Chicago police vaccine mandate: New CPD memo threatens discipline, firing for non-compliance

Link:https://abc7chicago.com/chicago-police-vaccine-mandate-department-fraternal-order-of-fop/11138418/

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 A second memo, obtained by the I-Team, was distributed throughout CPD Sunday. The latest memo threatens the firing of officers who do not follow the city’s vaccine policy and orders it be communicated to officers at all police roll calls.

“TO BE READ AT ALL ROLL CALLS FOR SEVEN (7) CONSECUTIVE DAYS. This AMC message informs Department members of consequences of disobeying a direct order to comply with the City of Chicago’s Vaccination POlice issued 8 October 2021 and being the subject of the resulting disciplinary investigation. A Department member, civilian or sworn, who disobeys a direct order by a supervisor to comply with the City of Chicago’s Vaccination Police issued 8 October 2021 will become the subject of a disciplinary investigation that could result in a penalty up to and including separation from the Chicago Police Department. Furthermore, sworn members who retire while under disciplinary investigations may be denied retirement credentials. Any questions concerning this AMC message may be directed to the Legal Affairs Division via e-mail,” the memo said.

…..

“Roughly 38% of the sworn officers on this job, almost 40% can lock in a pension and walk away today,” Fraternal Order of Police President John Catanzara, Jr. said.

Author(s): Michelle Gallardo, Chuck Goudie

Publication Date: 18 Oct 2021

Publication Site: ABC7 Chicago

5 States Where Young-Adult Deaths Are Spiking

Link:https://www.thinkadvisor.com/2021/10/15/50-states-of-mortality-spike-data-for-the-25-44-age-group/

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In the first two weeks ending in September, the number of deaths of U.S. residents in the 25-44 age group spiked to 8,604.

The number of deaths of people in that age group was 22% higher than it was during the comparable period, and 57% higher than it was during the comparable period in 2019 — before the COVID-19 pandemic began.

In the first half of 2021, which included the January spike, the number of deaths of people in the 25-44 age group was 38% higher than in the first half of 2019.

There are about 87.4 million people in the 25-44 age group in the United States, according to the Census Bureau.

Author(s):Allison Bell

Publication Date: 15 Oct 2021

Publication Site: Think Advisor

COVID-19 Vaccination and Case Trends by Age Group, United States

Link:https://data.cdc.gov/Vaccinations/COVID-19-Vaccination-and-Case-Trends-by-Age-Group-/gxj9-t96f

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[created by Mary Pat Campbell, using the data]

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Trends in vaccinations and cases by age group, at the US national level. Data is stratified by at least one dose and fully vaccinated. Data also represents all vaccine partners including jurisdictional partner clinics, retail pharmacies, long-term care facilities, dialysis centers, Federal Emergency Management Agency and Health Resources and Services Administration partner sites, and federal entity facilities.

Author(s):CDC, NCIRD

Publication Date: accessed 19 Oct 2021

Publication Site: data.cdc.gov

Insurance Companies and the Growth of Corporate Loan Securitization

Link:https://libertystreeteconomics.newyorkfed.org/2021/10/insurance-companies-and-the-growth-of-corporate-loan-securitization/

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The rating-based mapping was partially altered in 2010, when the NAIC enacted a regulatory change that essentially allowed insurance companies to report CLO tranches that were purchased at a discount, or highly impaired, in a lower NAIC category than that implied by the rating-based mapping. The new capital regime for CLO investments likely increased insurance companies’ incentives to invest in higher-yielding CLO tranches.

The following chart presents some evidence consistent with reach-for-yield behavior, particularly since the regulatory reforms of 2010. The left panel shows the time series of insurers’ new CLO holdings falling into the NAIC 1 designation as a percentage of the total volume outstanding of these tranches based on percentiles of the distribution of CLOs yields for each year. As expected, there is a clear preference for the riskiest tranches within NAIC 1 (those with yields above the 66th percentile) throughout the sample period, with the exception of the financial crisis, when all yields are squeezed at their minimum levels. Interestingly, the market shares of CLO tranches with yields above the 33rd percentile experience a sharp increase in the two years following the 2010 regulatory reform, then register a significant drop in 2019, when the reform was repealed. We do not find similar evidence in insurance companies’ corporate bond investments (right panel).

