Selasa, 31 Mei 2022
Retiring West Ridge Principal Pledges To Get Tattoo, Mohawk If Community Raises Money For New Schoolyard - Block Club Chicago
WEST RIDGE — Before Principal Jay Brandon leaves Stone Academy after this school yeah, he hopes to have a memento from his time at the West Ridge school: a tattoo.
And maybe a mohawk.
After 11 years as assistant principal and principal at Stone Academy, Brandon is leaving his job to spend time with family. But before he goes, Brandon hopes to finish a fundraising campaign to complete and fix up the schoolyard he helped start.
Brandon has come up with new fundraising goals to help the effort. If the school community raises $50,000, he will get a tattoo of an eagle, the Stone Academy mascot.
“We’ve been working forever, trying really hard to [get] what we used to call ‘Lake Stone’ fixed,” Brandon said of the schoolyard, which frequently floods. “I said, ‘I’m ready to do something that will get some attention.’ If it can bring us more notice, that’s great. Although my wife didn’t believe it at first.”
Credit: Colin Boyle/Block Club Chicago
Stone Academy, 6239 N. Leavitt St., needs about $1 million to replace its play areas, add new pavers and turn a gravely pit into a baseball diamond.
To help reach that goal, Brandon has set out a few fundraising initiatives. Those include:
- $2,000: Brandon will take a pie in the face or sing a karaoke song for the school.
- $4,000: Brandon will get a bucket of slime poured over his head.
- $10,000: He will get his head shaved or get a mohawk.
- $50,000: He will get a Stone Eagle tattoo.
- $100,000: Brandon will do all the challenges.
The classroom that can raise the most funds will get prizes, including a possible pizza party and picking the karaoke song Brandon will sing.
To donate to Stone Academy’s fundraising campaign, click here. The fundraiser will go through June 13.
Brandon came up with the idea for the fundraising challenges while talking to colleagues and parents about how to get the project to the finish line.
Duct-taping principals is a popular fundraising challenge in schools, but Brandon said he wanted to do something more unique.
So Brandon suggested he get a tattoo of the school mascot if enough funds are raised.
Even members of the Friends of Stone Academy group could not believe Brandon’s suggestion.
“I wish I had a screenshot of the look on all of the [group] members’ faces, mine included, when he said that, because everyone’s jaws dropped,” said Emily Stone, president of Friends of Stone Academy. “There’s no question that Jay loves Stone and has devoted himself fully to the job during an extremely difficult time to be a school principal.”
The tattoo would be Brandon’s first. He has committed to getting a sizable — but tasteful — eagle tattoo.
“It won’t be my first mohawk,” he said. “I had one in college.”
Credit: Colin Boyle/Block Club Chicago
The fundraising efforts have already seen some success.
This year, Stone unveiled a new soccer field and basketball court. The new play surfaces were funded by $70,000 in parent donations, plus money from CPS and the local tax increment financing fund.
But Brandon and parents are hoping to replace the rest of the schoolyard.
Brandon hopes the fundraising can get the attention of other organizations or funding mechanisms to help the school community reach its goal. Or it can continue to do the upgrades piecemeal.
After a 26-year career at CPS, including 11 years at Stone, Brandon is calling it quits, citing “all-out exhaustion.” He is among a growing exodus of educators leaving after a grueling two years for schools during the pandemic.
With only a few weeks left as principal, Brandon hopes to do one last good deed for the community.
“Stone’s a great school,” he said. “This neighborhood, [the] people don’t have a lot of outdoor space. [The school yard] is their background. The kids and neighbors deserve better.”
Credit: Colin Boyle/Block Club Chicago
Credit: Colin Boyle/Block Club Chicago
Listen to “It’s All Good: A Block Club Chicago Podcast”:
Retiring West Ridge Principal Pledges To Get Tattoo, Mohawk If Community Raises Money For New Schoolyard - Block Club Chicago
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Senin, 30 Mei 2022
Parents and teachers defend Seattle principal fired for exposing district's abandonment of contact tracing - WSWS
Teachers, parents and students: Contact the World Socialist Web Site to send us statements of support for Catherine Brown, and tell us what the COVID-19 situation is in your classrooms.
Over two weeks ago, on May 10, Seattle high school principal Catherine Brown was fired for informing families of changes to the district’s COVID-19 guidelines and the consequences these changes would have on the school. The district fired Brown to prevent the further exposure of the fact that the COVID-19 guideline changes were intended to cover up transmission rates and further abandon mitigation measures.
Principal Brown revealed what was at stake in an email sent May 10 to parents and staff of Cleveland STEM High School. The email said: “I have been under investigation for an allegation that I disobeyed a directive. The specific allegation at issue is that I failed to follow a directive to withhold information about changes in COVID-19 contact tracing from the Cleveland community. While the process for determining if I will be subject to discipline for that is not yet complete, as you now know, SPS [Seattle Public Schools] has determined that I will not be the principal at Cleveland High School next year.” Brown then pointed to the fact that “the interviewing of individuals, including staff, to determine if a close contact occurred will only occur in a limited number of cases with this change [to the guidelines].”
When Brown chose to inform families in January of the change to the guidelines, COVID-19 case numbers in Seattle were rising rapidly during the the Omicron surge. Over 50,000 students were sent back to in-person learning, even as 2,200 to 5,600 cases were confirmed each day in the city of Seattle. Hundreds of students were sent home each day due to COVID-19, and for the first three weeks of January, over 1,000 cases a week were reported on the Seattle Public Schools Covid Dashboard.
