Porsche drives VBV’s growth with transfer of Austrian pension fund

first_imgThe largest Austrian pension fund is set to grow further by taking on Porsche’s retirement plan, one of the last remaining company Pensionskassen in the country.On 2 April the general assembly of the €7bn VBV Pensionskasse will vote on the takeover of the Porsche fund, according to a notice in Austria’s official gazette. The vote is understood to be a formality, but it has not been disclosed when the transfer will be finalised.It is also unclear by how much the VBV will grow, as Porsche has not disclosed any details of its Austrian pension plan. Over the past decade various other company Pensionskassen in Austria have been transferred to multi-employer providers. The main reasons cited in most of these cases were complexity in regulatory requirements, and asset management having led to increased administration costs.In addition, many companies did not want to build the in-house expertise to deal with the increased complexity of Austria’s pensions system.In several cases the complete transfer was preceded by outsourcing asset management to one of the multi-employer Pensionskassen.Among the larger transfers were Unilever, Shell, Generali, Siemens, Infineon, Austrian federal energy company Verbund, regional energy provider EVN, and the economic chamber WKÖ. Now, there are only two independent company Pensionskassen left: IBM Austria, and the fund for Austrian social insurance (Sozialversicherungen).In early 2016, the first sale of a multi-employer Pensionskassen provider since the initial consolidation phase in the early 1990s was finalised, when Bonus bought Victoria-Volksbanken’s Pensionskasse and Vorsorgekasse. Read more about the VBV Pensionskasse in the upcoming April edition of the IPE magazinelast_img read more

Michael Thomas’ new contract places him alongside Jerry Rice, Randy Moss in exclusive tier

first_imgThe wide receiver market in the NFL was reset Wednesday, and with his new contract, Michael Thomas entered a tier reserved for legends.With a five-year deal worth $100 million that includes $61 million in guarantees, the 26-year-old Saints star is now the highest-paid wide receiver in NFL history. Thomas’ new average annual salary of $20 million places him among the NFL’s 25 highest-paid players in the league, which, for a receiver, says a lot. Thomas, who was New Orleans’ second-round pick in the 2016 NFL Draft, ranks No. 1 in the NFL in both receptions and catch percentage over his three years in the league. He led the NFL in receptions last season with 125 for 1,405 yards and nine touchdowns. SN placed Thomas third in its wide receiver rankings for 2019, behind only DeAndre Hopkins and Julio Jones.The fourth-year pro deserves his massive contract.Now the question is whether the money trail will lead to Canton as it did for Thomas’ highly paid predecessors. As pointed out by Sporting News NFL contributor Jason Fitzgerald, the founder of Overthecap.com, Thomas now has something in common with all-everything receivers Jerry Rice, Randy Moss, Larry Fitzgerald and Calvin Johnson.MORE: Julio Jones next in line for a record-setting contract?Michael Thomas’ new $20M per year deal puts him in a unique group of just Jerry Rice, Randy Moss, Larry Fitzgerald and Calvin Johnson as receivers with cap-inflated annual contract values of $20M+— Jason_OTC (@Jason_OTC) July 31, 2019Rice and Moss are Options A and B in the greatest wide receiver of all time debate. Johnson and Fitzgerald are on their way to the Pro Football Hall of Fame, too.Jason Fitzgerald also pointed out the other non-quarterback offensive players who have received contracts worth $20 million or more in annual, cap-inflated salary. That list — Barry Sanders, Terrell Davis, Emmitt Smith, Adrian Peterson, Curtis Martin, Chris Johnson, Jonathan Ogden and Tony Boselli — further illustrates the elite company Thomas now keeps.last_img read more