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IBM scheme in Netherlands reports 3% loss over 2013

first_imgThe Dutch pension fund of IT giant IBM has reported a 3% loss over 2013, despite a positive return on its investments of 0.3%.In its annual report, the scheme attributed the performance to the effect of rising interest rates on its interest swaps and swaptions, which it uses to hedge the interest risk on its liabilities.However, it said the positive effect of the adjusted discount rate on its nominal funding largely offset the impact of rising rates.Its coverage ratio fell by 1.2 percentage points to 121.9% at year-end but is still 97.4% in real terms. The pension fund’s financial position enabled the scheme – also known as SPIN – to grant participants in its defined benefit plans an indexation of 1.73% and 2.13%. Following the new discount rate – the three-month average of interest rates plus the ultimate forward rate – it reduced its interest hedge from 100% to 90%. SPIN manages pension assets of €3.9bn, largely in defined benefit arrangements, with €300m in a defined contribution plan, and has 14,165 participants in total. Its assets have been invested in a 70% fixed income portfolio and a 30% securities portfolio.The scheme said last year’s rate increase caused a 2.6% loss for participants in the last of the five age groups in its defined contribution plan due to the large proportion of fixed income in their investment mix.“However,” the SPIN board added, “the increased interest rates also had the benefit that retiring participants could purchase a better pension from insurers with their accrued assets.”The youngest age group in SPIN’s defined contribution scheme – with 90% equity allocation – saw its investments return nearly 19%.The IBM scheme, which did not disclose specific investment results, also confirmed that it replaced French government bonds with Dutch ones last year.SPIN said it planned to review its investment mix due to low interest rates and the effects of rising rates and inflation on indexation.It added that it also wanted to assess the investment portfolio for its DC plan extensively.SPIN will also examine whether the pension fund’s structure needs to be adjusted for a “proper implementation” of the DB and DC scheme, and said it would look in particular at costs, governance and risk management.The scheme reported administration costs of €588 per participant and said it spent 0.46% of its assets on asset management last year.last_img read more

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Monday Local Sports Results

first_imgThe Batesville Lady Bulldogs defeated the South Dearborn Lady Knights at Hillcrest Country Club by a score of 186 to 264. Oldenburg also participated by had just 2 golfers.Batesville was led by Emma Weiler with a 39. Followed by Josie Meyer 45, Rhea Miller 50, Tori Harpring 52, Madelyn Pohlman 53, and Chloe Murphy 65. South Dearborn was led by Emma Seevers and Haylee Brasheers with 65. Emerald Simmons led OA with a 53.Courtesy of Bulldogs Coach Tom Meyer.The Jac-Cen-Del Eagles Boys Soccer team blanked the Switzerland County Pacers 5-0.‘Beautiful night for a soccer game. We started out the game very flat and slow, which has been somewhat of a troubling trend for us the past few games. We are dealing with some injuries and have guys playing out of position at times. We did a very good job in the second half of increasing our intensity.’ Eagles Coach Derek Jones.The Eagles were lead in scoring tonight by Jacob Jines with 3 goals and 2 assists, followed by Luke Meyer with 1 goal and 1 assists, Jordan Meyer with 1 goal, and Gage Benefiel with 1 assist.The JCD Jr High Eagles soccer team traveled to Greensburg to play the Pirates. After a early goal by the Pirates , Lane Carroll drove down the field and drew the defense to himself. He passed off to Brody Huff for the score. The game ended in a 1-1 Tie.JCD Stats: Brody Huff 1 goal 3 shots, Lane Carroll 1 assist, 7 shots, Grant Rinear 5 shots, Noah Liensberger 2 shots,Defensive Sam Simon 6 stops, Kayden Vachet 6 stops, Berkley Williams 5 stops, Ben Schoettmer 8 saves.PLAYER OF THE GAME: Brody Huff.Courtesy of Eagles Coach Larry Hammond.The Batesville Bulldogs Boys Tennis team was defeated in a close match against Shelbyville, 3-2.Lleyton Ratcliffe and Cael Rahe led the Bulldogs picking up wins at #1 and #2 Singles. Batesville is now 1-2 on the season.   The JV was defeated 4-2. Winners were the doubles teams of Alec Bunselmeier/Jackson Wanstrath and Sam Johnson/Lyle Oesterling. The JV is now 2-1.  Batesville will host South Dearborn on Thursday.Courtesy of Bulldogs Coach Mike McKinney.The Batesville Lady Bulldogs battled The Greensburg Lady Pirates in Volleyball on Monday Night.The Lady Pirates won the JV battle with both games ended with a score of 25-20.  Top server was Kennedy Westrick who went 10 for 10 with 2 aces. Maggie Wilson led the team in serve-receive as well as having 5 kills. In setting, Kaitlyn Sarringhaus had 7 asssists. The Varsity team lost in three games. The scores were: 25-21, 25-14, and 25-18. Even though the girls suffered a loss, Cayman Werner went 9/10 on serves with 2 aces. Cayman also led the team with 4 blocks. Katie Bedel contributed with 8 kills.The volleyball team heads to Franklin County on Tuesday, August 25th.Courtesy of Bulldogs Coach Vickie Heil.Coming off a full week of play last week the Jac-Cen-Del Lady Eagles took on the Southwestern Shelby Spartans. It was a close match which ultimately came down to a fifth and deciding set. Southwestern ended up coming away with the win after taking the 1st, 3rd, and 5th sets. (25-16, 16-25, 25-17, 15-25, 15-9)According to Lady Eagles Coach Cat Schmeltz, “Tonight’s game was a good way to gauge where this year’s team is at. We know that we have grown tremendously since last season and Southwestern was a team we had immense struggles against last year. It was nice to see that we can compete against a team that we didn’t last season. Overall, I am extremely pleased with how we are playing at this point in the season. We need to continue to clean up some things but overall we are in a good place.”Serving: Aundrea Cullen 19/19 — 2 Aces; McKenzy Gray 15/16 — 3 Aces; Desiree Sparks 16/20 — 3 Aces; Marie Gohr 8/10 — 2 Aces. Serve Receive: Aundrea Cullen 26/27; Shaylee Volz 15/15; McKenzy Gray 12/13; Marie Gohr 11/11.  Hitting: Desiree Sparks 19/24 — 9 Kills; Shaylee Volz 23/31 — 7 kills; McKenzy Gray 27/30 — 7 kills. Blocking: Desiree Sparks: 3; McKenzy Gray: 1.  DigsAundrea Cullen – 26; Shaylee Volz – 18; Emma Newhart – 15.last_img read more

