The Florida State Retirement System (FRS) is the 4th largest public pension plan in the US but its funding assumptions are overly optimistic. FRS assumes a 7.75% annual return but has averaged only 3.3% since 2000. Florida currently contributes $5.5 billion annually to FRS but needs to contribute $11 billion to remain solvent, equating to $765 in additional taxes per household annually. Recalculating FRS liabilities using current interest rates shows the actuarial accrued liability is understated. If frozen today, assets could only pay pensions for 12-19 years depending on the discount rate used. Reforms are needed to improve the plan's solvency without reducing benefits.
Top10 SMSF strategies for 2011/12 presentation conducted by Aaron Dunn of The SMSF Academy in conjunction with Business Fitness.
Download a copy of the free webinar, by visiting http://thesmsfacademy.com.au/free-webinars/
Retirement planning should be based on an understanding of generating a lifetime income stream. Putnam’s Lifetime Income experience has demonstrated a positive influence on participant savings behavior. The U.S. Department of Labor’s goal of adding lifetime income illustrations on pension benefit statements advances the effort to help retirement plan participants make better savings decisions. Rules governing the distribution of this information should be flexible and open to innovation.
Top10 SMSF strategies for 2011/12 presentation conducted by Aaron Dunn of The SMSF Academy in conjunction with Business Fitness.
Download a copy of the free webinar, by visiting http://thesmsfacademy.com.au/free-webinars/
Retirement planning should be based on an understanding of generating a lifetime income stream. Putnam’s Lifetime Income experience has demonstrated a positive influence on participant savings behavior. The U.S. Department of Labor’s goal of adding lifetime income illustrations on pension benefit statements advances the effort to help retirement plan participants make better savings decisions. Rules governing the distribution of this information should be flexible and open to innovation.
This is a copy of the presentation of the August 2010 Webinar on High Net Worth SMSF strategies conducted on 'thedunnthing' blog, http://thedunnthing.com
Brian Wurpts addresses share redemption and share re-leveraging as other strategies to manage plan funding decisions, and their implications on repurchase obligation, in Part II of an article that appeared in the August 2011 Client Alert. Mychelle Holloway discusses when and how to use the new Form 8955-SSA, and all about the changes to the Form 5558, released by the Internal Revenue Service earlier this year.
Stress Testing and the Impact that Over-Reliance on VaR as a risk metric in t...Conor Cooney
A Presentation on the Development of Stress Testing.
Demonstrating the impact that Risk Management Models had on the Great Recession and what lessons can be learned from it.
There is also a demonstration of an Irish example of a successful stress test, that was one of the fundamental focal points in the lead up to the state's exit from an IMF bailout programme
Rollovers: the impact it can have on your retirementAndrew Leeman
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In this edition of Return On Investment, we have included information on the following topics:
1. The Importance of Risk Control
2. Are You Nearing the Age of 71?
3. Pension Reform: The CPP is Set to Change
4. Transferring Wealth: Preparing Your Heirs
5. Unclaimed Balances: Are Funds Owed to You?
6. Year-End Tax Planning Considerations
Hoy día, la llamada terapia online es una alternativa, dentro de muchas otras, por la que optan algunas personas que, por diferentes motivos, no tienen facilidad para acudir directamente a la consulta de un psicoterapeuta.
This is a copy of the presentation of the August 2010 Webinar on High Net Worth SMSF strategies conducted on 'thedunnthing' blog, http://thedunnthing.com
Brian Wurpts addresses share redemption and share re-leveraging as other strategies to manage plan funding decisions, and their implications on repurchase obligation, in Part II of an article that appeared in the August 2011 Client Alert. Mychelle Holloway discusses when and how to use the new Form 8955-SSA, and all about the changes to the Form 5558, released by the Internal Revenue Service earlier this year.
Stress Testing and the Impact that Over-Reliance on VaR as a risk metric in t...Conor Cooney
A Presentation on the Development of Stress Testing.
Demonstrating the impact that Risk Management Models had on the Great Recession and what lessons can be learned from it.
There is also a demonstration of an Irish example of a successful stress test, that was one of the fundamental focal points in the lead up to the state's exit from an IMF bailout programme
Rollovers: the impact it can have on your retirementAndrew Leeman
While leaving your money in your former employer's plan may be an option, one way to gain more control of your assets is to consolidate your retirement funds into a single individual retirement account (IRA). Email me with any questions: aleeman@ft.newyorklife.com
In this edition of Return On Investment, we have included information on the following topics:
1. The Importance of Risk Control
2. Are You Nearing the Age of 71?
3. Pension Reform: The CPP is Set to Change
4. Transferring Wealth: Preparing Your Heirs
5. Unclaimed Balances: Are Funds Owed to You?
6. Year-End Tax Planning Considerations
Hoy día, la llamada terapia online es una alternativa, dentro de muchas otras, por la que optan algunas personas que, por diferentes motivos, no tienen facilidad para acudir directamente a la consulta de un psicoterapeuta.
