The final prepaid rule: Version 3.0

first_imgSince 1982, no less than seven different cuts of Ridley Scott’s science fiction masterpiece Blade Runner have been shown to theater audiences. The initial workprint version didn’t test well, so the studio re-cut it, adding a rightfully maligned voice-over and a preposterous “happy ending.” Both the director and generations of film snobs-to-come found it insufferable. A version with extended, more violent fight scenes was released for international audiences, and a version with toned down violence and nudity was produced for television broadcast. In the early 90’s, positive responses to an unauthorized release of the original workprint prompted the 1992 release of a director’s cut version, but Ridley Scott still didn’t feel he had sufficient time or control to finish it the way he wanted. In 2007, Scott was able to make the version he wanted — the “Final Cut” — which was released with the 25th Anniversary Edition blu-ray. Blade Runner is one of my favorite movies, and it proves that, sometimes to get something right you need a quarter of a century and at least seven iterations.Which is to say, the CFPB is still working on the Prepaids Rule.The initial proposed rule was released on December 23, 2014, with following corrections to the proposal being released February 5, 2015. The rule went final for the first time on November 22, 2016, with an effective date of October 1, 2017. Less than 4 months later, on March 15, 2017 the Bureau issued another proposal, recognizing some issues with implementation of the final rule, seeking more time for additional adjustments and suggesting the effective date be delayed six months. That proposal went final on April 25, 2017, with a new effective date of April 1, 2018. However, the Bureau did believe further adjustments were necessary, and on June 29, 2017, another proposal was issued, delaying the implementation date further and proposing changes to the regulation. While it has not yet been published in the Federal Register, the Bureau has released the third Final Rule on prepaids, and the new effective date is April 1, 2019. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

UK consultants flag up divergent IAS19 practice over inflation, mortality assumptions

first_imgSparking the uncertainty is the news that the UK government plans to consult next year on proposals either to slight RPI with CPIH at some point between 2025 and 2030 or leave the matter to 2030 when the UK Statistics Authority can take the decision on its own account.The government move follows the publication in January of a House of Lords Economic Affairs Committee report, Measuring Inflation, addressing the future of RPI.Andrew Mandley, a UK IAS 19 specialist with Willis Towers Watson, added: “The big issue to watch for is whether companies reduce the assumed gap between RPI and CPI for this year end.“The numbers we are talking about in the accounts are potentially very big numbers”Simon Robinson, consultant actuary at Deloitte“Looking at the 30 September accounts we have seen so far, some companies have stuck with a 1% difference, but others have reduced it to a 0.8% gap. I expect we will see a similar pattern in the year-end reports, too.”In terms of the financial impact, Mandley said it all depends on “how much of your pension liability is linked to each of RPI and CPI inflation. But if you think about a 0.2% change in inflation assumptions, potentially you could be talking 2-4% of the DBO.”Simon Robinson, a consultant actuary with Deloitte, added: “The numbers we are talking about in the accounts are potentially very big numbers and could be as extreme as a reduction of 20% of the gross liability.”He also warned that a sponsor with a net asset position of £100m could end up in a deficit situation simply if they had hedged their inflation exposure because of the impact of the change on the asset side.On the issue of diversity in practice, LCP partner Tim Marklew told IPE: “The FRC hasn’t opined on any particular course of action.“We have sat down with all the major auditors and they have slightly different views. Some are quite conservative and their approach is to carry on as before, and others see the September announcement as a reason for firms to re-evaluate how they set inflation assumptions.”Meanwhile, it has emerged that it is unclear whether DB sponsors will uniformly adopt a so-called initial addition to the CMI 2018 to reflect the fact that those with access to DB provision tend to lead more affluent lifestyles than the wider population on average.Mandley said: “The introduction of the CMI 2018 has meant changes to some of the parameters underlying that model. In particular, less smoothing of the downturn in the rate of mortality improvement this decade produces lower life expectancy figures than in previous version, CMI 2017. On it’s own this could reduce the calculated DBO by 1% to 3%.”“The FRC hasn’t opined on any particular course of action”Tim Marklew, partner at LCPHe explained that those sponsors that opt to include the new initial addition “could find that there is little change to their overall mortality outcome and hence little change to their DBO.”In a statement addressing both inflation and mortality assumptions, an FRC spokesperson told IPE: “The two matters you raise are technical issues relating to Defined Benefit pension provision which do not come under the supervision of the FRC.” Three of the UK’s leading pensions consultancies have warned that uncertainty over the way defined-benefit (DB) pension plan sponsors should set their inflation and mortality assumptions under International Accounting Standard 19, Employee Benefits (IAS 19), could lead to substantial diversity in practice this year-end.In particular, sponsors are reportedly struggling with whether they should factor in the UK government’s announcement on 4 September over plans to consult on a move from the Retail Prices Index to the Consumer Prices Index as the basis for measuring inflation.IPE has also learned there is similar uncertainty over the transition adjustment from the Continuous Mortality Investigation 2017 to the latest 2018 model.Lane Clark Peacock partner Alex Waite said: “Some people take the announcement as implying that RPI will no longer exist in its current form in a decade’s time and we will effectively all use CPI. Alternatively, there is another view that nothing really changed on 4 September.”last_img read more

