrid. The trade union representing members, the University and College Union (UCU), began balloting on industrial action after modelling showed some members would lose a significant amount of retirement income.UUK has now brought a slightly revised proposal to the negotiating table to help convince members of the necessity of the reforms.Its original proposal was to have a DB career-revalued earnings (CRE) for all members, up to £40,000 of salary, and a DC arrangement for earnings thereafter.However, the UCU said the £40,000 threshold was unacceptable, and UUK has since increased this to £50,000 and announced that member contributions would remain flat at 6.5% while sponsor contributions would increase by 2 percentage points to 18%.The UUK said that it would come into effect in April 2016.It added that, with new proposals, two-thirds of members currently earning career revalued benefits would see their pension remain entirely the same, until they earned more than £50,000.It also said keeping the 6.5% member contribution rate was linked to an agreement on the £50,000 threshold not being forced any higher.Professor Anton Muscatelli, chair of the Employers Pensions Forum (EPF), said: “The changes proposed are designed both to address the substantial deficit in the USS and to mitigate the risk that contribution rates will become unaffordable for both employees and employers.“Any pensions already in payment or deferred in the scheme will not be affected at all by any of these changes, and past service accrued rights are protected by law.”However, the UCU said the proposals were not massively different to the original version, and that the ballot would continue to run for members to take industrial action.Head of bargaining Michael MacNeil said: “We do not accept the way the scheme’s deficit is being valued or share the overly cautious and pessimistic view.“Like the UUK, we want a solution that protects the pensions of staff and ensures the scheme remains attractive to new members of the profession. “But what the UUK proposals try to do is substantially shift risk from big institutions on to our individual members’ shoulders.”last_img read more

Greensburg Factory Adding 250 New Jobs With Expansion

first_imgA Greensburg auto parts manufacturer is planning to add hundreds of jobs and expand operations by the end of next year.Valeo Engine Cooling expects to add 257 new jobs while investing nearly $28 million in new machinery for the development of four product lines for Honda, Nissan, Chrysler and Ford.Mayor Gary Herbert says the planned expansion comes from good communication among city and company officials, the Greensburg Daily News is reporting.Due to the investment and number of proposed jobs the mayor supports a longer-than-usual tax abatement of six years.Valeo employed approximately 400 in early 2013 and has since grown to current employment numbers around 700 at the Greensburg plant.last_img read more

Wolla dominates IMCA Modifieds at Dacotah

first_imgJason Wolla led all 25 laps in winning the season-opening feature for IMCA Modifieds at Dacotah Speed­way. (Photo by Layn Mudder)MANDAN, N.D. (May 5) – Jason Wolla was dominant in winning Friday’s season-opening feature for IMCA Modifieds at Dacotah Speedway.Pole sitter Jason Wolla and defending track champion Marlyn Seidler battled for the lead early before Wolla pulled away as Jeremy Keller passed Travis Hagen for third and reeled in Seidler for second.Not even lapped traffic could slow down Wolla as he quickly negotiated his way through the slower cars. Wolla led all 25 laps to win ahead of Keller and Seidler. Hagen held off Spencer Wilson for fourth.Jason Berg was the Mach-1 Sport Compact winner.last_img read more

Laudrup ‘won’t leave Swansea’

first_imgA disagreement over transfer funds is threatening to disrupt Swansea’s summer plans but manager Michael Laudrup is expected to still be in charge of the club next season, Press Association Sport understands. The friction between chairman Huw Jenkins, and Laudrup and his agent Bayram Tutumlu, is understood to centre around the amount of money Swansea are prepared to spend on new signings, and there have been suggestions the Dane could leave the Liberty Stadium. Laudrup guided the Swans to Capital One Cup glory last season, as well as a ninth-place Premier League finish, and has been linked with clubs such as PSG and Real Madrid. Laudrup had hoped those successes would give him the leeway to spend heavily this summer with Swansea preparing for a Europa League campaign. Just last week the Dane had said it would be very difficult for Swansea to improve ”unless we find a couple of hundred million pounds”. It is understood Laudrup has become frustrated at the lack of progress made in securing some of his summer transfer targets, as well as the club’s desire to continue with the sensible spending approach which has served them so well during their rise through the divisions. Celta Vigo striker Iago Aspas was one of Laudrup’s main transfer targets, but now appears set for a move to Liverpool, while the Swansea board would be reluctant to provide the sums of money required to capture the likes of St Etienne’s Pierre-Emerick Aubameyang and Sevilla’s Alvaro Negredo. Jenkins and Tutumlu are expected to hold further talks on the issue, with a rapid resolution needed, but Laudrup is expected to remain in charge next term. Tutumlu recently said Laudrup would remain with Swansea, despite having offers from other clubs, but added the caveat that that would be the case if the Swansea board made good on assurances he claims they gave to Laudrup when he signed a contract extension in March. center_img Press Associationlast_img read more

