Aer Lingus ‘reluctantly’ accepts additional €51m pension payment

first_imgIrish flag carrier Aer Lingus is to pay nearly €191m towards a new defined contribution (DC) scheme for part of its staff, as the airline seeks to settle the protracted dispute surrounding the underfunded €1.4bn Irish Airlines Superannuation Scheme (IASS).The company said it would accept the findings of an expert panel, convened by the Irish government and social partners, in what was seen as the final opportunity to end the “protracted and divisive dispute” over a €715m deficit in the multi-employer fund.In an announcement to the Irish Stock Exchange, Aer Lingus chief executive Christoph Mueller noted that a recommended €146.7m payment was a significant increase over a previous Labour Court ruling that urged a €110m investment into a new DC scheme to compensate active members for the benefits cuts they would incur due to the restructuring of the IASS.“Aer Lingus and the company reluctantly accept the recommendations of the expert panel as the only solution that is capable of acceptance by all the parties,” Mueller said. He said implementing the “very complex” solution would require continued effort by everyone involved in the dispute, which has lasted several years, partially due to the reluctance of former major shareholder Ryanair to consent to any payment.Mueller added: “A significantly improved industrial relations environment is also a key requirement, and a functioning internal dispute resolution mechanism must be established for this purpose. We strongly encourage all parties to work collaboratively to achieve these goals.”Additionally, the company said it would offer the trustee of the IASS a further €14m to compensate deferred members for part of their benefits cuts, raising its offer to €44m.It said it was now engaging with the trustee and had received “initial conformation” that the fund would proceed with a proposed de-risking strategy, as outlined in a recent funding proposal.Under the 25-year funding proposal, the scheme has allocated heavily to euro-zone government bonds, with an aim of achieving a €28m surplus by 2039.It is also reducing member benefits by up to 20%, cutting the current deficit to €197m.If both payments are accepted by the trustee, then Air Lingus would end up contributing €190.7m to a new DC fund, a nearly €51m increase from the €140m payment previously recommended by a Labour Court settlement.The company will now seek final approval for all payments from all stakeholders, then convene an extraordinary general meeting to gain shareholder approval, with the aim of completing all payments by the end of 2016.The announcement comes a day after Irish minister Leo Varadkar, whose Department of Transport, Tourism and Sport was one of the government departments involved in convening the expert panel, told the Dáil that he urged all parties to seize the opportunity and “bring this issue to a final and fair conclusion”.He added that he had spoken with both the chairman of Aer Lingus, Colm Barrington, and at least one of the board members representing the interests of the state.Varadkar also said he had not yet had an opportunity to discuss the matter with the board of the Dublin Airport Authority, the other scheme sponsor involved in the dispute, which was also urged by the expert panel to contribute towards the funding of a new DC scheme.A spokesman for DAA referred back the company’s previous statement on the expert panel report, which noted that it would review the recommendations.last_img read more

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Wellington Sears to offer merchandise lower than any Sears store in south-central Kansas

first_imgWellington Sears at 214 S. Washington is having a Premier Store event. “This is a special savings event that not very many stores get to have because they aren’t Premier stores,” said Jay Huston, Wellington Sears manager.  “Due to us meeting or exceeding goals in areas of sale, Wellington store has qualified for this event and will get to offer an extra 10 percent off almost everything store wide.During this event, items will be 10 percent lower in our store than they will be in other south-central hometown stores, he said. It’s a great time to save.last_img

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Aisbitt clinches wire-to-wire win in Logan Trophy

first_img5 Jul 2015 Aisbitt clinches wire-to-wire win in Logan Trophy Durham’s Richard Aisbitt finished six shots clear of the field to complete an impressive wire-to-wire victory in the Logan Trophy at Northumberland Golf Club.Aisbitt (image © Leaderboard Photography) scored two-under 70 today, finishing the 54-hole English men’s open mid-amateur championship at six-under par. The runner-up was his playing partner and friend, the host club’s Andrew Minnikin, who in turn was one clear of Yorkshire’s Stephen East.“I am delighted, chuffed to bits” said Aisbitt, (Brancepeth Castle) who is also the Durham champion. “This is what you want, to have the chance of winning on a Sunday.”He went on: “Andy and I said earlier in the year that the next time we played it would be in the last group at the Logan and it worked out that way.“It’s a great one-two for the North East and we will have to invade the south next year!” The championship will be held at Brokenhurst Manor in Hampshire in 2016 and both players are already planning to play.Minnikin who scored 73 today for a level par total, added: “This is my first year of playing the mid-amateur and it gives you the bit between your teeth to know you can compete.”Aisbitt set out on the final round with a three shot lead over Minnikin and quickly extended it with a birdie on the first.The lead widened again when Minnikin three-putted from close range on the second and by the time the pair turned for home Aisbitt was six-under for the tournament. A level par back nine completed the runaway win.His play from tee to green was controlled and impressive, however he put himself under pressure with his putting, leaving himself with rather too many five-footers for par. He managed to hole all but one, but as he commented: “It made it hard work.”Aisbitt was unphased by leading throughout the event. “I had a dodgy spell yesterday, just after the turn, when I had four bogeys in a row, but I got off to a nice start today,” he remarked.Minnikin meanwhile triumphed in the tight battle for second place. At one stage he was briefly overtaken by Stephen East (Moortown), who has won this title three times and who charged to the turn in four-under par, before dropping two on the way in.But Minnikin’s steady, par play over the back nine brought him home as runner up, despite failing to hole any significant putts. “I’m pleased overall because it’s quite hard to play at home,” said the Northumberland county captain. “But I just didn’t hole a putt – that’s my story of the three days, but it’s just one of those things.”Phil Hubball (Whittington Heath) also made strides and his 69 – equalling the low score of the day – moved him into fourth place, alongside Hampshire’s Martin Young (Brokenhust Manor). Both completed the event in two over par.The championship was attended on all three days by George Logan, a past President of both England and Northumberland, who presented the trophy in 1988. Richard Aisbitt’s father took part in one of the earliest championships and was on hand today to watch his son’s success.Richard Aisbitt is pictured (below) playing his tee shot on the short 14th hole.last_img read more

