53 positive cases40 people are in mandatory quarantineZero people are in precautionary quarantine The information released varies per county. Tioga County 30 positive cases14 pending tests149 individuals are in mandatory quarantineThree individuals are in precautionary quarantineNine people have recovered (WBNG) — The following is a an update on coronavirus cases in Tioga, Chenango and Delaware counties for April 13. 63 positive cases198 people are in mandatory quarantine59 people are in precautionary quarantine21 people have recovered Chenango County Delaware County
BP’s internal investment management team secured positive returns in all classes except some international equities and its UK Gilt holdings.All investments are managed in-house except Sterling fixed income allocations, which Baillie Gifford and Goldman Sachs Asset Management manage.Its North American equity portfolio returned 28%, which the fund said was due to the US Federal Reserve’s “easy money policy” boosting asset values.“Risk assets – equities in particular – enjoyed supernormal returns in 2013,” the fund said.Japanese and European equities both returned 25%, and UK equities 20%, but the fund suffered in other Asian and emerging markets.It also saw strong returns from property (12.1%) and private equity (14.1%) but experienced negative returns for UK Gilts (5.8%) and some international equities (3.8%).The fund now holds 58% of assets in equities, 7% in property and 14% in pooled investment vehicles.However, the fund’s equity allocation fell 2 percentage points as the scheme increased its index-linked fixed income exposure by 60%.It also increased its use of pooled investment vehicles and expanded its directly held property portfolio, which included the purchase of a £27m supermarket from the M&G Secured Property Income Fund.At the end of 2012, the trustees acted to increase the fund’s liability-driven investment programme, seeing derivatives, fixed interest and index-linked exposure increase over the year.It now holds £17.3m in derivative contracts, up from £3m, after the trustees updated the statement of investment principles to move 3% of assets from growth to liability matching.Despite the bumper returns from its equity portfolio, overall annual return on investment was 14.7% – 30 basis points below the fund’s benchmark.The BP Pension Fund also strengthened its in-house team with two senior hires from Aon Hewitt and the Pension Protection Fund. The BP Pension Fund grew 14% over the course of 2013 as it shed its deficit through strong returns on its majority equity portfolio.It grew in size to £19bn (€22.7bn), up from £16.6bn, taking its coverage ratio back above 100% after two consecutive years of deficit.Its funding ratio at the end of 2013 was 101%, up from 94% at the end of 2012 and 92% in 2011.Despite paying out more than £500m in benefits, the fund’s investment portfolio provided a net return of £2.5bn but saw £123m of withdrawals from members. read more
The funding levels of the two largest pension schemes in the Netherlands fell below 90% in August, further increasing the likelihood of early cuts to pension payments and accrued benefits.The €431bn civil service scheme ABP saw its coverage ratio fall to 88.6% by the end of last month, while the funding level of the €217bn healthcare pension fund PFZW dipped to 89.8%.The decline meant that funding of both schemes dropped further below the “critical coverage ratio” – set at 95% for ABP and 94% for PFZW – below which they cannot recover to full funding within a 10-year period.As a consequence, they must reduce pensions to improve their coverage ratios to the critical level through a single cut implemented next year. ABP’s head office in Heerlen, NetherlandsContribution increase wiped out by interest rate fallMeanwhile, Jos Brocken, employee chairman of PMT, said a recent decision by the social partners to raise the contribution level by 5.8% to almost 28% had almost been undone by collapsing interest rates.Last week, employers and unions decided to make the 5.8% part of the premium for early retirement (VPL) available to improve PMT’s funding level. The contribution will not be required to fund early retirements as of 2021.However, the additional contribution would become available no sooner than 2021.As the social partners also insisted on keeping the annual accrual at the maximum tax-facilitated level of 1.875%, this would mean that PMT’s funding was likely to deteriorate further.Brocken said that the pension fund wanted to agree on a new contribution rate for a three-year period, and that the question was whether the increased premium would be sufficient for 2021 and 2022.The chairman added that a cost-covering contribution would have to be approximately 35%. “In my opinion, this is impossible,” he said. Based on the situation at August-end, this means that ABP and PFZW will have to apply unconditional discounts of 6.7% and 4.5%, respectively, in 2020.PMT (€77bn) and PME (€50bn) were already facing pension cuts next year, as at the end of 2019 their coverage ratios had been short of the required minimum of 104.3% for five consecutive years.At August-end, PMT’s coverage ratio was 92.6% and PME’s was 91.5%. This was still short of the new minimum required level of 100%, set by the cabinet in June as part of the pensions agreement.The metal sector schemes, however, are allowed to spread their cuts – 7.4% for PMT and 8.5% for PME, based on the current figures – over a 10-year period.Dutch pension funds’ coverage ratios over 12 months (%)Chart MakerABP and PFZW, which both fell into underfunded positions one year later than the metal schemes, must restore any remaining funding gap between the “critical coverage ratio” and the minimum required level of 100% in 2021.However, while the schemes must take action immediately to address the gap to the critical level, further reductions in pension payments to reach 100% funding can be spread over 10 years.ABP said that pension cuts in 2020 were becoming “increasingly probable” due to worsening market conditions. It singled out falling interest rates as the main cause for cuts, as interest rates had a much bigger impact on its coverage ratio than achieved returns. read more
Over 82 thousand people will pack into GAA HQ, Croke Park, this afternoon to watch the game. Speculation has been rife over how the tactical pairings will go this afternoon…with the half back lines of both sides highlighted as key areas of the pitch. Limerick Manager TJ Ryan says that centre-back positions are going to be key for both sides this afternoon While, Former Kilkenny player, and holder of multiple All Ireland medals Michael Kavanagh says that there’s plenty of new blood in the Cat’s half back line this year.Tipp FM will have full live coverage of today’s All Ireland Hurling Final…our big match build up from Croke Park will get underway at 3 o’clock this afternoon…in association with Lyoness Loyalty Card, Clonmel.