Tag: Yahoo News

Ohio State Teachers Retirement System Had Massive Investment in Failed Bank

Mary Pat Campbell

Link: https://news.yahoo.com/ohio-state-teachers-retirement-system-200100935.html

Excerpt:

Already under fire for high pay despite big investment losses, the pension system for Ohio’s retired teachers lost between $27 million and $40 million when Silicon Valley Bank failed last weekend. That appears to be by far the biggest investment by a public pension system in the United States.

The losses follow a nearly $10 million loss last year when cryptocurrency platform FTX failed, according to the Ohio Retired Teachers Association, a group that represents pension system members.

The exact losses aren’t immediately known because Anthony Randazzo, executive director of pension watchdog Equable, said they were $39.3 million in a tweet. But pension system spokesman Dan Minnich said in an email, “As of last Wednesday, STRS Ohio held shares of Silicon Valley Bank (SVB) worth $27.2 million.”

Author(s): Marty Schladen

Publication Date: 16 Mar 2023

Publication Site: Yahoo News

Long COVID Is Keeping Significant Numbers of People Out of Work, Study Finds

Mary Pat Campbell

Link: https://www.yahoo.com/news/long-covid-keeping-significant-numbers-125618654.html

Source of study: https://ww3.nysif.com/

Link to study (will download): https://ww3.nysif.com/~/media/Files/NYSIF_Publications/PDF/NYSIFLongCOVIDStudy2023.ashx

Graphic:

Excerpt:

Long COVID is having a significant effect on America’s workforce, preventing substantial numbers of people from going back to work while others continue needing medical care long after returning to their jobs, according to a new analysis of workers’ compensation claims in New York state.

The study, published Tuesday by New York’s largest workers’ compensation insurer, found that during the first two years of the pandemic, about 71% of people the fund classified as experiencing long COVID either required continuing medical treatment or were unable to work for six months or more. More than a year after contracting the coronavirus, 18% of long COVID patients had still not returned to work, more than three-fourths of them younger than 60, the analysis found.

“Long Covid has harmed the work force,” said the report, by the New York State Insurance Fund, a state agency financed by employer-paid premiums. The findings, it added, “highlight long Covid as an underappreciated yet important reason for the many unfilled jobs and declining labor participation rate in the economy, and they presage a possible reduction in productivity as employers feel the strains of an increasingly sick work force.”

Author(s): Pam Belluck

Publication Date: 24 Jan 2023

Publication Site: Yahoo (originally published at NYT)

Congressional Bill Could End Windfall Elimination

Mary Pat Campbell

Link: https://www.yahoo.com/video/congressional-bill-may-soon-end-194009302.html

Excerpt:

The wind fall elimination provision (WEP) reduces the amount of Social Security benefits people can collect if they receive a government retirement plan in addition to Social Security. It applies only to workers who did not pay Social Security taxes, and so did not earn credits toward Social Security income during their working years.

According to the Congressional Research Service, roughly 6% of workers don’t receive Social Security credits in a given year. Most are local, state and federal employees who don’t pay Social Security taxes because they qualify for government pensions instead. For example, these are federal civilian employees who receive their retirement through the Civil Service Retirement System. The rest are workers covered by alternative retirement schemes, such as Railroad Retirement, or poverty-level workers who earn too little to qualify.

…..

Government Pension Offset (GPO)

The GPO cuts the benefits issued to retirees who receive both their own Social Security payments and a spouse’s government pension payments. The GPO aims to prevent double earning by someone who begins collecting their spouse’s retirement benefits. In the case of the GPO, it reduces a recipient’s Social Security payments by two-thirds of the pension payments that they receive. For example, say that a government worker received a monthly pension of $750. After their death, their spouse is eligible to continue collecting that pension. The pension offset, however, would reduce the surviving spouse’s Social Security payments by $500 per month.

The GPO only applies when someone directly collects their spouse’s pension benefits in addition to their own Social Security benefits, such as when that spouse dies. It does not apply to a household where both people are alive and collecting their own retirement benefits. It also only applies when the government worker did not pay Social Security taxes during their working years.

…..

Almost 340 members of Congress agree that it’s time to eliminate the windfall elimination, and retired public workers could benefit by more than $6,000 per year. In 2021 Rep. Rodney Davis, R-Ill., introduced the Social Security Fairness Act. This bill would repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) from Social Security payments. If it passes public employees could see a significant bump in their retirement incomes, and it may pass soon.

At time of writing the Social Security Fairness Act had 294 sponsors in the House of Representatives. Its companion bill in the Senate had 41 sponsors. The measure has been placed on a legislative fast-track. By removing the Windfall Elimination Provision and the Government Pension Offset, this law targets two issues that public unions have long criticized.