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Saint Martin’s Athletics Hall of Fame and Hall of Honor Celebrates 25th Anniversary

first_imgFacebook0Tweet0Pin0 Submitted by Saint Martin’s UniversitySaint Martin’s University is celebrating the 25th anniversary of the annual Athletics Hall of Fame and Hall of Honoron Friday, February 13, as part of the University’s Homecoming 2015 festivities to be held February 13 – 15 for alumni.The Hall of Fame and Hall of Honor Celebration is an annual event that recognizes those who have contributed to the excellence of the Saint Martin’s athletics program.Past celebrations have included formal inductions of selected alumni into the Hall of Fame and Hall of Honor. This year, in recognition of the silver anniversary of the event, all past inductees are invited to the celebration and inductees in attendance will receive a Saint Martin’s one-quarter jacket with the Hall of Fame and Hall of Honor logo. Families of deceased inductees who attend the event will be recognized with certificates.A social hour will begin at 6 p.m. in the University’s Marcus Pavilion, 5300 Pacific Ave. SE, with the Hall of Fame and Hall of Honor festivities to follow at 7 p.m. in the pavilion. Refreshments for the social will include heavy hors d’oeuvres, beer and wine. Guests are asked to register for the event. The cost of attendance is $15The scheduled speakers for the Hall of Fame and Hall of Honor celebration are as follows:Vince Strojan ’68Induction Class of 1992Men’s BasketballVince Strojan, a 6-3 forward from Fife, was a four-year varsity letterman in basketball at Saint Martin’s College and ended up playing professionally and had a tryout with the Seattle SuperSonics. He led the 1967-68 team that set three college scoring records and won 23 games. Strojan scored 600 points in the 1967-68 season and set a Saint Martin’s career scoring record with 1,736 points, breaking the previous record of 1,235 points. During the 1967-68 season, he scored 30 or more points on six occasions and was named to the first-team NAIA District I All-Star team. He was chosen the team’s Most Valuable Player and was Co-Captain of the team. He was drafted by the Dallas Chaparrals of the American Basketball Association and he played briefly for the Seattle SuperSonics. He was inducted into the Saint Martin’s Hall of Fame in 1992.Emily (Shipman) Thomas ’02Induction Class of 2013Track & FieldEmily Thomas was the first Saint Martin’s track and field athlete to win a conference title. In 2001 she claimed the PacWest individual title in the 3,000 m steeplechase. Thomas earned all-conference honors in her final two seasons in the event. She still owns the school record and also has the third-fastest time in GNAC history in the 2,000 m steeplechase. During her time at Saint Martin’s, she set many school records, including those in the 10 K, 5 K and 3 K as well as multiple records in cross country. Thomas was inducted into the Saint Martin’s Hall of Fame in 2013.George Parker ’71Induction Class of 1997Men’s BasketballAt the close of his outstanding career at Saint Martin’s College (1966-1970), George Parker had scored 1,182 points. He was a unanimous NAIA All-District selection and led the district in rebound, and led his team in both scoring and rebounding. His career scoring ranked him seventh in Saints history. At the time of his graduation, his career scoring was fourth in school history. He was inducted into the Saint Martin’s Hall of Fame in 1997.Adolfo CapestanyInduction Class of 2013Hall of HonorSince 1985, Adolfo Capestany has been “the voice at the pavilion,” volunteering his time as the school’s public address announcer for men’s and women’s basketball games. He served as the volunteer Sports Information Director for the institution for nearly 15 years. Throughout the years, he has given his time and resources to a variety of fundraising activities, including the Saint Martin’s Athletic Foundation, where he served as Vice President, as well as the annual Saint Martin’s golf tournament, athletic department crab feed and auction. Capestany was inducted into the Saint Martin’s Hall of Fame in 2013.last_img read more

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