Month: July 2021

J&J and Delta update

Mary Pat Campbell

Link: https://yourlocalepidemiologist.substack.com/p/j-and-j-and-delta-update

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Excerpt:

Neutralizing antibodies in a lab is difficult to map to real world efficacy. Thankfully, some scientists figured out a mathematical model (here). Using their model, this means the efficacy of J&J would be around 55-60% against symptomatic disease. It will still work well against severe disease.

In the same update, J&J said their vaccine continues to work over time, with strong responses for up to 8 months. This is because there’s only 8 months of data; we are optimistic it will last longer.

Author(s): Katelyn Jetelina

Publication Date: 2 July 2021

Publication Site: Your Local Epidemiologist on substack

U.S. Supreme Court to Hear University Pension Case

Mary Pat Campbell

Link: https://www.insidehighered.com/quicktakes/2021/07/06/us-supreme-court-hear-university-pension-case

Excerpt:

The U.S. Supreme Court on Friday agreed to consider the appeal of Northwestern University employees who say the university mismanaged their 403(b) pension investments. The lawsuit against Northwestern was one of roughly 20 filed in 2016 charging that wealthy and prestigious universities failed to fulfill their fiduciary duty by charging unreasonable fees and offering too many investment options.

Lower federal courts sided with Northwestern in dismissing the employees’ claims, but in their appeal to the Supreme Court, lawyers for the plaintiffs argued that the federal appeals courts had issued divided rulings on key questions in similar lawsuits.

Author(s): Doug Lederman

Publication Date: 6 July 2021

Publication Site: Inside Higher Ed

Nearly a third of Gen Xers have inadequate pension savings

Mary Pat Campbell

Link: https://www.pensions-expert.com/Investment/Nearly-a-third-of-Gen-Xers-have-inadequate-pension-savings?ct=true

Excerpt:

Almost one in three Generation Xers — individuals aged between 41 and 56 — have inadequate pension savings and face a minimum-at-best standard of living in retirement, according to research by the International Longevity Centre and Standard Life.

The ILC’s ‘Slipping between the cracks’ report found that 60 per cent of Gen Xers in a defined contribution scheme are not contributing enough for financial security or flexibility later in life, while 59 per cent of those with insufficient savings lack any other kind of income, for example property.

More than two-fifths (44 per cent) have gaps of at least 10 years in their contributions, a figure that rises to 48 per cent for women.

Author(s): Benjamin Mercer

Publication Date: 5 July 2021

Publication Site: Pensions Expert

GOP senators press TSP managers on fiduciary duty vs. ESG

Mary Pat Campbell

Link: https://www.pionline.com/washington/gop-senators-press-tsp-managers-fiduciary-duty-vs-esg?utm_source=p-i-editor-s-pick&utm_medium=email&utm_campaign=20210702&utm_content=article3-headline&CSAuthResp=1625616942174%3A0%3A73393%3A0%3A24%3Asuccess%3AFEA86842B20E7441526766BAA1004F10#cci_r=

Excerpt:

Two Republican senators expressed concern that Thrift Savings Plan asset managers BlackRock and State Street Global Advisors are putting ESG and their CEOs’ “left-leaning” priorities ahead of their fiduciary duties when it comes to proxy voting.

In a letter Thursday to Federal Retirement Thrift Investment Board Acting Chairman David A. Jones, Sens. Pat Toomey of Pennsylvania and Ron Johnson of Wisconsin questioned the priorities of BlackRock and State Street Global Advisors, who between them manage nearly $500 billion for the $762.3 billion Thrift Savings Plan’s 6.2 million federal employees and members of the uniformed services. Of that, roughly $57 billion is managed by SSGA.

“We are concerned that BlackRock and SSGA may be prioritizing their CEOs’ personal policy views over retirees’ financial security,” the letter said.

Author(s): Hazel Bradford

Publication Date: 1 July 2021

Publication Site: Pensions & Investments

Editorial | When it comes to Illinois bond ratings, up definitely better than down

Mary Pat Campbell

Link: https://www.news-gazette.com/opinion/editorials/editorial-when-it-comes-to-illinois-bond-ratings-up-definitely-better-than-down/article_d17d487c-5ff3-5da1-a958-60d7edd5c3e6.html

Excerpt:

Citing a “material improvement in state finances,” Moody’s Investor Services recently raised the state’s bond rating by one notch — up to Baa2 from Baa3.

Ordinary mortals won’t know what that means. But Illinois has climbed the ladder from being one notch above junk bond status to two notches.

It’s the first time Illinois’ bond rating has been raised in 20 years. The improvement comes after a steady spiral downward.

Author(s): Editorial Board

Publication Date: 4 July 2021

Publication Site: The News-Gazette

Public Pension Plans Need to Put a Year of Good Investment Returns In Perspective

Mary Pat Campbell
Public Pension Plans Need to Put a Year of Good Investment Returns In Perspective

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Excerpt:

For the last 20 years, state and local pension plans’ assumed rates of return have been far too optimistic. The distributions of average (geometric mean) assumed investment returns and actual returns from 2001 to 2020 demonstrate this. The figure below shows the distribution of the average assumed investment return rate versus actual investment returns for 200 of the largest state and local pension plans in the United States. The median assumed rate of return over the last 20 years was 7.7 percent per year, the median actual rate of investment return for these public pension plans was 5.7 percent.