Author(s): Erid Reed

Publication Date: 7 Aug 2022

Publication Site: Yahoo News

Fact-check: Do ‘more people die from hands, fists, feet, than rifles’?

Mary Pat Campbell

Link: https://www.yahoo.com/news/fact-check-more-people-die-120052963.html

Excerpt:

“More people die from hands, fists, feet, than rifles. Guess we should ban limbs now…,” reads the May 25 post. Underneath, a graphic titled “Number of murder victims in the Unites States in 2020 by weapon used” shows rifle deaths at 455 and deaths from “personal weapons (hands, fists, feet, etc.)” as 662. The post includes a link to a website called Statista.

….

FBI data from 2020 does show that more people died from injuries sustained from other people’s fists, feet and hands than from rifles. But there’s a little more you should know about that data before you use it to draw conclusions.

Author(s): Jeff Cercone of Austin American-Statesman

Publication Date: 30 May 2022

Publication Site: Yahoo News

Retirees fled state to avoid taxing of pension

Mary Pat Campbell

Link:https://news.yahoo.com/retirees-fled-state-avoid-taxing-090009834.html

Excerpt:

The tax on pensions moved many retirees to flee the state for no-tax states like Florida. I attended one of Dale Zorn’s town halls shortly after his 2011 vote. I told him the huge cost to my pension that I didn’t expect after I retired. He told me they, the Republican Party, will revisit this at a later date. IT NEVER HAPPENED! Since 2011, the Republican Party controlled both houses and could easily have voted to repeal this tax they passed in 2011. It incredulous how they have spun this issue.

Now Gov. Gretchen Whitmer is pushing to repeal this tax this year in her State of the State speech. She knows with inflation pressures how seniors are being affected. She knows this will free up disposable income to be spent in local communities across the state. She knows its good for small business.

Author(s): Paul Wohlfarth

Publication Date: 30 Jan 2021

Publication Site: Yahoo News

Good Illinois pension news doesn’t alleviate underlying financial pressures, report states

Mary Pat Campbell

Link:https://news.yahoo.com/good-illinois-pension-news-doesn-155356123.html

Excerpt:

The state saw its unfunded pension liability decrease in fiscal year 2021 for the first time in four years, due in large part to investment returns exceeding 20 percent, according to a new report from the Commission on Government Forecasting and Accountability.

Measuring by the current-day values of the pension fund assets, unfunded liabilities – or the amount of debt the state pension funds owe that they can’t afford to pay – dropped by nearly 10 percent, to $130 billion in FY 2021 from $144 billion in the previous fiscal year. That put the state’s five pension funds at 46.5 percent funded, up from 39 percent the previous year.

….

That’s the name commonly used to refer to Public Act 88-0593, or the state’s 50-year plan to bring the its five pension funds to 90 percent funded by 2045.

The actual target for that ramp should be a 100 percent-funded pension system within the next 25 years or preferably sooner, according to a letter attached to the COGFA report from its actuary, Segal Consulting.

Author(s): Jerry Nowicki

Publication Date: 10 Dec 2021

Publication Site: Yahoo News

Virus surge hits New England despite high vaccination rates

Mary Pat Campbell

Link:https://www.yahoo.com/news/delta-tearing-states-despite-high-115328590.html

Graphic:

Excerpt:

Even though parts of New England are seeing record case counts, hospitalizations and deaths that rival pre-vaccine peaks, largely among the unvaccinated, the region hasn’t seen the impact the delta variant wave has wrought on other parts of the country. 

According to statistics from The Associated Press, the five states with the highest percentage of a fully vaccinated population are all in New England, with Vermont leading, followed by Connecticut, Maine, Rhode Island and Massachusetts. New Hampshire is 10th.

….

Case counts in Vermont, which has continually boasted about high vaccination and low hospitalization and death rates, are the highest during the pandemic. Hospitalizations are approaching the pandemic peak from last winter and September was Vermont’s second-deadliest month during the pandemic.

Author(s): Wilson Ring

Publication Date: 3 Oct 2021

Publication Site: Yahoo News

Trying to Make Sense of COVID’s Mysterious 2-Month Cycle

Mary Pat Campbell

Link:https://news.yahoo.com/trying-sense-covids-mysterious-2-121821028.html

Excerpt:

The number of new daily cases in the United States has fallen 35% since Sept. 1. Worldwide, cases have also dropped more than 30% since late August. “This is as good as the world has looked in many months,” Dr. Eric Topol of Scripps Research wrote last week.

The most encouraging news is that the most serious forms of COVID are also declining. The number of Americans hospitalized with COVID has fallen about 25% since Sept. 1. Daily deaths — which typically change direction a few weeks after cases and hospitalizations — have fallen 10% since Sept. 20. It is the first sustained decline in deaths since early summer.