From the week ending May 7 of this year to May 20, 1,675 COVID-19 cases were recorded by SPS, eclipsing the record set by the Omicron surge. But now, individual contact tracing is no longer offered, and the mask mandate has been abandoned since early March. Students who have tested positive are now able to return to school after only five days of quarantine, and students and staff are no longer required to be tested even if they are symptomatic. The guidelines “recommend” students and staff get tested if they are symptomatic. Under these protocols, it is nearly impossible to identify asymptomatic cases.
As of May 27 the CDC reports at least 1,527 children have died from COVID-19, and more than 13 million children have been infected. These are only official counts, and with lack of any systematic reporting, these numbers are undoubtedly far higher. The abandonment of safety measures creates enormous risks for huge numbers of children suffering from Long COVID.
Many teachers, parents and school staff are outraged by Brown’s firing. On May 20, a protest was held in defense of Brown outside the high school. The principal set to replace Brown, Marni Campbell, withdrew her application hours before the protest began.
Numerous parents and teachers left comments on social media in response to the firing of Brown, declaring it “unbelievable!” or “this is such bs!” One commenter observed, “so they fired her for clearly communicating a change in district policy?”
Another parent spoke to the WSWS about the logic behind the mass infection policy. “I just returned to work from having COVID after two and a half years. The lack of contact tracing is horrible. It all comes to money. They want to reopen the economy. So kids have to go somewhere in order for their parents to work.”
Victoria, a parent in Oregon, described the impact COVID-19 has had on her family. “I’m immunocompromised, and until recently, my 84-year-old mother had been living with us. Unfortunately, she had an injury and contracted COVID in a health care setting in February, and my immunocompromised youngest brother died of COVID in February. All vaxxed. Now that mom has had COVID, she can no longer stand or walk, so she is in a care facility. That said, we have been extremely cautious, and my daughter has been going to school online since the first shutdown.
“While she has done very well with online learning, and we love the online school her district has put together, she is in middle school and would love to return to classroom learning. I feel like our Department of Education here in Oregon has really failed students by suggesting, but not actually utilizing all the layers in that layered approach to COVID safety that they keep referencing.
“Masks are suggested but not required, ventilation systems have been updated ‘where possible’ with very little information on where it was possible or why it wasn’t possible in places. I am trying to find a way to safely send my kid back to school, but her school doesn’t allow students to eat outdoors which seems to be a huge hole in that layered approach. Contact tracing is an important part of that layered approach.
“Japan didn’t get access to vaccines as quickly as the US did, but their COVID numbers and deaths are far below ours, in part due to serious contact tracing practices. It’s hard to feel that the school takes my child’s safety seriously if they won’t use the tools available to slow the spread of COVID; it is obvious that they don’t take safety seriously if they decide to do even less and then hide the fact. The schools are supposed to be working with parents to support students—and not just academically. I applaud this principal for taking her commitment to students and their families seriously and keeping families informed about changes that could impact their health and safety.”
Parents and teachers defend Seattle principal fired for exposing district's abandonment of contact tracing - WSWS
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Minggu, 29 Mei 2022
Principal at school where students protested dress code blitz is leaving job - CBC.ca
The principal of the Orléans high school where a recent dress-code enforcement blitz incited student protests is leaving her job at the end of this month.
The Conseil des écoles catholiques du Centre-Est (CECCE) announced Marie-Claude Veilleux's departure in a letter addressed to parents Wednesday.
The board's announcement comes two weeks after hundreds of students demonstrated across the street from École secondaire catholique Béatrice-Desloges.
Students denounced staff's enforcement of the code as "humiliating." The day before the protest, mainly girls were pulled out of class to see whether their clothing conformed to the rules.
School staff called police to manage the protest by ensuring students stayed on the sidewalk and slowing traffic.
In the letter to parents, there is no mention of any connection between the recent controversy and the principal's departure.
Veilleux will be replaced by the vice-principal of École secondaire catholique Garneau, Sébastien Pharand, on May 30, but she is not leaving the school board.
She is transferring to a position with the CECCE's learning support services, the letter said.
Pharand has worked with the French Catholic board since 2004.
"It is a homecoming for this professional who worked at Béatrice-Desloges school for more than 15 years as an arts teacher," the letter reads in French.
Principal at school where students protested dress code blitz is leaving job - CBC.ca
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Kamis, 26 Mei 2022
Principal at school where students protested dress code blitz leaving job - CBC.ca
The principal of the Orléans high school where a recent dress-code enforcement blitz incited student protests is leaving her job at the end of this month.
The Conseil des écoles catholiques du Centre-Est (CECCE) announced Marie-Claude Veilleux's departure Thursday in a letter addressed to parents.
The board's announcement comes two weeks after hundreds of students demonstrated across the street from École secondaire catholique Béatrice-Desloges.
Students denounced staff's enforcement of the code as "humiliating." The day before the protest, mainly girls were pulled out of class to see whether their clothing conformed to the rules.
School staff called police to manage the protest by ensuring students stayed on the sidewalk and keeping traffic slow.
In the letter to parents, there is no mention of any connection between the recent controversy and the principal's departure.
Veilleux will be replaced by the vice-principal of École secondaire catholique Garneau, Sébastien Pharand, on May 30, but she is not leaving the school board.
She is transferring to a position with the CECCE's learning support services, the letter said.
Pharand has worked with the French Catholic board since 2004.
"It is a homecoming for this professional who worked at Béatrice-Desloges school for more than 15 years as an arts teacher," the letter reads in French.
Principal at school where students protested dress code blitz leaving job - CBC.ca
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The principal residence exemption isn't fair to renters and should be reconsidered - The Globe and Mail
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Stella Zheng/The Globe and Mail
Between the mid-1990s, when my wife and I bought an affordable semi in a gentrifying working-class part of Toronto, and today’s delusional housing market, I estimate the home’s resale value has grown by about $1 million. If we decided to sell, we’d qualify for the capital gains tax exemption for a principal residence because the house is where we live. That means we’d pay no income tax on its increase in value.
