Pennsylvania Pension Gets Green Light For Reduction In Benefits
The Western Pennsylvania Teamsters & Employers Pension Fund has received approval by The US for a benefit reduction application.
/ Pixabay
The application would allow the plan’s trustees to reduced benefits that have accrued through Dec 31, 2017, by 30%. This will affect all participants in accordance with the individual limitation requirements imposed by The Multiemployer Pension Reform Act of 2014 (MPRA).
[REITs]
The MPRA stipulates that there can be no reduction in benefits for those who are 80 years old or older by Aug 31. Nevertheless, it is permissible to enact reductions on individuals between the ages of 75 and 80 on Aug 31.
In addition, those individuals who are currently receiving disability benefits will not have any reductions applied to the portion of their disability to is part of their disability benefit provisions under the . Those who have worked underneath the plan through Dec. 31, 2017, will not have their benefits suspended.
According to the MPRA, the reduction of benefits must follow a procedure involving the Treasury Department in conjunction with the Department of Labor and the Pension Benefit Guaranty Corp. (PBGC) that requires an administered vote. If the majority of eligible voters do not reject the proposed cuts then the reductions will take effect starting Aug 1.
The pension’s board of trustees believe that a reduction in is the only way to avoid the plan becoming completely insolvent by 2029.
“If the proposed reduction is implemented, you will receive a larger benefit than you would if the plan becomes insolvent,” the board explained to its members, “has done everything in its power to avoid these benefit reductions, including reducing active participants’ benefits and future accruals in 2006, 2008, and 2011.”
In the event that the majority of eligible voters reject the proposed benefits reduction, the MPRA requires the Treasury Department in conjunction with the PBGC to evaluate whether it is possible to allow the plan to go which will impose a liability of more than $1 billion on the PBGC.
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While trading of crypto-assets is booming, some investors are looking for options to trade traditional assets like stocks via cryptocurrencies. Three new operators are among those developing trading platforms to meet this need, with blockchain-based tokens pegged to the underlying assets.
Ankorus
is establishing a platform that will permit trading traditional assets, including stocks, bonds, futures, options, gold, silver, commodities, ETFs, FX and bitcoin futures with cryptocurrency.
“Ankorus will establish an online exchange populated by any financial asset currently available worldwide,” reads the . “Various auditing measures will be taken to establish transparency, and customers will be able to validate that tokenised assets are fully backed and held by Ankorus.”
To enable cryptocurrency holders to buy real-world financial assets, Ankorus will create and allocate that are exactly value-pegged to the underlying assets in exchange for cryptocurrency.
Ankorus will hold its “fundraising contribution” or “Token Generation Event” (TGE) between November 25 and December 25. The ANK token will be distributed to contributors during the TGE.
“The ANK is a utility token, used for commissions, for datafeeds, professional technical charting software, webinars, financial education materials and also,” Ankorus CEO John Cruz told bitcoin Magazine. “The ANK token will be allocated during our TGE and later listed on exchanges, beginning with EtherDelta. It is an ERC20 token.”
Another token, the Anchor Token, will be the asset value-pegged token, separately created to tokenize specific securities using a yet-to-be-determined technology.
“Anchor Tokens will come later, after we receive the requisite regulatory approval,” said Cruz. “Anchor Tokens will be created for our customers when they wish to tokenize specific assets. For example, if a customer wishes to purchase and tokenize Apple stock, we create an Apple Anchor Token (known as AAPL.A) or simply credit the customer with them if we created one earlier.”
One of the most interesting asset classes that Ankorus is targeting is that of traditional financial instruments based on cryptocurrencies, such as futures and derivatives. A few weeks ago Magazine
reported that, one of the world’s largest derivatives exchanges, will launch a bitcoin futures product before the end of Q4 2017. In , Cruz explains why he considers CME bitcoin futures as a breakthrough that could soon push bitcoin’s price up to $50,000, and expresses confidence in Ankorus’s ability to offer CME bitcoin futures trading soon.
It’s worth noting that Ankorus’s offering can be seen as the reverse of CME bitcoin futures: while CME will offer a traditional financial instrument tied to cryptocurrencies to investors that prefer not to hold and trade cryptocurrencies directly, Ankorus wants to make CME bitcoin futures and other traditional financial instruments available to cryptocurrency holders.
One is left to wonder how Ankorus will navigate the compliance minefield, which has blocked similar initiatives before. The Ankorus team insists that they will be totally SEC-compliant and follow all KYC (Know Your Customer), AML (Anti-Money Laundering) and CTF (Counter-Terrorist Financing) regulations. According to the white paper, Ankorus intends to become a fully registered broker-dealer, acquire membership on a large and reputable exchange, follow best practices for insurance and auditing on a regular basis, and establish a compliant trading platform that will bridge the crypto and finance worlds.
“By becoming a broker-dealer entity, we will get SEC blessing,” . “Everyone else is trying to tokenize assets by not being a broker-dealer entity; this is where they run into trouble with the SEC.”
“Within the team we have experience of complying with different market regulators’ KYC, AML and CTF requirements for an FX remittance company,” Ankorus COO Haldane Marnoch told bitcoin Magazine. “PEP [Politically Exposed Persons] lists are vetted and we check against a suite of sanctions lists too. Documents supplied by our customers for proof of identity or proof of address expire and need to be renewed on a regular basis. Source of funds also needs to be proven for larger transactions.
“Our team is familiar with all the provisions required for operating across multiple jurisdictions,” continued Marnoch. “We’ll use as our primary reference the standards set by the SEC and the CFTC, but naturally we’ll be implementing processes to comply with each and every market we trade in, for instance the FCA in the U.K.”
“We will become a division of a Futures Commissions Merchant (FCM), expected early March, and will be able to fill orders for CME bitcoin futures at that time,” added Cruz.
LAToken and Jibrel Network
(LAT), which recently in a token sale, wants to broaden the use of cryptocurrencies in the real economy and allow cryptocurrency holders to diversify their portfolio by getting access to tokens linked to the price of real assets.
The LAT platform is already operational: asset tokens can be created, listed for sale and traded on the LAT platform. At this time, tokens linked to the price of stocks (e.g., Apple, Amazon, Tesla), commodities (oil, gold, silver) and real estate are already being traded on the LAT platform. Tokens linked to artwork are soon to follow.
According to the , the LAT platform provides cryptocurrency holders with transparent price discovery and diversification across multiple asset classes, allowing for the creation or listing of third-party asset tokens compliant with LAToken disclosure and legal structure rules.
wants to provide currencies, equities, commodities and other financial assets and instruments as standard ERC20 tokens on the Ethereum blockchain.
Jibrel Network’s draft explains that the platform will support tokens, dubbed Crypto Depository Receipts (CryDRs), which represent ownership of an underlying traditional asset held by Jibrel. On release, Jibrel will support six fiat currencies (USD, CNY, EUR, GBP, RUB, AED) and two money-market instruments.
In the future, Jibrel plans offer CryDRs pegged to a wide range of currencies, commodities, securities and derivatives. The project will hold a token pre-sale between November 27 and January 27.
Both LAToken and Jibrel Network expect to be fully compliant with applicable regulations, including KYC/AML rules, and apply for relevant licenses where needed. Full compliance may prevent the companies from targeting customers in certain jurisdictions. For example, the Jibrel token sale will not be available to U.S., Chinese and Singaporean residents.