Author(s): Fulvia Fringuellotti, João A. C. Santos

Publication Date: 13 Oct 2021

Publication Site: Federal Reserve Bank of New York

Vaccines Reduce Risk: A Look at the Changing Age-Related Mortality Risk of COVID

Link:https://marypatcampbell.substack.com/p/vaccines-reduce-risk-a-look-at-the

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I will put a few facts in front of you, and you think it through:
– The population age 85+ in the U.S. in 2020 was 6.3 million
– Through July 2021, there were a little over 180K COVID deaths for that group
– That’s about 3% of the age 85+ population

Do you think only 3% of the age 85+ population is vulnerable to COVID?

Pretty much all of them are “vulnerable”. The mortality rate for people age 85 (much less older) was 7.3% for females and 9.5% for males in the most recently available tables. It only goes up from there.

There is a huge difference in mortality by age for just non-pandemic years, and it’s also true for COVID.

There may be a few hardy souls with a base risk similar to the middle-aged without vaccines, but the percentage is not high.

The vaccines have been having an effect in cutting risk.

Author(s): Mary Pat Campbell

Publication Date: 18 Oct 2021

Publication Site: STUMP at substack

Coffee Chat – “Data & Science”

Link:https://www.youtube.com/watch?v=S5GHsjgSl1o&ab_channel=DataScienceWithSam

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The inaugural coffee chat of my YouTube channel features two research scholars from scientific community who shared their perspectives on how data plays a crucial role in research area.

By watching this video you will gather information on the following topics:

a) the importance of data in scientific research,

b) valuable insights about the data handling practices in research areas related to molecular biology, genetics, organic chemistry, radiology and biomedical imaging,

c) future of AI and machine learning in scientific research.

Author(s):

Efrosini Tsouko, PhD from Baylor College of Medicine; Mausam Kalita, PhD from Stanford University; Soumava Dey

Publication Date: 26 Sept 2021

Publication Site: Data Science with Sam at YouTube

Arizona IMO Seeks Bankruptcy Protection From IUL Fraud Fight

Link:https://insurancenewsnet.com/innarticle/bankrupt-arizona-imo-at-center-of-iul-fraud-fight

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A prolific pension fraud scheme that spread to the insurance industry before being shut down by federal investigators continues to produce fresh lawsuits.

And it also continues to claim new victims — the latest being Shurwest, a successful Scottsdale, Ariz., independent marketing organization. Shurwest filed for Chapter 11 bankruptcy Aug. 31 after executives realized “there’s not going to be anything left,” one of its attorneys said.

According to bankruptcy documents, Shurwest faces 38 pending lawsuits in state and federal courts.

Author(s): John Hilton

Publication Date: 6 Oct 2021

Publication Site: Insurance News Net

An Ohio Pension Manager Risks Running Out of Retirement Money. His Answer: Take More Risks.

Link:https://www.wsj.com/articles/an-ohio-pension-manager-risks-running-out-of-retirement-money-his-answer-take-more-risks-11634356831

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Mr. Majeed is the investment chief for an $18 billion Ohio school pension that provides retirement benefits to more than 80,000 retired librarians, bus drivers, cafeteria workers and other former employees. The problem is that this fund pays out more in pension checks every year than its current workers and employers contribute. That gap helps explain why it is billions short of what it needs to cover its future retirement promises.

“The bucket is leaking,” he said.

The solution for Mr. Majeed — as well as other pension managers across the country — is to take on more investment risk. His fund and many other retirement systems are loading up on illiquid assets such as private equity, private loans to companies and real estate.