By contrast, if we’d chosen to keep renting for all those years and invest the difference in the stock market, not only would our total return likely be lower, but we’d also have to pay taxes on our investment income—at 50% our marginal rate for realized capital gains. (Even if we had invested inside the shelter of an RRSP, we’d have benefitted from annual tax deductions when we made our contributions, but we’d be taxed in full on both the original contributions and all the investment earnings when we draw those funds in retirement.) In other words, homeowner me gets to ensure that $1 million in equity accumulation remains beyond the reach of the taxman, whereas renter/investor me has no such privilege.
This so-called “home ownership bias” in tax codes has been a well-recognized phenomenon for decades. “There have been numerous studies that show that if you include tax benefits, 95% of funding at all levels of government—federal, provincial, municipal—go to homeowners, not renters,” says Carolyn Whitzman, a retired professor of urban planning and expert adviser to the Housing Assessment Resource Tools project at the University of British Columbia. Moreover, these benefits tend to be encased in politically bomb-proof armour. “Definitely a third-rail issue,” Whitzman says, recalling a raucous debate about reducing Australia’s version of the capital gains exemption that played out while she taught at the University of Melbourne.
But as house and condo prices in Canada rise inexorably, at a pace well beyond increases in average household income, it seems reasonable to predict that an ever-larger proportion of the country’s population is looking ahead to a lifetime of renting. So, one can ask, why do homeowners get to put their fingers on the scale, even when there’s plenty of evidence these benefits are helping to widen the wealth gap between those who own property and those who don’t?
In Canada, the principal residence exemption (PRE) dates back to a 1972 tax reform law that represented the culmination of a decade of debate about how to make the national revenue system more equitable for lower-income households. Alongside the PRE, the law provided measures such as deductions for childcare expenses, as well as new taxes on capital gains associated with other investment classes. Such was the temper of the times.
Even today, Ottawa’s stated reason for providing the PRE is that it creates a “social benefit.” “This measure,” a summary of the 1971 bill stated, “recognizes that principal homes are generally purchased to provide basic shelter and not as an investment, and increases flexibility in the housing market by facilitating the movement of families from one principal residence to another in response to their changing circumstances.” Given the speculative madness of the real estate market circa 2022, the language is almost shockingly anachronistic.
Homes today are absolutely an asset class. They provide financial security for retirees, income streams for Airbnb hosts or, indirectly, tax-free investment vehicles in the guise of real estate investment trust units. Contractors, realtors and speculators buy, renovate and flip houses to drive up their resale value, while developers market condos to investors.
And while owners of investment properties don’t qualify for the PRE—they must pay tax on any capital gains when they sell or otherwise dispose of the property—that hasn’t kept them from trying to use the exemption to avoid a tax hit. Indeed, the matter of determining whether a tax filer can claim the PRE has become a cottage industry for accountants, even as the Canada Revenue Agency and federal tax courts move to clamp down on people trying to pull a fast one.
In this spring’s federal budget the government went further, saying it will be introducing new rules to ensure that profits from flipping properties will be taxed “fully and fairly.” The Liberals also announced they’ll be wading into the sloppy national conversation about the financialization of housing with “a review of housing as an asset class, in order to better understand the role of large corporate players in the market and the impact on Canadian renters and homeowners.” However, there’s no mention of rethinking the PRE.
That’s not only because it would be political suicide—one online poll done before last fall’s federal election found more than two-thirds of respondents were opposed to taxing principal-residence capital gains—but also because there’s a view among some economists that doing away with the PRE wouldn’t accomplish much anyway. “The argument for taxing capital gains on the sale of owner-occupied principal residences is twofold,” wrote the C.D. Howe Institute’s Jeremy Kronick and Alexandre Laurin in a 2021 policy brief. “First, the argument goes, the tax will decrease demand, putting a stopper on illogical price appreciations. Second, governments are starved for tax revenue, and taxing these gains would help fill that gap. In practice, however, neither of these is likely to play out as expected.”
In fact, since the Liberals took office in 2015, the estimated foregone revenue due to the PRE through this year tops $55 billion, according to Department of Finance statistics. By contrast, the budget for the 10-year National Housing Strategy, their much-hyped plan to improve affordability, is $72 billion.
And what about the argument of fairness? If Canadian society is headed in the direction of European countries where large segments of the population live in long-term rentals—after all, while house prices may rise less quickly with higher interest rates, they will never actually go down—why is the tax system not neutral when it comes to one’s form of housing?
“I’m pretty favourable to the idea that the tax system should be neutral to the tenure of housing,” says Kevin Milligan, a professor of economics at UBC’s Vancouver School of Economics. “My instinct as an economist is that we ought to have people making their own choices about how they live, how they work and how they save, rather than having the tax code push them one way or the other.”
To that end, Canadian policy makers could begin thinking about some form of rebalancing—such as allowing renters to put more money into tax-free savings accounts as a way of closing the equity-accumulation gap between those who own homes and those who don’t. “Maybe there’s an argument for that,” Milligan says. “That could make some sense for providing an equal opportunity for tax benefits to renters.” Of course, such a solution wouldn’t help governments fill public coffers in the face of diminishing tax revenues.
As the ranks of renters increase steadily, and the wealth chasm between owners and tenants grows ever wider, the politics of the principal residence exemption might someday soon get flipped, too.
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The principal residence exemption isn't fair to renters and should be reconsidered - The Globe and Mail
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Rabu, 25 Mei 2022
Residential schools: Former principal's degree reconsidered | CTV News - CTV News Vancouver
Warning: This article contains disturbing details. Reader discretion is advised.