Basketball: NBBF applauds FG’s intervention for injured D’Tigress star

first_imgRelatedPosts Serbia-based Nigerian basketballer slumps, dies after training NBBF celebrates Nigerian Arizona Women Basketball player of the Decade FIBA releases guidelines for basketball’s return The Nigeria Basketball Federationhas applauded the Minister of Youth and Sports, Sunday Dare’s fatherly intervention toward sourcing  funds for injured D’Tigress player, Nkem Akaraiwe. NBBF President, Musa Kida in a statement in Lagos on Wednesday, described the 15,000 dollars intervention by the ministry Christmas gift which was well appreciated by the players, her fans and the federation. This was in addition to the 10,000 dollars earlier received from Governor Ifeanyi Okowa of Delta which was facilitated by the minister. Akaraiwe who was a member of the 2018 FIBA Women’s World Cup team tore her Anterior Cruciate Ligament at the Beach Games in Cape Verde and had found it difficult raising funds for the needed surgery. Kida said the gesture was a timely intervention and an indication that the Federal Government was responsive to the plight of its athletes. “This will continue to encourage more Nigerians to strive for glory while representing the nation. “We cannot thank the minister enough for coming through for one of our top basketball players who got injured on national duty. “We are really grateful and elated that finally Akaraiwe can go for the surgery, recover on time and get back to the court. “With enough funds raised, the First Bank Women Basketball Club’s player is expected to go for surgery in Dubai,” he said.Tags: BasketballChristmasD’TigressMusa KidaNBBFNkem Akaraiwelast_img read more

Fulham man making steady progress

first_imgSteve Sidwell is on course to return to action in two weeks’ time.The Fulham midfielder has been sidelined with an abdominal injury and has not played since last month’s draw with West Brom.Meanwhile, the Whites have been boosted by Bryan Ruiz’s recovery from illness ahead of this weekend’s game against Aston Villa.AdChoices广告Ruiz was laid low by a virus but has returned to training and will be in the squad for the trip to the Midlands.But Aaron Hughes faces a fitness test on a calf problem and Stephen Kelly is out with a thigh injury.Follow West London Sport on TwitterFind us on Facebooklast_img read more

21-year-old shot to death in front of home in Miami

first_imgThe Miami-Dade police department is reporting that a 21-year-old woman was shot to death outside of a home in Southeast Miami-Dade.The incident was reported around 8:00 am at a home on Southwest 307th Street.According to the report, the victim identified as Winnie Mendoza, was found dead in the driveway of the home.  Not much is known about the incident at this time, however, authorities did report that they have taken one person into custody.This is a developing story.last_img

