General Electric mulls launch of cross-border IORP

first_imgExxonMobil was also considering a move to Belgium.Den Bakker said the Dutch sponsor and employee representatives were now considering future options for the Dutch fund, which has €290m in assets.She added that the sponsor was awaiting a decision from employee representatives, and that, once their stance became clear, the fund’s future would be evaluated.The move comes after the Dutch fund suffered a decline in membership – nearly halving from 1,034 at the end of 2013 to around 650 – after GE sold off part of its Dutch business and moved production out of the country.Plans to transfer the pension benefits of employees at GE Artesia Bank, a provider of trade finance, to the main GE scheme were abandoned after they proved infeasible, Den Bakker said.GE Artesia Bank was recently revealed as one of the firms discussing the launch of a new ‘general pension fund’, or APF, covering companies within the financial sector.GE Pensioenfonds had close to 2,000 members at the end of 2014.As of late June, its policy coverage ratio stood at 105.6%.GE declined to comment when approached by IPE sister publication Pensioen Pro. General Electric is considering the launch of a cross-border pension fund based in Belgium.The plans, mentioned in the Dutch GE Pensioenfonds 2014 annual report, could see future accrual for several European countries shift to a Belgium-domiciled vehicle, according to pension fund chair Yvonne den Bakker.GE is the latest company to consider the launch of a cross-border fund for its Dutch scheme.Aon Netherlands recently angered employees after deciding to establish a vehicle in Brussels despite its workers’ council still debating the move.last_img read more

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Broward School District Clears Parkland Administrators Despite Investigation Noting Failures

first_imgAs questions continue in the aftermath of the Parkland school shooting, the Broward School District recently cleared administrators at the school, even after an outside investigator blamed them for several procedural failures contributing to the 2018 massacre.A committee of district administrators did not find just cause on May 7 to discipline Ty Thompson, who was principal of Marjory Stoneman Douglas High School at the time of the shooting, or Assistant Principal Denise Reed. Both individuals were reassigned from the school last year.Jeff Morford, another assistant principal at the school who has retired, was also cleared of most of the allegations against him.However, he was given a letter of reprimand for mishandling a 2016 threat assessment of the student who would kill 17 people and injure another 17 on Feb. 14, 2018.Records obtained by the Sun Sentinel show that attorney Jennifer Ruiz, whose firm was contracted by the district to conduct a review, accused Thompson of failing to adequately supervise school employees.“The evidence shows that Mr. Thompson delegated away many of his own responsibilities or duties to his assistant principals, but failed to implement any type of system to oversee compliance,” she wrote.Ruiz adds that Reed and Morford botched the killer’s threat assessment, and that Morford also ignored various warning signs and provided testimony lacking credibility.A statement from Kathy Koch, the district’s chief communications officer, said Ruiz’s role was to research and present facts, which was was done “comprehensively and thoroughly.”Koch adds that the decision to determine whether there was cause for discipline was up to the committee.“The committee concluded there was not just cause,” the statement goes on to say.Lisa Maxwell, who represents the three administrators as executive director of the Broward Principals and Assistants Association, responds, “The investigator had no idea of how any of the processes actually work. All she did was try to be a rubber stamp for the statewide commission, and she failed miserably.”She described Ruiz as a “lawyer from Miami with no background in investigations, absolutely zero understanding of how schools operate.”Ruiz also completed investigations of Assistant Principal Winfred Porter and Security Specialist Kelvin Greenleaf.In the end, she found no cause to discipline Greenleaf. However, she determined that Porter, who oversaw the school’s security, failed to ensure staff knew how and when to activate emergency Code Red lockdown procedures.The Professional Standards Committee also overturned that recommendation and cleared Porter.The only employees who ended up facing any severe discipline were two security monitors whose contracts were not renewed in June 2018.The full investigation into Ty Thompson is available here. Notes from the Professional Standards Committee can be found here.The investigation of Denise Reed has three parts. Read Part 1, Part 2 or Part 2 supplement. Notes from the Professional Standards Committee can be found here.The investigation of Jeff Morford has three parts. Read Part 1, Part 2 or Part 2 supplement. Notes from the Professional Standards Committee can be found here.The full investigation of Winfred Porter is available here. Notes from the Professional Standards Committee can be found here.The full investigation of Kelvin Greenleaf is available here. Notes from the Professional Standards Committee can be found here.last_img read more

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