A sub-committee formed by the University of British Columbia has recommended the honorary degree granted to a former principal of a residential school where unmarked graves were detected last year be rescinded.
Details on the review were released Tuesday, nearly a year after a review was launched into what role Bishop John O'Grady played at the Kamloops Indian Residential School. The review began in 2021 shortly after Tk'emlúps te Secwépemc announced the detection of more than 200 unmarked graves at the site of the former school.
"Understandably, there have been many calls from both within the university and from the broader community for this honorary degree to be rescinded," a statement from the university said.
"Based on its deliberations and consultations, the sub-committee recommends that the senate rescind its approval of the honorary degree awarded to the late John Fergus O’Grady, as well as conducting a historic reflection on its role in the subjugation of Indigenous people and communities, in addition to several other recommendations."
The honorary doctors of law degree was granted to O'Grady in 1986, while he was the Catholic bishop of Prince George. A statement in UBC's online archives said O'Grady was granted the degree for his efforts "to make education more accessible to local communities in the Interior and to do so in a way which would bring the native and white communities closer together." The statement also said O'Grady "appreciated the role of education in the lives of people of this province."
In its report, the committee said it made its recommendations using a "balance of probabilities" standard of proof.
"O'Grady was principal at the Kamloops Indian Residential School for 13 years from 1939-1952, during the time it held Canada’s highest residential school population," the committee's report said.
A review of O'Grady's legacy said at least six pupil deaths were recorded between 1945 and 1950, which is when he was principal.
"Five of the six of these recorded deaths were blamed on disease, and one from a lack of due care and supervision signed off on by O’Grady himself," findings shared to the committee by Alyssa Leier, curator of the Prince George Exploration Place Museum and Science Centre, said.
"As for the other five, it is documented by staff working at Kamloops Indian Residential School that due to overcrowding, it was impossible to isolate the sick children from the healthy ones, leaving many healthy children to get sick during their time there."
The sub-committee said it considered whether it was possible that O'Grady did not know about the deaths of students while he was principal. The committee concluded, however, "that it is more likely than not that O’Grady was aware of the deaths of some of those children and failed in his duty to protect them or to treat their deaths with dignity as the chief administrator of the residential school."
As a result, the committee recommended the approval of an honorary degree for O'Grady be rescinded by UBC's senate.
"The sub-committee makes this recommendation both in reflection of O'Grady's administration of this residential school, but also as a statement of UBC's complicity in overlooking the systemic injustices that were occurring over that period of time with respect to Indigenous children," the committee's report said.
Now, the public is welcome to review the report and make recommendations by emailing vancouver.senate@ubc.ca until June 24. After that, the senate will make its decision on those recommendations.
If you are a former residential school student in distress, or have been affected by the residential school system and need help, you can contact the 24-hour Indian Residential Schools Crisis Line at 1-866-925-4419, or the Indian Residential School Survivors Society toll free line at 1-800-721-0066.
Additional mental-health support and resources for Indigenous people are available here.
Residential schools: Former principal's degree reconsidered | CTV News - CTV News Vancouver
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Principal® Rated No. 1 for Online Group Benefits Administration - Business Wire
DES MOINES, Iowa--(BUSINESS WIRE)--Principal Financial Group® was rated No. 1 in Group Benefits for employer web capabilities and experience by DALBAR, Inc. (DALBAR) for eService, its group benefits employer website. Principal® is dedicated to creating unique, tech-driven solutions for employers to simplify the benefits experience and helping with the administration of the coverage.
“Principal focuses on providing the best experience for our customers through our digital solutions. We’re honored to receive this recognition for eService,” said Kara Hoogensen, senior vice president of specialty benefits at Principal. “We’ve built our infrastructure with small and midsized businesses in mind. Over the last several years, we’ve made it easier for our customers to manage their employee benefits online. We’re continually investing in technology to provide a better user experience for our customers.”
Principal eService provides employers with efficient benefit management. Employers can track benefit enrollment progress and update employees’ benefits within minutes. Since the process is highly automated, most changes made online are completed in real-time. Employers can add or terminate members, update salaries, change employees’ information, order dental and vision ID cards, track online transactions and more. They can also get billing and payment information, such as a snapshot of their bill and premium due, set up and pay premiums electronically and access reports.
The DALBAR Communications Seal of Excellence is awarded to financial services companies that display excellence in meeting the needs of customers and provide a best-in-class experience through their communications. The criteria evaluated for the Group Benefits Website Seal looks at the content, capabilities, usability, and behavior centricity of the website experience offered to employers. DALBAR takes a systematic approach to evaluating websites, differentiating organizations that recognize the importance of communicating effectively.
To learn more about the DALBAR Communications Seal of Excellence, visit www.dalbar.com/
About Principal Financial Group®
Principal Financial Group® (Nasdaq: PFG) is a global financial company with 18,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 54 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of America’s 100 Most Sustainable Companies2, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management.3” Learn more about Principal and our commitment to building a better future at principal.com.
1 As of March 31, 2022
2 Barron’s, 2022
3 Pensions & Investments, 2021
DALBAR, Inc. has a 45-year history and is recognized by industry and government as an independent third-party expert in the business of providing audits, evaluations, ratings, and due diligence. DALBAR certifications are recognized as a mark of excellence in the financial services community.
Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., 800-247-1737, member SIPC and/or independent broker/-dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392. Principal Global Investors leads global asset management and is a member of the Principal Financial Group®.
© 2022 Principal Financial Services, Des Moines, IA 50392, USA.
