The underfunded Irish Airlines Superannuation Scheme (IASS) aims to return 4.5% per annum over the next 25 years to address its deficit, according to the latest draft funding agreement.In a note to the Irish Stock Exchange, the fund’s main sponsor – national flag carrier Aer Lingus – said that while the draft had yet to be submitted to the Pensions Board, it nonetheless expected the proposed scheme restructuring to be completed by the end of the year.Under the terms of the latest proposal, the IASS general employees scheme would cut current pensions in payment in accordance with the revised priority order – resulting in 90% of benefits to €60,000 a year and 80% for all benefits above.Active and deferred members would see their accrued benefits cut by 20%, while all three would no longer be entitled to indexation increases. According to the statement, the IASS trustee would also implement a liability-driven investment strategy, as previously announced.However, the new draft lowered the required annual return by 0.5 percentage points, to 4.5% a year over the 25 years of the funding proposal.Aer Lingus said it stood by its previous proposal to fund a new defined contribution arrangement with €110m to compensate the scheme’s active members but added that it would “reassess the matter” once it had examined the draft proposal in detail.In a statement, it said: “The draft funding proposal summarised in the recent letter from the IASS Trustee has not yet been submitted to the Pensions Board, and it remains the responsibility of the IASS Trustee to do this.“The Company therefore expects the IASS Trustee to move forward with the submission of this draft funding proposal as soon as is practicable on the basis that it represents a viable solution which would result in a better outcome for the affected parties than the forced winding up of the Scheme.“Gaining the Pensions Board’s approval for the draft funding proposal is a crucial preliminary step that must be completed before the other key steps can be taken.”The Pensions Board last year appeared to reject a draft proposal that would have seen the IASS take up to 70 years to meet the regulator’s funding standard.A 25-year period would still be significantly longer than granted to other schemes, which are expected to comply within a decade of submitting their proposals.Funding proposals were due to be submitted to the Board nearly eight months ago, at the end of June last year.
The University of Wisconsin men’s tennis team (10-12, 4-7 Big Ten) fell in the first round of the Big Ten Men’s Tennis Tournament Thursday afternoon.The Badgers lost to the Minnesota Golden Gophers (16-9, 4-7) by a score of 4–0, ending their season early as the Gophers advanced to play Ohio State in the second round.In their only previous match this season, Wisconsin lost to Minnesota 4–3 at home in early March.Men’s tennis: Wisconsin splits home series against Northwestern, IllinoisThe University of Wisconsin men’s tennis team (10-11, 4-7 Big Ten) split their weekend matches with the Northwestern Wildcats (14-13, Read…This time around, the Badgers bowed out quickly, unable to earn a point as Minnesota won the doubles point and the first three singles matches, allowing officials to call the match early in favor of the Gophers.Despite the score, the match was closer than it seemed as Wisconsin was leading in two of the three remaining matches when Minnesota earned the fourth and deciding point.Sophomore Robert Krill was moments away from giving the Badgers their first point of the day, leading 7–5, 5–2 before it was halted. Freshman Jared Pratt — who had won eight straight singles matches entering the day — was also tied before being stopped.“Tough ending for this group,” Head Coach Danny Westerman said. “Minnesota won all of the 50/50 points and moments and credit to Minnesota for earning them.”But Westerman was optimistic speaking on his team’s season, stressing their work ethic and grit even as they failed to make it past the first round of the tournament.“We learned a lot over the season and certainly improved as the year went on,” Westerman said. “There are a lot of positives from the year, none more important than the fact that our culture is great. Our guys work hard and compete every time out. We will get to work this summer so we can start out the fall the right way.”Men’s tennis: Wisconsin closes out regular season with home matchups against Northwestern, IllinoisThe University of Wisconsin men’s tennis team (9-10, 3-6 Big Ten) will close out its regular season this weekend. The Read…Senior Osgar O’Hoisin’s Wisconsin career came to an end with the loss, but he was awarded with Second-Team All-Big Ten honors before the match Thursday. It marked the first time O’Hoisin earned a Big Ten accolade in his four year career with the Badgers.Sophomore Jesper Freimuth was also named as UW’s Big Ten Sportsmanship Honoree for his sportsmanship and ethical behavior, on and off the court.With the win, Minnesota advanced to the second round where they fell to eventual Big Ten Champion The Ohio State University.The Badgers end the season with a record of 10-12 overall and 4-7 in the Big Ten and will look to improve with a young team heading into the fall season.