first_imgCPEG indicated relief at the outcome as the result averted a potential “catastrophic” double rejection. However, as a precautionary measure it noted the vote could be contested.  “We are pleased that a solution has been found to allow the fund and its members to approach the future with more peace of mind,” it said in a statement.The cantonal government lamented that voters had opted for a proposal that did not provide for structural reform of CPEG, saying it hoped new recapitalisation measures or benefit cuts would not be necessary in the coming years. The law approved by the referendum would come at a higher cost to the canton than the government’s proposal, it said. How it will workThe mechanism for the bulk of the recapitalisation is fairly complex, involving a long-term loan from CPEG to the canton, to be reimbursed in the form of real estate assets – land for development or construction rights for housing in the Praille-Acacias-Vernets (PAV) area.If this were to lead to real estate accounting for more than 45% of CPEG’s overall assets, cash or other “contributions in kind” would have to be made, according to the text of the approved law.The government said the text would not allow any construction in the PAV area beyond what was already agreed. The PAV area is the focus of a plan to redevelop railway and industrial land to address a housing shortage in Geneva and surrounding municipalities.Speaking to IPE before the referendum, CPEG’s chief investment officer Grégoire Haenni said a recapitalisation would have an impact on the scheme’s asset allocation and the investment portfolio’s expected return, but the investment strategy would not change.In a national ballot yesterday Swiss voters backed a proposal to pump CHF2bn into the state pension scheme on an annual basis from next year. The provision was included in a reform of corporate tax rules that would also scrap preferential rates for multinational corporations. The CHF12.6bn (€11.2bn) public pension fund for the Swiss canton of Geneva will be recapitalised with CHF4.4bn but without structural changes after a public vote on Sunday.The funding level at the Caisse de prévoyance de l’Etat de Genève (CPEG) will reach 75% as a result of the recapitalisation, bringing it closer to the 80% level that it must reach by 2052 under federal law.However, voters rejected the government’s proposed change to CPEG’s structure, from defined benefit (DB) to defined contribution (DC).Both the government and opposition parties supported a recapitalisation plan, but only the government’s proposal included the DB to DC switch. Voters approved both plans, but more were in favour of the opposition’s plan. The turnout was reported to be 45%.last_img read more


first_imgArea Football Friday Sectional Semi-Final Scores.Friday  (11-1)Class 3A-Sectional 31Greensburg  36     Batesville  12     Lawrenceburg  49     Charlestown  18Class 4A-Sectional 23East Central  49       Greenwood  35  Mooresville  41     Martinsville  16  Class 1A-Sectional 47Milan  34     Hagerstown  14  North Decatur  12     Tri  0  Class 2A-Sectional 39Providence  42     Eastern Pekin  16  Triton Central  41     Paoli  8last_img


first_imgOverlooked before the season in the Big East, the No. 3-ranked Syracuse men’s basketball team has cleaned house.On Tuesday, Jim Boeheim was named Big East Coach of the Year and Wes Johnson was awarded Big East Player of the Year. Syracuse plays the winner of Georgetown vs. South Florida on Thursday in the quarterfinal round of the Big East tournament.Before this season, Syracuse was predicted to finish sixth in conference — widely billed as a wild card with replenished pieces. After finishing as the Big East’s outright regular-season champions, the Orange (28-3) has reeled in the hardware.Boeheim was honored for SU’s unlikely turnaround, while Johnson leads the balanced team in points per game (15.7), rebounds (8.5) and minutes (34.5). Johnson is the first transfer from a Division I school to win the award and the fourth-ever Syracuse winner. Hakim Warrick (2005), Billy Owens (1991) and Derrick Coleman (1990) have also won. A day earlier, Kris Joseph was named the Big East’s Sixth Man of the Year.Among a field of premier scorers — such as Villanova’s Scottie Reynolds, Notre Dame’s Luke Harangody and South Florida’s Dominique Jones — Johnson’s overall game stood out. Fighting through injuries, he has handled a wealth of minutes while scoring in double figures in 28 of Syracuse’s 31 games.AdvertisementThis is placeholder textFor Boeheim, this is simply more hardware. As the winningest coach in Big East history, he also won Coach of the Year in 1984, 1991 and 2000. For Johnson, the news was somewhat surprising considering his numbers have ebbed of late. After a furious start, he has been hobbled by a pair of injuries.The aftershock of a head-over-heels spill against Providence and a hand injury against Connecticut has hurt Johnson’s shot. He is averaging 12.3 points in his last nine games. Others, namely Andy Rautins, have picked up the slack. Johnson recently campaigned for Rautins to win the award.thdunne@syr.edu  Facebook Twitter Google+ Commentscenter_img Published on March 9, 2010 at 12:00 pmlast_img read more