Principal® Rated No. 1 for Online Group Benefits Administration - Business Wire
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Principal Financial Group® Closes Reinsurance Transaction - Yahoo Finance
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Closes previously announced reinsurance transaction of its in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee blocks with an affiliate of Sixth Street
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Affirms deployable proceeds of approximately $800 million when combined with other capital management transactions
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Transaction advances long-term strategy to focus on higher growth markets, improve capital efficiency, and return excess capital to shareholders
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Company to release second quarter 2022 financial results after market close on Monday, August 8, 2022, with a conference call on Tuesday, August 9, 2022
DES MOINES, Iowa, May 25, 2022--(BUSINESS WIRE)--Principal Financial Group® (Nasdaq: PFG) announced today that it has successfully closed its transaction to reinsure the company’s in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee ("ULSG") blocks of business with an affiliate of Sixth Street and its insurance platform, Talcott Resolution ("Talcott"). Under the agreement, the company has reinsured approximately $25 billion of in-force statutory reserves, and Talcott has engaged Principal® to manage approximately $4 billion in commercial mortgage loans and private credit assets for the lifetime of the assets.
Principal continues to expect deployable proceeds of approximately $800 million in 2022 from the closed transaction in combination with additional transactions designed to improve the capital efficiency of its in-force individual life insurance business. The proceeds are included in the company’s planned $2.0 billion-$2.3 billion of share repurchases for 2022.
This reinsurance transaction advances the company’s long-term strategy to focus on higher growth markets, improve capital efficiency, and will meaningfully enhance the company’s future financial profile:
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Accretive to non-GAAP operating earnings per diluted share (EPS) starting in 2023;
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Improving non-GAAP operating return on average equity (ROE) and affirming the company’s 15% target in 2023; and
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Enhancing free capital flow conversion by approximately 10 percentage points annually; increasing the company’s target range to 75%-85% upon close.
Principal will release its second quarter 2022 financial results after market close on Monday, August 8, 2022. On Tuesday, August 9, 2022, Dan Houston, chairman, president, and chief executive officer, and Deanna Strable, executive vice president and chief financial officer, will discuss the results during a live conference call. The effective date of the reinsurance transaction is January 1, 2022. Second quarter financial results will include a true-up to transfer all associated revenue and earnings as of the beginning of the year to the counterparty. In addition, the company plans to provide a preliminary estimate of the transition adjustment related to its adoption of the FASB long-duration targeted improvements in 2023.
Forward looking and cautionary statements
Certain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to non-GAAP operating earnings, net income attributable to PFG, net cash flow, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions. The company does not undertake to update these statements, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company’s annual report on Form 10-K for the year ended Dec. 31, 2021, filed by the company with the U.S. Securities and Exchange Commission, as updated or supplemented from time to time in subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market conditions may significantly affect the company’s ability to meet liquidity needs, access to capital and cost of capital; conditions in the global capital markets and the economy generally; volatility or declines in the equity, bond or real estate markets; changes in interest rates or credit spreads or a sustained low interest rate environment; the elimination of the London Inter-Bank Offered Rate ("LIBOR"); the company’s investment portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns credited to customers; the company’s valuation of investments and the determination of the amount of allowances and impairments taken on such investments may include methodologies, estimations and assumptions that are subject to differing interpretations; any impairments of or valuation allowances against the company’s deferred tax assets; the company’s actual experience for insurance and annuity products could differ significantly from its pricing and reserving assumptions; the pattern of amortizing the company’s DAC asset and other actuarial balances on its universal life-type insurance contracts, participating life insurance policies and certain investment contracts may change; changes in laws, regulations or accounting standards; the company may not be able to protect its intellectual property and may be subject to infringement claims; the company’s ability to pay stockholder dividends, make share repurchases and meet its obligations may be constrained by the limitations on dividends or other distributions Iowa insurance laws impose on Principal Life; litigation and regulatory investigations; from time to time the company may become subject to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes, interest and penalties in amounts that may be material; applicable laws and the company’s certificate of incorporation and by-laws may discourage takeovers and business combinations that some stockholders might consider in their best interests; competition, including from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance; technological and societal changes may disrupt the company’s business model and impair its ability to retain existing customers, attract new customers and maintain its profitability; damage to the company’s reputation; a downgrade in the company’s financial strength or credit ratings; client terminations, withdrawals or changes in investor preferences; the company’s hedging or risk management strategies prove ineffective or insufficient; inability to attract, develop and retain qualified employees and sales representatives and develop new distribution sources; an interruption in information technology, infrastructure or other internal or external systems used for business operations, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems; international business risks including changes to mandatory pension schemes; risks arising from participation in joint ventures; the company may need to fund deficiencies in its "Closed Block" assets; a pandemic, terrorist attack, military action or other catastrophic event; the ongoing COVID-19 pandemic and the resulting financial market impacts; the company’s reinsurers could default on their obligations or increase their rates; risks arising from acquisitions of businesses; risks related to the company’s acquisition of Wells Fargo Bank, N.A.’s IRT business; risks in completing the company’s additional transactions designed to improve the capital efficiency of its in-force individual life insurance business within the terms or timing contemplated; loss of key vendor relationships or failure of a vendor to protect information of our customers or employees; the company’s enterprise risk management framework may not be fully effective in identifying or mitigating all of the risks to which the company is exposed; and global climate change.
Use of Non-GAAP financial measures
The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts.
About Principal Financial Group®
Principal Financial Group® (Nasdaq: PFG) is a global financial company with 18,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 54 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of America’s 100 Most Sustainable Companies2, a member of the Bloomberg Gender Equality Index, and a Top 10 "Best Places to Work in Money Management3." Learn more about Principal and our commitment to building a better future at principal.com.