So-called “alternative” investments now comprise 24% of public pension fund portfolios, according to the most recent data from the Boston College Center for Retirement Research. That is up from 8% in 2001. During that time, the amount invested in more traditional stocks and bonds dropped to 71% from 89%. At Mr. Majeed’s fund, alternatives were 32% of his portfolio at the end of July, compared with 13% in fiscal 2001.

Author(s): Heather Gillers

Publication Date: 16 Oct 2021

Publication Site: WSJ

How Malaria Brought Down Great Empires

Link:https://www.wsj.com/articles/how-malaria-brought-down-great-empires-11634320669

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Malaria could stop an army in its tracks. In 413 BC, at the height of the disastrous Sicilian Expedition, malaria sucked the life out of the Athenian army as it lay siege to Syracuse. Athens never recovered from its losses and fell to the Spartans in 404 BC.

But while malaria helped to destroy the Athenians, it provided the Roman Republic with a natural barrier against invaders. The infested Pontine Marshes south of Rome enabled successive generations of Romans to conquer North Africa, the Middle East and Europe with some assurance they wouldn’t lose their own homeland. Thus, the spread of classical civilization was carried on the wings of the mosquito. In the 5th century, though, the blessing became a curse as the disease robbed the Roman Empire of its manpower.

Throughout the medieval era, malaria checked the territorial ambitions of kings and emperors. The greatest beneficiary was Africa, where endemic malaria was deadly to would-be colonizers. The conquistadors suffered no such handicap in the New World.

Author(s): Amanda Foreman

Publication Date: 15 Oct 2021

Publication Site: WSJ

ASPPA 2021 Conference: Day 1

Link:https://burypensions.wordpress.com/2021/10/17/asppa-2021-conference-day-1/

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General Session 1: Washington Update

per Brian Graff who has spent 25 years at ASPPA and got some recognition for it at the end of this session.

….

Hispanic and Black coverage in 401(k) plans is low and if this situation it does not improve private sector plans could be eliminated in favor of a government option as in Australia. States (first Oregon, then CA, and 8 others) are setting up their own plans and forcing companies to be in it if they don’t have their own plans. This is good for us in that companies do not want to give their money to states (especially in CA and NJ) so they set up their own plans that need to administered by us.

Proposal that may be effective in 2023 is requiring all companies with at least six employees in the last two years to set up a 401(k) plan with auto-enrollment at 6% going up to 10%. Pie would increase by 62 million participants (from 95 million now) and 600,000 plans (on top of 800,000 now).

Author(s): John Bury

Publication Date: 17 Oct 2021

Publication Site: burypensions

Biden’s Falling Approval Ratings Are Bad News For The Municipal Market

Link:https://www.forbes.com/sites/lizfarmer/2021/10/16/bidens-falling-approval-ratings-are-bad-news-for-the-municipal-market/?sh=7c3aed496a80

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Advanced refunding bonds allowed governments to refinance debt earlier, thus letting them take advantage of lower interest rates years sooner and save taxpayer money. The 2017 tax reform eliminated their tax-exempt status which effectively nixed their cost-saving value for governments. But the move increased federal government revenues by billions of dollars each year. Reinstating the bonds, according to a report from the Joint Committee on Taxation (JCT), would cost $11 billion over the next five years.

A federally subsidized taxable bond — what market watchers are calling BABs 2.0 — works differently. Unlike tax-exempt municipal bonds, BABs are taxable, and, as a result, open up the municipal market to new investors, such as pension funds or those living abroad. More buyers is a good thing, but BABs are also more expensive for governments. So to defray the added cost, the federal government in 2009 offered a direct subsidy of 35% of state and local governments’ interest payments on BABs.

That is, until sequestration in 2013 dramatically cut the subsidy and left state and local governments scrambling to fill the void.

BABs 2.0 would work similarly, but also lock in the federal subsidy — a much better deal for governments. They’re expected to cost the federal government more than $22.5 billion between 2022 and 2031, according to estimates from the JCT. 

Author(s): Liz Farmer

Publication Date: 16 Oct 2021

Publication Site: Forbes