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This presentation talks about need for research, the way impact of research is measured and the current trends in making research more visible. A case of econometric is dealt with,
Facing an aging population, longer lifespans, and a shift to the defined contributions model, India is overhauling its pension system. But the New Pension System (NPS) faces stiff competition from Employees' Provident Fund (EPF) and other options.
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This proposal starts from the premise that the States must be fundamentally accountable for any pandemic business income coverage program because:
• The orders triggering pandemic business income loss originate and terminate as decisions made by the individual States; and
• The responsibility to manage the economic consequences of those individual State decisions should likewise reside with the respective States.
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Un rapport de recherche concernant un projet de réforme au programme d'assurance-chômage au Canada.
In the wake of the Multiemployer Pension Reform Act of 2014 (the "MPRA"), companies that participate in multiemployer pension funds should take note of recent developments impacting their withdrawal liability risks and the collective bargaining strategies with their unions. Employers should also review their pension fund's latest financial information, which most plans have recently updated. This webinar will provide an overview of how the post-MPRA landscape for troubled multiemployer pension plans has continued to evolve, as well as a handy "road map" for employers to use to better manage the many risks that come with participation in these funds.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
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This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
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𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
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• Three (3) key tips to maintain a disciplined workplace.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
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1. US State of Florida
Retirement System
Ricardo A. VanEgas, Ulrich Bogner, Oluwatayo Joseph Ogunleye, Antonia María
Sánchez, Mash Zahid (resident of Florida)
01 December 2013
Prepared for ‘The Finance of Retirement & Pensions’ with Professor Joshua
Rauh, Stanford GSB
2. US State of Florida’s Retirement System
• The Florida State Retirement System (FRS) is the 4th largest public pension plan
in the U.S. and offers a traditional defined benefit pension plan for 84% of
members as well as a defined contribution/investment plan for the remaining
16% of members.
• Our analysis finds that FRS’s funding is based on overly optimistic assumptions—
currently assuming 7.75% rate of return per year yet since 2000 is actually
averaging 3.3% per year.
• The State of Florida currently contributes $5.5 billion per year to the FRS but
needs to contribute $11 billion per year to remain solid—without pension reform
this would equate to $765 in additional taxes per household per year, from
research published by Professor Rauh (2011).
1
3. Exhibit: Florida Retirement System Analysis
1. Recalculating the AAL under 12, 15 and 20 year durations, using selected Treasury and municipal rates:
2
Current AAL of the Pension system YEARS FV at actuarial 7.75%
(7/1/2013)(thousands of USD) 12 15 20
$127,891,781 313,220,357.79 391,833,729.48 569,099,510.39
① Muni Rate % 2.719 3.94 4.256
② Treasury Rate % 2.97 3.24 3.5 (after a short rate interpolation)
AAL (PV as of 7/1/2013) 227,007,699.83 219,462,908.49 247,267,504.67 MUNI RATE
220,455,748.83 242,874,477.74 286,009,998.77 TREASURY RATE
① http://florida.municipalbonds.com/bonds/yield_curve
② http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield
4. Exhibit: Florida Retirement System Analysis (cont.)
2. If plan is frozen today, how long can the assets pay pensions:
Using formula AssetsMV = deductions/(r-CPI)*(1-(1+r/1+CPI)^-NPER)
3
Assets Avalaible for Benefit ($ in Thousands)
Market Value $122,921,388 Total deductions $10,485,750
Actuarial Value $127,891,781 CPI correction adding 3%
Actuarial Liabilities Value $147,193,166
ABO $122,432,331
YEARS
8% 18.61
6% 15.09
4% 12.91
2% 11.36
0% 10.19
5. Exhibit: Florida Retirement System Analysis (cont.)
3. If plan continues on an ongoing basis without additions to assets, how long can the assets pay pensions:
Using formula AssetsMV = NETCASHFLOW/r*(1-(1+r)^-NPER)
4
Given current market value of assets is $122,921,388, and during the last fiscal year's report the cash flow was
($6,183,665) (this net flow is assumed to be constant)
discounted at … assets will last for...
8% infinite
6% infinite
4% 40.42 years
2% 25.59 years
0% 19.88 years
3% CPI correction included through inflows and outflows. No other adjustments.