1 As of March 31, 2022
2 Barron’s, 2022
3 Pensions & Investments, 2021
Principal, Principal symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220525005579/en/
Contacts
Media Contact: Jane Slusark, 515-362-0482, slusark.jane@principal.com
Investor Contact: Humphrey Lee, 515-235-9500, lee.humphrey@principal.com
Principal Financial Group® Closes Reinsurance Transaction - Yahoo Finance
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Saskatoon principal eager for in-person grad celebrations - CKOM News Talk Sports
After two years of COVID-19 restrictions that limited students’ ability to bid farewell to their high school years and accomplishments, schools are preparing to celebrate their students in person once again.
Marnie Ross, principal at Saskatoon’s Aden Bowman Collegiate, says the excitement is building for the end-of-year celebrations.
“Getting ready for the in-person (celebrations), the excitement is getting bigger and bigger, especially as we’re getting … everything planned,” Ross said.
The caps and gowns have now arrived, finally making things feel real for the Class of 2022. Ross said until now, students have struggled to believe the grad would really go forward.
“I think that there was a little bit of a hesitancy to be really hopeful and really open with the excitement of how graduation was in the past,” she said.
“It’s been quite a journey to get here.”
Ross said that in 2020, the school had a largely virtual grad, informally celebrating students out on the front lawn in their caps and gowns and allowing them to walk through the school.
Ross said the event had a “close knit” feel to it.
The graduation in 2021 was similar, though the school was able to use its auditorium to have some more formalized proceedings. It was Ross’ first graduation as principal.
She said the proceedings took about six hours.
Other measures, like lawn signs provided by Saskatoon Public Schools for each student, went a long way towards helping grads feel special, even without the rite of passage of a full formal graduation.
“Looking back, we did all we could to let our Grade 12s know that they’re really special, that we really wanted to lift them up in celebrating them,” Ross reflected.
On theme with a fresh start after COVID-19, Ross said the school will be using a new location for its ceremonies this year. It plans to hold its graduation at Merlis Belsher Place.
The time since the last fully in-person graduation ceremony has meant students this year really don’t know what to expect from their own graduation, Ross said.
But as pieces fall into place — like parent groups starting to sell tickets for their graduation banquet and aftergrad festivities — things are becoming more real.
This week, students will listen to their peers deliver speeches to select their class valedictorian.
“I think as we’re getting closer to grad next month, the excitement is getting bigger,” Ross said.
She sees the coming ceremony as a sign of hope, not just of progressing past the COVID pandemic but also for the bright futures ahead of this year’s graduates.
That hopefulness and excitement have left Ross appreciating the milestone of celebrating in-person graduation once again.
“Our Grade 12s are going to be able to graduate in person with their families but then also be able to take that energy and go into the future being excited about going to university … or whatever adventures they’re going to move on to after graduating,” Ross said.
Saskatoon principal eager for in-person grad celebrations - CKOM News Talk Sports
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Principal Financial Group® Closes Reinsurance Transaction - Business Wire
DES MOINES, Iowa--(BUSINESS WIRE)--Principal Financial Group® (Nasdaq: PFG) announced today that it has successfully closed its transaction to reinsure the company’s in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee (“ULSG”) blocks of business with an affiliate of Sixth Street and its insurance platform, Talcott Resolution (“Talcott”). Under the agreement, the company has reinsured approximately $25 billion of in-force statutory reserves, and Talcott has engaged Principal® to manage approximately $4 billion in commercial mortgage loans and private credit assets for the lifetime of the assets.
Principal continues to expect deployable proceeds of approximately $800 million in 2022 from the closed transaction in combination with additional transactions designed to improve the capital efficiency of its in-force individual life insurance business. The proceeds are included in the company’s planned $2.0 billion-$2.3 billion of share repurchases for 2022.
This reinsurance transaction advances the company’s long-term strategy to focus on higher growth markets, improve capital efficiency, and will meaningfully enhance the company’s future financial profile:
- Accretive to non-GAAP operating earnings per diluted share (EPS) starting in 2023;
- Improving non-GAAP operating return on average equity (ROE) and affirming the company’s 15% target in 2023; and
- Enhancing free capital flow conversion by approximately 10 percentage points annually; increasing the company’s target range to 75%-85% upon close.
Principal will release its second quarter 2022 financial results after market close on Monday, August 8, 2022. On Tuesday, August 9, 2022, Dan Houston, chairman, president, and chief executive officer, and Deanna Strable, executive vice president and chief financial officer, will discuss the results during a live conference call. The effective date of the reinsurance transaction is January 1, 2022. Second quarter financial results will include a true-up to transfer all associated revenue and earnings as of the beginning of the year to the counterparty. In addition, the company plans to provide a preliminary estimate of the transition adjustment related to its adoption of the FASB long-duration targeted improvements in 2023.
