SHARE Email Facebook Twitter Wolf Administration Teams Up to Support Families in Need this Holiday Season December 07, 2016 Holidays, Press Release Harrisburg – Today, Governor Wolf and Lieutenant Governor Stack joined cabinet members for the 27th annual Holiday Wish Program gift drive in Harrisburg, which provides donated gifts to about 200 families and 100 seniors, a total of over 900 Pennsylvanians.“I am uniquely proud of the Holiday Wish program because it shows the dedication and generosity of our state employees and reflects the best values of Pennsylvania – concern for our neighbors, generosity freely given to those who need it, and care for those among us who are in need or vulnerable,” said Governor Tom Wolf. “We should all strive to lend a helping hand to our friends, neighbors, and fellow Pennsylvanians and the holiday season is a great time to start.”Cabinet members from the departments of Human Services, Aging, General Services, Transportation, and Labor and Industry as well as representatives from additional state agencies joined the National Guard to celebrate. Children from local child care providers were also in attendance and received a special visit from Santa Claus.Volunteer state employees and the Pennsylvania National Guard loaded wrapped gifts into military vehicles and delivered them to participating county assistance offices for distribution to the families and individuals.The families and older adults sponsored for the event were identified through case workers at county assistance offices, a senior citizen complex serving older adults in need, and a community action agency. They list a few gifts they would like to receive, and state employees then choose to sponsor a family or individual.“The holidays are really about giving more than receiving. The tremendous outpouring we’ve seen from employees around the commonwealth will make the holidays a little brighter for hundreds of Pennsylvania families,” Department of Human Services Secretary Ted Dallas said. “I am proud to work with people who care this much and I want them to know that we all sincerely appreciate their efforts.”The Holiday Wish program was started in 1989 by a small group of employees from DHS, formerly known as the Department of Public Welfare. Over the years, it has grown to include hundreds of employees in several departments.Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf
Sweden’s AP7 plans to introduce factor investing into its portfolio for the first time as part of a risk-reduction exercise.The national pension fund that provides the default option in Sweden’s Premium Pension System (PPM) will also lower the gearing on its equity portfolio.The SEK430bn (€41.4bn) pension fund said: “As a step in implementing the new strategic portfolio, which was decided in 2016, AP7 is now starting to invest in factor premiums.”The goal, it said, was to invest 10% of the fund in these strategies over the next few years. “At the same time, the normal level of leverage is being reduced to 25%,” it said. This is reduction from the previous normal level of 35%.However, the actual level of gearing was to be set even lower, at 15% percent, AP7 said, due to its previous assessment of market valuations.At the end of December, the pension fund’s actual level of gearing was around 25%, according to its 2017 annual report.Since 2010, a central part of AP7’s management strategy for its SEK396bn equity fund – which accounts for the vast majority of its overall assets – has been passive exposure to a global index with leverage of 50%. AP7’s default option pension product, known as AP7 Såfa, is a lifecycle fund combining AP7’s equity and bond funds.In 2015, AP7’s board opted to halve the actual level of gearing to 25% because stockmarket valuations were considered high. In December 2016, when presenting a new strategic portfolio to be implemented by 2020, it reduced the normal leverage to 35% from 50% in order to increase the room for manoeuvre associated with the change.The first step in introducing other risks then began in 2017, and involved increased exposure to emerging markets and private equity, AP7 said.The pension fund said the new management strategy was aimed, in particular, at reducing risk through diversification.“Another central part of the strategy is to systematically apply more dynamic risk-taking, where the fund’s overall risk level is adjusted to extreme market valuations,” it said.In February the pension fund put out a tender for advice on “active alpha” procurement, in part of its move to add risk-factor investments to its portfolio.