This two percent difference helps to explain the nearly 30 percent drop in the average pension plan funded ratio over the same period. In recent years, many pension plans lowered their assumed rates of return.

Author(s): Truong Bui, Jordan Campbell

Publication Date: 30 June 2021

Publication Site: Reason Foundation

Iran Pensioners Protest Yet Again

Mary Pat Campbell
Iran Pensioners Protest Yet Again

Excerpt:

The 2020 census reported that there are some 18 million pensioners in Iran, who form part of the 96% of the population who live under the poverty line. Even the regime’s own statistics advise that over 75% of pensioners cannot afford the most basic goods, like food and shelter. This is because the average pension is 25 million rials per month even though some parts of the country have a poverty rate of 100 million rials after the economic crisis caused by the pandemic.

Author(s): Mostafa Aslani

Publication Date: 6 July 2021

Publication Site: Iran News Update

Fate of Pension Funds a Mystery in Latin America

Mary Pat Campbell

Link: https://www.occrp.org/en/daily/14770-fate-of-pension-funds-a-mystery-in-latin-america

Excerpt:

A dónde va mi pensión (Where is my pension going?), an investigation by the Press and Society Institute, IPYS, the Pulitzer Center and 13 news organizations, revealed that workers from nine Latin American countries have saved around US$500 billion for their pensions but that they have no idea how and where their money was invested.

The investigation found that in some cases the money ended up in questionable companies that violated local regulations concerning the environment or worker’s safety.

In Chile, for example, 36 companies financed by pension funds accounted for nearly 3,500 fines issued by the labor regulator over the last five years.

Author(s): JULETT PINEDA SLEINAN

Publication Date: 6 July 2021

Publication Site: Organized Crime and Corruption Reporting Project

Skip the fireworks this record-dry 4th of July, over 150 wildfire scientists urge the US West

Mary Pat Campbell

Link: https://theconversation.com/skip-the-fireworks-this-record-dry-4th-of-july-over-150-wildfire-scientists-urge-the-us-west-163561

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Excerpt:

For decades, one of the most striking and predictable patterns of human behavior in the western U.S. has been people accidentally starting fires on the Fourth of July. From 1992 to 2015, more than 7,000 wildfires started in the U.S. on July 4 – the most wildfires ignited on any day during the year. And most of these are near homes.

Author(s): Philip Higuera, Alexander L. Metcalf, Dave McWethy, Jennifer Balch

Publication Date: 1 July 2021

Publication Site: The Conversation

Ruark Consulting Releases 2021 Variable Annuity Studies

Mary Pat Campbell
Ruark Consulting Releases 2021 Variable Annuity Studies

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Excerpt:

Pandemic-related factors dampened VA policyholder behavior in 2020. Extreme market activity in the first half of the year, disruption to policyholders’ usual communication patterns with advisors and agents by COVID-related social distancing, and the suspension of required minimum distributions under the CARES Act all served to depress surrender and income commencement behavior; however, the effects were not uniform, instead manifesting in specific market sectors as described below.

In the first half of 2020, declines in account values made guarantees relatively more valuable, leading to greater persistency.

As annuity sales volumes fell in 2020, VA surrender rates fell as well. However, the declines in surrender rates were concentrated among ultimate contract durations, where rates fell 1-2 percentage points independent of rider type or benefit value. Evidence suggests producers focused their attention on contracts at the shock duration (immediately following the expiration of surrender charges), leading to less turnover among the longest-dated contracts. The decline in surrenders is suggestive of a new, unique surrender regime, distinct from the regimes we observe before and after the 2008 financial crisis.

Author(s): Eric Halpern

Publication Date: 25 June 2021

Publication Site: Ruark Consulting

Without Enough Boots on the Ground, California’s Vaccination Efforts Falter

Mary Pat Campbell
Without Enough Boots on the Ground, California’s Vaccination Efforts Falter

Excerpt:

Lackluster vaccination uptake drove the Newsom administration to pursue the more personal approach that public health experts favor, but the still-nascent campaign leaves out large swaths of the state. The administration launched its “Get Out the Vax” campaign in April, enlisting 70 community-based organizations and 2,000 community canvassers, now focused on Los Angeles and Central Valley neighborhoods where vaccinations have plateaued or declined.

But county public health officials say the campaign isn’t big enough to combat the vaccine misinformation that has infiltrated regions such as California’s rural north.

Author(s): Angela Hart

Publication Date: 29 June 2021

Publication Site: Kaiser Health News

5 U.S. States Where COVID-19 Slashed Birth Rates

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2021/07/06/5-u-s-states-where-covid-19-slashed-birth-rates/

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Excerpt:

The pandemic has killed about 0.9% of Americans over age 65, and it has also reduced the number of babies born in 2020 by 4%, to 3.6 million, according to data from the National Center for Health Statistics.

That’s the biggest drop since 1973, when fear of overpopulation led many U.S. mothers to give up on the idea of having more than two children.

Author(s): Allison Bell

Publication Date: 6 July 2021

Publication Site: Think Advisor