These declines are consistent with a pattern that readers will recognize: COVID’s mysterious two-month cycle. Since the COVID virus began spreading in late 2019, cases have often surged for about two months — sometimes because of a variant, such as delta — and then declined for about two months.

Public health researchers do not understand why. Many popular explanations — such as seasonality or the ebbs and flows of mask wearing and social distancing — are clearly insufficient, if not wrong. The two-month cycle has occurred during different seasons of the year and occurred even when human behavior was not changing in obvious ways.

Author(s): David Leonhardt

Publication Date: 4 Oct 2021

Publication Site: Yahoo News (originally at NYT)

Thousands more people than usual are dying … but it’s not from Covid

Mary Pat Campbell

Link:https://www.yahoo.com/news/analysis-thousands-more-usual-dying-170117640.html

:

Excerpt:

While focus remains firmly fixed on Covid-19, a second health crisis is quietly emerging in Britain. Since the beginning of July, there have been thousands of excess deaths that were not caused by coronavirus.

According to health experts, this is highly unusual for the summer. Although excess deaths are expected during the winter months, when cold weather and seasonal infections combine to place pressure on the NHS, summer generally sees a lull.

….

Data from Public Health England (PHE) shows that during that period there were 2,103 extra death registrations with ischemic heart disease, 1,552 with heart failure, as well as an extra 760 deaths with cerebrovascular diseases such as stroke and aneurysm and 3,915 with other circulatory diseases.

Acute and chronic respiratory infections were also up with 3,416 more mentions on death certificates than expected since the start of July, while there have been 1,234 extra urinary system disease deaths, 324 with cirrhosis and liver disease and 1,905 with diabetes.

Alarmingly, many of these conditions saw the biggest drops in diagnosis in 2020, as the NHS struggled to cope with the pandemic.

Author(s): Sarah Knapton

Publication Date: 24 Sept 2021

Publication Site: Yahoo News

New Jersey set to shed $182 million Unilever assets over Ben & Jerry’s boycott

Mary Pat Campbell

Link: https://uk.news.yahoo.com/jersey-set-shed-182-million-225836260.html

Excerpt:

A New Jersey state treasury official said on Wednesday it is set to divest $182 million in Unilever Plc stock and bonds held by its pension funds over the restriction of sales by the consumer giant’s Ben & Jerry’s ice cream brand in Israeli-occupied Palestinian territories.

It is the latest action by a U.S. state challenging Unilever over Ben & Jerry’s move in July to end a license for its ice cream to be sold in the Israeli-occupied West Bank. Ben & Jerry’s said selling its products there was “inconsistent with its values.”

New Jersey’s Division of Investment had said on Tuesday it made a preliminary determination that maintaining its investment in Unilever would be a breach of a state law barring it from investing in companies boycotting Israel. It gave the company 90 days to request a modification of the order.

Author(s): Ross Kerber

Publication Date: 15 Sept 2021

Publication Site: Yahoo News

California county cuts COVID-19 death toll by 25% after finding some deaths ‘clearly not’ caused by virus

Mary Pat Campbell

Link: https://news.yahoo.com/california-county-cuts-covid-19-151921394.html

Excerpt:

A California county cut its COVID-19 death toll by around 25% after determining that some deaths were not a “direct result” of the virus.

Alameda County revised the total number of deaths caused by the coronavirus to 1,223, down from 1,634.

County officials decided to revise the numbers to align with the California Department of Public Health’s guidance on how to classify deaths. The county previously included deaths of anyone infected with the virus, regardless of whether COVID-19 was a direct or contributing cause of death.

Author(s): Peter Aitken

Publication Date: 6 June 2021

Publication Site: Yahoo News

Members of teacher pension fund planning lawsuit to force transparency

Mary Pat Campbell

Link: https://news.yahoo.com/members-teacher-pension-fund-planning-110300430.html?guccounter=1

Excerpt:

About 1,000 current and retired Ohio educators skeptical of the true financial shape of their $90 billion state pension fund are preparing to sue to force greater cooperation with a $75,000 self-funded investigation of its books.

The forensics audit, financed through money raised from members, is being undertaken by pension investment expert Ted Siedle — a former Securities Exchange Commission attorney, financial forensics investigator, and co-author of the book “Who Stole My Pension?”

The public records lawsuit will ask the Ohio Supreme Court to force the State Teachers Retirement System, serving some 500,000 active, inactive, and retired members, to release information that investment firms have claimed is proprietary or a trade secret.

Author(s): Jim Provance, The Blade, Toledo, Ohio

Publication Date: 3 May 2021

Publication Site: Yahoo News