Forward looking and cautionary statements
Certain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to non-GAAP operating earnings, net income attributable to PFG, net cash flow, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions. The company does not undertake to update these statements, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company’s annual report on Form 10-K for the year ended Dec. 31, 2021, filed by the company with the U.S. Securities and Exchange Commission, as updated or supplemented from time to time in subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market conditions may significantly affect the company’s ability to meet liquidity needs, access to capital and cost of capital; conditions in the global capital markets and the economy generally; volatility or declines in the equity, bond or real estate markets; changes in interest rates or credit spreads or a sustained low interest rate environment; the elimination of the London Inter-Bank Offered Rate (“LIBOR”); the company’s investment portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns credited to customers; the company’s valuation of investments and the determination of the amount of allowances and impairments taken on such investments may include methodologies, estimations and assumptions that are subject to differing interpretations; any impairments of or valuation allowances against the company’s deferred tax assets; the company’s actual experience for insurance and annuity products could differ significantly from its pricing and reserving assumptions; the pattern of amortizing the company’s DAC asset and other actuarial balances on its universal life-type insurance contracts, participating life insurance policies and certain investment contracts may change; changes in laws, regulations or accounting standards; the company may not be able to protect its intellectual property and may be subject to infringement claims; the company’s ability to pay stockholder dividends, make share repurchases and meet its obligations may be constrained by the limitations on dividends or other distributions Iowa insurance laws impose on Principal Life; litigation and regulatory investigations; from time to time the company may become subject to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes, interest and penalties in amounts that may be material; applicable laws and the company’s certificate of incorporation and by-laws may discourage takeovers and business combinations that some stockholders might consider in their best interests; competition, including from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance; technological and societal changes may disrupt the company’s business model and impair its ability to retain existing customers, attract new customers and maintain its profitability; damage to the company’s reputation; a downgrade in the company’s financial strength or credit ratings; client terminations, withdrawals or changes in investor preferences; the company’s hedging or risk management strategies prove ineffective or insufficient; inability to attract, develop and retain qualified employees and sales representatives and develop new distribution sources; an interruption in information technology, infrastructure or other internal or external systems used for business operations, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems; international business risks including changes to mandatory pension schemes; risks arising from participation in joint ventures; the company may need to fund deficiencies in its “Closed Block” assets; a pandemic, terrorist attack, military action or other catastrophic event; the ongoing COVID-19 pandemic and the resulting financial market impacts; the company’s reinsurers could default on their obligations or increase their rates; risks arising from acquisitions of businesses; risks related to the company’s acquisition of Wells Fargo Bank, N.A.’s IRT business; risks in completing the company’s additional transactions designed to improve the capital efficiency of its in-force individual life insurance business within the terms or timing contemplated; loss of key vendor relationships or failure of a vendor to protect information of our customers or employees; the company’s enterprise risk management framework may not be fully effective in identifying or mitigating all of the risks to which the company is exposed; and global climate change.
Use of Non-GAAP financial measures
The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts.
About Principal Financial Group®
Principal Financial Group® (Nasdaq: PFG) is a global financial company with 18,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 54 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of America’s 100 Most Sustainable Companies2, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management3.” Learn more about Principal and our commitment to building a better future at principal.com.
1 As of March 31, 2022
2 Barron’s, 2022
3 Pensions & Investments, 2021
Principal, Principal symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
Principal Financial Group® Closes Reinsurance Transaction - Business Wire
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Odgers Berndtson Welcomes New Principal to its National Academic Practice - Canada NewsWire
TORONTO, May 25, 2022 /CNW/ - Odgers Berndtson is proud to announce the appointment of Andrea Patrick as a Principal, within the firm's Academic Practice.
Andrea brings two decades of experience within the postsecondary sector and, as a senior administrator in the Provost's office, a successful track record in supporting search and selection processes on behalf of the University of Alberta. As Principal, Andrea will partner with universities, colleges, research institutes, and independent schools across Canada to support them with their senior academic and administrative leadership needs.
"With the expected rise of student enrolment in Canada's universities and colleges over the next five years and recognizing the importance of higher education in our communities, Andrea's arrival adds further depth to our Academic Practice. Her skills and experience will be invaluable in addressing the leadership talent needs of this vital sector," said Carl Lovas, Chairman and Chief Executive Officer, Odgers Berndtson Canada.
"Andrea's inside familiarity with the recruiting challenges faced by Canada's postsecondary institutions, combined with her collegial approach, strong client focus, and emphasis on diversity when hiring senior leaders, make her an excellent fit for our firm, both in Canada and across Odgers Berndtson's global network," added Brad Beveridge, President, Odgers Berndtson Canada.
Colleen Keenan, Partner and Co-Head of Odgers Berndtson's Academic Practice, commented, "We had the privilege of partnering with Andrea as a client at the University of Alberta for several years and are all thrilled to be working with her again as part of our team. Her experience in supporting leadership recruitment processes and strategies within a university will provide our clients with a unique, 'inside-out' perspective on recruitment practices that will lead to exceptional outcomes for our clients."
"Joining Odgers Berndtson aligns beautifully with my experience and aspirations. I firmly believe that postsecondary education is critical to the social, cultural, and economic wellbeing of our country. By placing and developing great leaders within the higher education community, we help contribute to Canada's collective health and prosperity. Joining this organization that understands how their leadership expertise enables ESG and DEI change, reinforces the importance of this work," said Andrea. "I am proud of being part of a firm committed to excellence and providing top-tier talent to Canada's universities and beyond."
About Odgers Berndtson
Odgers Berndtson is a global integrated leadership advisory firm providing expertise in executive and board search; interim executive search; leadership assessment, coaching, and development; board and team performance; and business strategy consulting.
Our clients come from every shape and size of organization, from start-ups to multinational corporations, and span the private, not-for-profit, and public sectors.
Globally, 1,100+ Odgers Berndtson colleagues support our clients from 66 offices in 33 countries.
SOURCE Odgers Berndtson Canada
For further information: Media Inquiries: Lori Dyne, Chief Marketing Officer, [email protected]
Odgers Berndtson Welcomes New Principal to its National Academic Practice - Canada NewsWire
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Selasa, 24 Mei 2022
Hooper joins Aras as principal - PE Hub
Prior to joining Ara, Hooper was a principal at Global Infrastructure Partners.
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Hooper joins Aras as principal - PE Hub
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Clearview Public Schools appoints new principal for Byemoor School - Stettler Independent
Clearview Public Schools has named a new principal for Byemoor going into the 2022/2023 school year.