Phantom ends Cats season by sweeping Kootenay out of the playoffs

first_imgThe playoff run of the Kootenay Wildcats came to an end Saturday as Fraser Valley Phantom completed a two-game sweep in B.C. Hockey Female Midget AAA Hockey semi final series.The Phantom, regular season champs, finished off the Cats with a 4-3 win at the Langley Sportsplex.Fraser Valley won the opener of the best-of-three series 2-0.Two third-period goals by Madison Sands and Simran Sidhu late in the game allowed the Phantom to escape with the narrow win.Sarah Doll of Cranbrook was in goal for Kootenay.Kootenay, finishing fourth in regular season standings, qualified for the semis with a 2-1 series win over Prince George Cougars. The Wildcats had affiliate and West Kootenay Bantam player Merissa Dawson in the lineup for the weekend.Fraser Valley now advances to the Female Final against the Okanagan Rockets.The Rockets ousted Vancouver Fusion in straight games in the other league semi final series.This is the first time in four years Kootenay Wildcats have not played in the championship final.The Female Midget AAA League was established in the 2007-2008 season to provide an opportunity for elite female hockey players to play against elite Female players in the [email protected]last_img read more

Jamboree event highlight of Terry Walgren Tournament

first_imgThe Terry Walgren Youth Soccer Tournament attracted players and teams from throughout the Kootenay and Okanagan regions along with some participants from south of the 49th parallel. Part of the weekend was reserved for players under the age of 12 playing in a Jamboree style event.Host Nelson, with 21-plus players on the roster, entered a pair of teams into the Jamboree.During the Jamboree, there are no scores or points kept, just a lot of determination and skill by all players.The Jamboree event prepares the players for the Rep category, which youth soccer players enter for the next years.Some of the players on the Nelson squad included, Logan Martin, Joey Wall, Chase Colgur, Albie Drysdale, Van Keywood, Ryder Collins, Ethan Knight, Logan Wright, Ilya Sherstobitoff, Markus Rentke, Evan Ouchi, Amani Kaufmann, Yannick Holt-Lachance, Oliver Gyr, Charlie Morrison, Jacob De Zwart, Peyton Wilkinson, Tanner Jackson, Kaden White,  Emil Metcalfand Gabriel Makortoff.last_img read more

STORMWATCH ALERT: HAIL AND SNOW STORM HITS COUNTY AS GARDAÍ ISSUE WARNING

first_imgSTORMWATCH UPDATE: FURTHER heavy falls of hail, sleet and snow are hitting Donegal this afternoon – with ice predicted on all roads overnight.Gardaí have issued an urgent warning to motorists to take extreme care.There have been a number of minor traffic crashes in Donegal today due to the road conditions. One hail storm is currently moving east to west across the county.Said a Garda spokesman: “We would urge motorists not to drive unless absolutely necessary and where people are out and about this evening, they should drive with extreme care.“Roads, particularly in rural areas and in housing estates in towns, are very slippery and with ice expected to form after dark, this will make conditions more hazardous.”Donegal County Council gritting lorries are treating main routes. BBC Northern Ireland and Met Eireann says there will be more wintry showers tonight before cloud clears and temperatures drop.A new gale will sweep into Donegal around 10am on Friday. STORMWATCH ALERT: HAIL AND SNOW STORM HITS COUNTY AS GARDAÍ ISSUE WARNING was last modified: December 19th, 2013 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegaldonegal daily weatherhailsleetsnowstormlast_img read more

The Rafael Benitez quiz

first_imgRafael Benitez – an unpopular figure among Chelsea fans from his time as Liverpool manager – has taken over as Blues boss. Test your knowledge of the Spaniard’s past by seeing how many of these five questions you can answer correctly.[wp-simple-survey-73]Are Chelsea right to sack Di Matteo? Click here to vote 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 Follow West London Sport on TwitterFind us on Facebooklast_img read more