Agbonlahor hopes for England chance

first_img “We’ve had a tough few years as a team, but the younger players have stuck together,” he said. “The young players have not thrown in the towel, they’ve kept going. “This season, in the first four games, we are reaping the benefits of it. It shows how strong minded the players are that they can go through the tough times we’ve had here. “We’ve had some real lows you know, hopefully now we can keep enjoying our football and get results.” The Villa striker believes the Barclays Premier League club can match his ambitions after he signed a new four-year deal last week. Agbonlahor has not played for the Three Lions since 2009 but has scored two goals in his side’s opening four Premier League games this season. Press Association In-form Gabby Agbonlahor is hoping to follow Aston Villa team-mate Fabian Delph with a return to the England squad. And, after Delph made his first two appearances for England earlier this month, Agbonlahor is eager to join him to cap his new contract at Villa Park. “Yes, it’s always been an ambition. But I’m going to concentrate on Aston Villa and give 100 per cent for them and if England come knocking I’m available,” said the 27-year-old. “I’ve been through good and bad times and I’ve always been an Aston Villa player. I could never see myself playing for another team and wearing a different shirt. “I think the club can go and do things. We’ve done well in the transfer window and hopefully we can keep improving game by game.” Agbonlahor has won three England caps and his winner in the 1-0 victory at Liverpool on Saturday sent Paul Lambert’s side second in the table. They host Arsenal on Saturday before going to Chelsea at the end of the month. Villa then welcome Manchester City and visit Everton in their first two matches of October. Lambert’s side have confounded the critics who predicted a struggle to be among the early pacesetters after three years battling relegation. Agbonlahor, who made his debut for Villa in 2006, is one of the senior squad members and insisted the ability to fight through their problems has been key. last_img read more

Read Redacted Mueller Report Here

first_imgRead full Mueller Report here.Remarks from U.S. Attorney Bill Barr this morning based on the Mueller Report:As I said during my Senate confirmation hearing and since, I am committed to ensuring the greatest possible degree of transparency concerning the Special Counsel’s investigation, consistent with the law.At 11:00 this morning, I will transmit copies of a public version of the Special Counsel’s report to the Chairmen and Ranking Members of the House and Senate Judiciary Committees. The Department of Justice will also make the report available to the American public by posting it on the Department’s website after it has been delivered to Congress.I would like to offer a few comments today on the report. The Special Counsel found no evidence that any Americans – including anyone associated with the Trump campaign – conspired or coordinated with the Russian government or the IRA in carrying out this illegal scheme. Indeed, as the report states, “[t]he investigation did not identify evidence that any U.S. persons knowingly or intentionally coordinated with the IRA’s interference operation.” Put another way, the Special Counsel found no “collusion” by any Americans in the IRA’s illegal activity.After carefully reviewing the facts and legal theories outlined in the report, and in consultation with the Office of Legal Counsel and other Department lawyers, the Deputy Attorney General and I concluded that the evidence developed by the Special Counsel is not sufficient to establish that the President committed an obstruction-of-justice offense. Although the Deputy Attorney General and I disagreed with some of the Special Counsel’s legal theories and felt that some of the episodes examined did not amount to obstruction as a matter of law, we did not rely solely on that in making our decision. Instead, we accepted the Special Counsel’s legal framework for purposes of our analysis and evaluated the evidence as presented by the Special Counsel in reaching our conclusion. In assessing the President’s actions discussed in the report, it is important to bear in mind the context. President Trump faced an unprecedented situation. As he entered into office, and sought to perform his responsibilities as President, federal agents and prosecutors were scrutinizing his conduct before and after taking office, and the conduct of some of his associates. At the same time, there was relentless speculation in the news media about the President’s personal culpability. Yet, as he said from the beginning, there was in fact no collusion. And as the Special Counsel’s report acknowledges, there is substantial evidence to show that the President was frustrated and angered by a sincere belief that the investigation was undermining his presidency, propelled by his political opponents, and fueled by illegal leaks. Nonetheless, the White House fully cooperated with the Special Counsel’s investigation, providing unfettered access to campaign and White House documents, directing senior aides to testify freely, and asserting no privilege claims. And at the same time, the President took no act that in fact deprived the Special Counsel of the documents and witnesses necessary to complete his investigation. Apart from whether the acts were obstructive, this evidence of non-corrupt motives weighs heavily against any allegation that the President had a corrupt intent to obstruct the investigation.Attorney General William P. Barr Delivers Remarks on the Release of the Report on the Investigation into Russian Interference in the 2016 Presidential Election https://t.co/R6WI0cDXF3— Justice Department (@TheJusticeDept) April 18, 2019last_img read more

Police Investigate Shooter’s Weapons Cache; Trump Orders Flags at Half-Staff

first_imgAs the investigation into Friday’s mass shooting in Virginia Beach continues, police are now focusing on the weapons cache and job history of the shooter, 40-year-old DeWayne Craddock.Virginia Beach Police Chief James Cervera says the shooter used two .45-caliber pistols, and that two other guns were recovered his home.At least three of those weapons were purchased legally. The weapons used at the municipal center were purchased in 2016 and last year, according to officials. It is also believed that the shooter used a silencer.Meanwhile, President Trump has signed a proclamation that flags at the White House, all public buildings and grounds, military posts and naval stations, and on all naval vessels, be flown at half-staff until sunset on Tuesday, June 4.last_img read more

White House on Partial Lock Down

first_imgThe White House is in a partial lock down due to the discovery of a suspicious package.The item was found near the White House. News crews stationed on the North Lawn were ushered into the media briefing room. White House placed on lockdown for second time in a week due to suspicious package https://t.co/PeqJ9YEf4B pic.twitter.com/NysUgrbpUY— The Hill (@thehill) June 24, 2019 Pedestrian traffic is closed along Pennsylvania Avenue between 15th and 17th streets to include Lafayette Park.last_img read more