Four-year Clearview veteran Jeffery Aarts will be assuming the position once Gwen Kieth retires at the end of the current school year.
Aarts has been a teacher for 19 years, working in remote communities in Northern Manitoba and Nova Scotia before joining Clearview.
Since joining Clearview, Aarts has been a teacher and an athletics director in both Coronation and Gus Wetter schools.
“We are so happy to welcome Jeffery Aarts to this role!” said Clearview Public Schools superintendent Brenda MacDonald, via a media release.
“Jeff has a strong commitment to personal excellence and strives for quality programming for students. His past dedication to programming, students, and to coaching will serve him well in his new leadership role in Byemoor.”
For his part, Aarts is looking forward to the challenge of the new role.
“I am excited to learn more about the culture within the school community and I look forward to continuing the work of supporting all students in their learning,” said Aarts.
“What I love most about education is the opportunity to develop positive relationships, gain an understanding of where people are in their own journey, and watching the growth of others. I value the opportunity to work with the entire school community to strengthen an already excellent, student-focused, approach to learning.”
Clearview Public Schools appoints new principal for Byemoor School - Stettler Independent
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Minggu, 22 Mei 2022
North High principal Mauri Friestleben to remain in position through end of school year - KARE11.com
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North High principal Mauri Friestleben to remain in position through end of school year KARE11.comNorth High principal Mauri Friestleben to remain in position through end of school year - KARE11.com
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Jumat, 20 Mei 2022
Penelope Hovorka-Alcock named Principal at Shevchenko School - PembinaValleyOnline.com
There will be a new person occupying the Principal's office at Shevchenko School in Vita. Penelope Hovorka-Alcock will take over the job starting in September.
Hovorka-Alcock began her teaching career as a classroom teacher in Woodridge, Manitoba in 1988. She valued continuing education attaining her Special Education Certification in 2004 and Post
Baccalaureate Diploma in Education Specializing in EAL and Counseling in 2008. She then completed her Level 2 Principal Certification in 2020.
In 2009, Hovorka-Alcock began her employment with Border Land School Division (BLSD) as a teacher in the classroom. Since then, she has taught in Ross L Gray School in Sprague and has served in the capacity of K-4 Resource teacher and as Vice Principal for Shevchenko School for the past six years.
As well, she has engaged in numerous professional learning opportunities including Applied Suicide Intervention Skills Training, Teaching EAL Vocabulary and Instruction, Strengthening Instruction for Gifted Students, Bullies and Those Bullies, ESL Mainstreaming in the Classroom And Using Data to Organize School-Based Planning.
"She continually works to improve her skills and demonstrates that she is a life-long learner," said BLSD Superintendent/CEO Krista Curry.
In addition, she brings to the position her strong work ethic and dedication to building strong relationships with the school community.
"She believes in modelling and building strong ties with both students and staff through positive communication. She is intentional in supporting students in meeting their goals academically, socially, and emotionally with the strong belief in the success of all students."
"We welcome Penelope to her new role within the Border Land School Division and we look forward to working with her as the Principal for Shevchenko School," added Curry.
Penelope Hovorka-Alcock named Principal at Shevchenko School - PembinaValleyOnline.com
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Marion named Dr. Brosseau's next Principal - Lakeland Connect
A new Principal will be leading École Dr. Bernard Brosseau School into the 2022/23 school year.
Joe Marion, who is the current Vice Principal at École Notre Dame Elementary School, will be stepping into the role of Principal next year.
“I am humbled to be able to serve École Dr. Brosseau in this new capacity and I look forward to building strong positive relationships with the staff, students and entire school community,” Marion said in a press release on Thursday. “I am thrilled to have the opportunity to be a strong role model and Gospel Witness for our students.”
Marion was born in London, Ontario and raised in St. Thomas, Ontario. He attended Laurentian University and received his Bachelor of Education with a major in Geography and minor in Religion. He has completed the EXCEL in Catholic Education Leadership Program as well as the Theory and Practice in Educational Leadership Program at St. Mary’s University. Marion is currently enrolled in the Masters of Education course for Administration and Inclusive Education with Xavier University.
Marion joined Lakeland Catholic as a teacher at Holy Cross Elementary School in Cold Lake in 2016, teaching Grade 5 and Grade 4/5.
In 2020, he became Vice Principal of École Notre Dame Elementary School and taught physical education and religious studies.
Throughout the 2021/22 school year he continued his role as Vice Principal in addition to taking on the position of classroom support teacher.
“I chose education because I truly love learning and helping students reach their full potential,” said Marion. “I had phenomenal teachers growing up, who put their heart and souls into their profession. From a very early age I saw how powerful and valuable teaching is.”
He added, teaching is a vocation.
“I was called by God to serve alongside our students and staff at Lakeland Catholic.”
To Marion, leadership is not just a matter of thinking or doing things in a certain way.
“It’s a fully integrated way of life – a matter of head, hand, and heart. It’s about thinking, doing, and being. It means serving and accompanying all who you encounter to bring out the best in them for the good of all. Just as our greatest teacher, Christ, does for us.”
Marion met his wife, Amy, while teaching at Holy Cross Elementary School. The couple were married in 2021. Outside of Lakeland Catholic, Joe is passionate about traveling and spending time outdoors.
Lakeland Catholic has always felt like home, Marion said.
“Since my first day, I was welcomed with open arms, each one of our schools has such a feeling of cohesiveness and collaboration. You can truly feel the Holy Spirit alive and at work at Lakeland Catholic Schools.”
Press release Lakeland Catholic Schools.
Marion named Dr. Brosseau's next Principal - Lakeland Connect
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