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Cricket News England recall Jack Leach, Moeen Ali dropped for Lord’s Ashes Test vs Australia

first_imghighlights Moeen Ali has been dismissed by Nathan Lyon nine times in 11 innings.James Anderson has been ruled out of the Lord’s Test.Australia won a Test in Edgbaston after 18 years. New Delhi: England, the ICC Cricket World Cup 2019 champions, are on the backfoot in the ongoing Ashes contest against Australia after a huge 251-run defeat in the first Test in Edgbaston. Steve Smith’s two centuries and Nathan Lyon’s haul of 6/44 in the second innings helped Australia break their 18-year hoodoo at the venue. Heading into the second Test at Lord’s which begins on August 14, Joe Root’s side have made changes in a bid to square the series. Moeen Ali, who struggled with the ball on a turning wicket in Edgbaston and was dismissed for 0 and 4 in both innings by Lyon, has been dropped for the Lord’s Test and replaced by Jack Leach, the left-arm spinner. Moeen fell for the ninth time in 11 innings to Lyon and this prompted many England commentators, mostly former England captain Nasser Hussain to say he was ‘shot mentally’.This will not be the first time Moeen has been replaced by Leach. During the Ashes 2017/18 series Down Under, Moeen suffered a slump with both bat and ball and he was not picked for the series in New Zealand. Leach had played in the one-off Test against Ireland in Lord’s and it was his 92 while opening the batting as a nightwatchman that allowed England to recover and register a tense win against the Irish. With James Anderson ruled out of the Lord’s Test, England could hand a debut to Jofra Archer. The right-arm pacer, who suffered a side strain and did not play for a couple of weeks, has been in good form for Surrey and former Australia skipper Jason Gillespie remarked that Archer ‘must play at Lord’s’. “I was surprised he didn’t play the first Test to be perfectly blunt.  I think England missed a trick by not playing him but he’ll certainly play at Lord’s,” Gillespie told the official Cricket Australia website. The replacement for Anderson in the side could also be Sam Curran, the all-rounder who made a big impact in the series against India which England won 4-1. Australia has lost just three games in the last 75 years of playing a Test in Lord’s and they will be determined to extend their advantage.England squad for Lord’s Test: Joe Root (capt), Jofra Archer, Jonny Bairstow, Stuart Broad, Rory Burns, Jos Buttler, Sam Curran, Joe Denly, Jack Leach, Jason Roy, Ben Stokes, Chris Woakescenter_img For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

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Young starts second Waterhouse stint with draw in Red Stripe Premier League

first_imgPaul Young’s second stint as coach of Waterhouse Football Club started with a 2-2 draw against Tivoli Gardens at Waterhouse Stadium yesterday. The home team took the lead through Kemar Beckford after 10 minutes, but Junior Flemmings equalised midway the first-half, and AndrÈ McFarlane fired them in front after 62 minutes. However, Kenroy Howell secured a point for the hosts with a goal four minutes later. Tivoli Gardens were reduced to 10 players in the 69th minute when Ranike Anderson was ejected after picking up his second yellow card. Young, who had only three days with the team prior to the game, thought they should have taken all three points. “We let them off the hook,” he told reporters after the game. “With 20 minutes to go, we had an extra player, and we didn’t capitalise on the chances because they (players) didn’t follow instructions. But the discipline has stepped up. We just need to get more organised defensively, concentrate throughout the duration of the game and score the chances when we get them. WORK IN PROGRESS – Waterhouse 2 Tivoli 2 – Boys’ Town 3 Portmore 0 – Rivoli 2 Humble Lion 2 – UWI FC 1 Cavalier 0 – Harbour View 1 Arnett 3 8:40 p.m. Montego Bay United vs Reno FC at Montego Bay Sports Complex. “It’s work in progress, and I am looking for better things,” he added. Tivoli’s head coach, Christopher Bender, believes the red card and forced changes were their downfall. “We made two forced changes because of injury, and that affected us because we had players to come in to affect the game, and we had to change that plan. Also going down to 10, we had to be resolute in defending; but I thought we gave it way,” he said. Waterhouse remain at the bottom of the 12-team League with 14 points, while Tivoli are ninth on 19. Yesterday’s Results Today’s Gamelast_img read more

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