The French Court of Audit will today single out the multi-occupation public insurance pension fund for poor governance in its annual update to the country.The Court of Audit, a quasi-judicial body known locally as Cours des comptes is responsible for auditing central government, public and private institutions and other bodies.In a speech tonight, the Court will provide its annual update, singling out the near 500,000 member pension fund Caisse Interprofessionnelle de Prevoyance et d’Assurance Vieillesse (CIPAV) for poor governance.President of the Court, Didier Migaud, is set to provide a detailed list of failures at the fund that have affected governance, investments and member services. The pension fund manages the retirement savings for architects, professional consultants, engineers and the self-employed.Migaud is to recommend that a provisional administrator, who will oversee future transitions, replace the board of the pension fund.The Court’s report suggested assets held by the fund had been poorly managed – stemming from a lack of proper financial management – until 2010.It rebuked the fund for failing to use appropriate procurement procedures in line with requirements for public bodies, and for shirking legal duties.The report also suggested the fund had “significantly” failed its members, providing pensioners with poor service.On the fund’s assets, the Court pointed out that the annual return rate of 6% between 1989 and 2012 was significantly below benchmark bond rates over the same time period, highlighting poor investment management.The Court’s report said the cause of the poor performance was a lack of financial management, and the fact investments were managed by a committee that did not employ a code of ethics, even though this has been required by law since 2004.Prior to 2010, the scheme also placed 75% of its investments with a single investment manager. Even after CIPAV hired a CFO, the single investment manager still oversaw more than one-third of investments at the end of 2012.In line with its requirements for a provisional administrator replacing the board, the Court highlighted that 80% of procurement was acquired outside of the framework public bodies are required to follow.More than half of retirees within the scheme face severe delays in receiving their pension, the report added.CIPAV’s call centre can only process 25% of received phone calls, resulting in at least three months of delays for pensioners.
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Facebook Twitter Google+ Marisa Fischetti had spent the last nine months waiting to prove to herself and everyone else that her injury was finally behind her. On Sept. 23, 2017, Fischetti netted the equalizer in the 53rd minute against Long Island SC. It was her first goal as a member of the U.S. Development Academy’s FC Fury NY – the culmination of a grueling return to the field following a left ACL injury in the fall of 2016. One year later, in 2018, Fischetti would have to do it all over again, this time with her right knee. Now a redshirt freshman forward for Syracuse (2-4-1), Fischetti has overcome an ACL tear in both of her knees. Physical limitations and internal doubts have made this comeback more difficult than the first, but Fischetti now finds herself second on the team in shots on goal and starting five matches. “It was definitely hard,” Fischetti said, “I was finally feeling 100% after my first ACL when I came here before preseason last year.” Fischetti first tore her right ACL late in her junior season at Massapequa (New York) High School. The injury came right before the state playoffs, in which the Chiefs failed to capture their fourth-straight state title. AdvertisementThis is placeholder textFischetti’s rehab consisted of three days a week at physical therapy sessions. She started on an anti-gravity treadmill to alleviate the impact on her knee and then worked her way to a regular treadmill. Her physical therapist emphasized plyometrics and cardio instead of weight training. Six months after the surgery, Fischetti’s surgeon was disappointed in the lack of strength in her knee, Fischetti said. Once she was cleared to play, she opted to play for FC Fury. Since the Fury were an U.S. Development Academy club – which disallows playing for any other team while on the roster – she was forced to forgo her senior year at Massapequa. Massapequa went 53-4-5 in her three years there. As a true freshman at SU, Fischetti started in the Orange’s first preseason match against Rutgers. She felt no limitations in the first half, but 20 seconds into the second half, an awkward cut in the turf sent an all-too-familiar pain cutting through her leg. “Just the way I started freshman year of college was really difficult for me,” Fischetti said, “I was really down first semester last year.”Eva Suppa | Digital Design EditorWith her season over before it started, Fischetti missed the first two weeks of school. When she returned, she completely committed to rehab and school, she said. This time, the rehab went from three days to five or six. The anti-gravity treadmill became a regular treadmill just three months after surgery. This time around, she was doing 225-pound squats with bands on her legs and 400-yard lunges with weighted vests. For her rehab, Fischetti chose Troy Gerlt, the men’s lacrosse team’s trainer, over Meagan Bevins, the women’s soccer teams’ own trainer. Gerlt is known for rehabbing knee injuries, Fischetti said, and she hoped he could help her come out stronger. She worked with Gerlt all fall and spring, and her diligence didn’t go unnoticed by teammates. “She never took a day off,” senior forward Sydney Brackett said. “She was very calculated in what she was doing and why she was doing it … she always showed up with a smile on her face.” Last February, a new wave of self-doubt in her abilities came flooding back. The Orange had hired Nicky Adams to be their new head coach, and a whole new staff followed. The coach that’d recruited her — Phil Wheddon — was gone, and Fischetti had no college stats to prove she could still play at a high level. Adams sensed a lack of self-confidence, not just in Fischetti but in the team as a whole following a 3-15 campaign. Fischetti even admitted her worries to her new manager, saying she was “a little intimidated, scared, afraid that I can’t prove myself.” Having suffered a season-ending injury herself in 2000 at Texas A&M, Adams could relate.“I think any time you come back from an injury there’s self-doubt,” Adams said, “‘How hard can I go? Will I be the same player? Can I improve?’ And it’s just about putting them in situations where they gain confidence.” Fischetti continued to work through the summer, getting her speed and agility back as close to they were before her injuries. She also worked with a soccer trainer to retune technical skills like shooting and passing. The forward entered the 2019 season donning a knee brace, and has started every match but the season-opener at the top of Nicky Adams’ 4-3-3 base formation. As injuries to teammates piled up, she went from a fixture in the starting lineup to a premier offensive threat, recording five shots on goal in six matches. Yet she said she lacked the self-confidence she once had. Something was still off. So Fischetti asked Bevins if she could take off her knee brace: a light, flexible wrap holding years of pain, doubt and hard work. The trainer agreed. “I felt a lot more confidence, I felt stronger,” Fischetti said, “When I go into a tackle I don’t even think about it anymore because that’s how I get hurt so I try not to focus on it.”Fischetti has played the last two matches without a knee brace. She recorded a career-high three shots on goal in a 0-0 draw with Fordham on Sept. 15, followed by texts and calls from a number of teammates who’ve noticed her looking “faster and more confident.” “We’re really proud of her,” Brackett said. “We’re proud of her comeback and we can’t wait to see what she does in ACCs.” Comments Published on September 19, 2019 at 12:11 am Contact Tim: email@example.com