6. Policy Recommendations
1. Some general questions
1.1. Good features of this system: Defined Contribution, Contributions Refunded if leaving office.
1.2. Bad features of this system: portfolio losses charged to you, no guarantee of a minimum benefit for newcomers
1.3. Does the system provide adequate benefits for its members: You need to contribute to social security and other corporate plans or
personal investments
1.4. Is the system fiscally stable: No, have too high fluctuations in the normal cost.
2. Some questions about recent history for you to answer using Internet searches
2.1. Have reforms been proposed to this system? Yes
2.2 Have reforms been actually implemented to this system? Yes. Defined Benefit Programs is no longer available. "DROP" was setup.
2.3. How have these reforms impacted the adequacy of the benefits and the solvency of the system? You can no longer rely 100% on the
allowances after retirement since there is no a minimum benefit
2.4. If reforms were proposed but not implemented, what happened? N/A
3. Propose a program of reforms to improve the system. The reform program should be:
3.1. Based on the economics of the situation: Given the sensitivity of the actuarial value of pensions currently representing 60.6% of the AAL,
and the fall in interest rates would be the right time to establish a policy of insurance or asset portfolios assigned to different groups , to
guarantee a more stable value of the assets in time.
3.2. Have a goal of improving the solvency of the system without excessively impacting benefit adequacy: In this case we should separate the
collective assets and maintain UAAL for active members, while for retirement and DROP members should compare the present value of
liabilities with a valuation of assets, valued at maturity (or duration matching matching assets). And using the interest rate resulting from
that allocation. Or see the cost of an insurance coverage to those liabilities, and limit the fluctuations of interest rate and mortality
deviations. 5
7. Policy Recommendations (cont.)
3.3. As fair as possible to the different parties : Public Pension Systems are strangled mainly because of affording pension allowances of
expensive bureaucrats. Regardless of managerial tastes and portfolio techniques....Defined Benefit is feasible if final benefit ranges
between 1 and 2 minimum monthly wages
3.4. Make tactics politically feasible, which means that you could envision a scenario in which the necessary parties would agree to it
• Public Pension Systems should be managed by the national central bank. Central banks might create future money
• if one buys reserve rights today and 40 years later one will collect a pension after an exchange rate against all of the reserve rights I
bought...
• No Ponzi Game, No Madoff Scheme Situations
• No further burden against official budgets nor taxpayers' pockets
• New money is created after reserve rights are redeemed....The bank is NOT printing money out if thin air…
• Less market pressures and frictions against market economy due to portfolios of public pensions
• No illiquid trap, no risk of underfunded paid benefits
• Workers may contribute by buying rights in terms that your final Defined Benefit will be between one and two minimum monthly wages
6
8. Recommended Strategy
RECOMMENDATION IMPLEMENTATION STRATEGY
(1) The UAAL methodology compare variables that are not
homogeneous. The present value of the liabilities has no
market value, and is based on approximations. We believe they
have not applied a next interest rate market value of these
liabilities, while the asset portfolio if you follow an approximate
market valuation rating.
In this case, we should separate the collective assets and
maintain UAAL for active members, while for retirement and
DROP members should compare the present value of liabilities
with a valuation of assets, valued at maturity (or duration
matching matching assets). And using the interest rate resulting
from that allocation. Or see the cost of an insurance coverage
to those liabilities, this cost will be a market value estimated fair
value.
External consultants/actuaries such as Milliman,
among others, work on behalf of Florida’s
Department of Management Services.
These consulting firms may be approached directly
with our analysis and insights to influence this
thinking to pervade to the Florida State-employed
pension plan managers.
7
9. Recommended Strategy (cont.)
RECOMMENDATION IMPLEMENTATION STRATEGY
(2) Public Pension Systems should be managed by the national
central bank. Central banks might create future money if one buys
reserve rights today and 40 years later one will collect a pension
after an exchange rate against all of the reserve rights bought into
it.
• No Ponzi Game, No Madoff scheme situations
• No further burden against official budgets nor additional
taxpayer liabilities
• New money is created after reserve rights are redeemed....The
central bank is NOT printing money out of thin air
• Less market pressures and frictions against market economy
due to portfolios of public pensions
• No illiquid trap, no risk of underfunded paid benefits
• Workers may contribute by buying rights in terms that your
final Defined Benefit will be between one and two
minimum monthly wages
1. Make the defined contribution/investment
plan the default option for new hires who
don’t express a preference.
2. Limit employees switching between plans to
the first year of employment (in order to
prevent gaming the system and to allow for
more accurate predictions/assumptions.)
3. Lengthen the defined benefit/pension plan
vesting period to 10 years from 8.
4. Increase the employee contribution rate to 4%
from 3%. (This would still be below the
National average of 5%.)
5. Apply the above reforms to municipalities.
(Currently 130 municipal pension plans in
Florida are less than 80% funded.)
8