Entergy reports increase in second quarter earnings

first_img 44,476 45,841 (3.0)% Table 1:  Consolidated Earnings ‘ Reconciliation of GAAP to Non-GAAP Measures Second Quarter and Year-to-Date 2011 vs. 2010 (Per share in U.S. $) Table 5:  Entergy Wholesale Commodities’ Operational Performance Measures Second Quarter and Year-to-Date 2011 vs. 2010 (see Appendix E for definitio ns of measures) 2011 2010 Change 2011 2010 Change As-Reported Earnings 1.76 1.65 0.11 3.14 2.77 0.37 Changes detailed above – 29 2011 2010 Change 2011 2010 Change As-Reported Second Quarter Year-to-Date Increased preferred dividend requirements 30 – Unit-contingent 76% 59% 36% 14% 12% Unit-contingent with availability guarantees 20% 14% 16% 13% 13% Firm LD 3% 24% 24% 8% ‘% Offsetting positions (3)% (10)% ‘% ‘% ‘% Total energy sold forward 96% 87% 76% 35% 25% Average revenue under contract per MWh (c) (d) $54 $49 $45 – 51 $49 – 55 $49 – 57    Total Sales 26,717 25,922 3.1% Adjustment to normalize weather Second Quarter Year-to-Date O&M expense per MWh $19.09 $19.21 (0.6)% Parent & Other ·   Increased Parent non-fuel operation and maintenance expense due primarily to the offset of lower intercompany employee stock option expense at Utility ·   Higher Parent interest expense due to $1 billion permanent debt issued in September 2010, with proceeds used to pay down lower-cost revolving credit facility ·   Increased preferred dividend requirements largely due to affiliate dividend income at Utility described above ·   Accretion / other includes the effect of 2010 share repurchases and lower effective income tax rate in 2011 Increased Parent interest expense     Vermont Yankee – 29 Increased depreciation expense on nuclear assets Less Special Items 0.45 Balance of 2011 2012 2013 2014 2015 Energy IV.   Parent & Other Table 2: Consolidated Earnings ‘ Reconciliation of GAAP to Non-GAAP Measures Second Quarter and Year-to-Date 2011 vs. 2010 (see Appendix E for definitions of certain measures) (Per share in U.S. $) (0.10) Detailed earnings variance analysis is included in Appendix A-1 and Appendix A-2 to this release.  In addition, Appendix A-3 provides details of special items shown in Table 2 above. Consolidated Net Cash Flow Provided by Operating Activities Key assumptions supporting 2011 earnings guidance are as follows: Northstar Vermont Yankee,Entergy Corporation (NYSE: ETR) reported second quarter 2011 earnings of $1.76 per share on as-reported and operational bases versus $1.65 for the second quarter of 2010. A far-flung energy company based in New Orleans, Entergy owns the Vermont Yankee nuclear power station in Vernon, Vermont. Bundled capacity and energy contracts 26% 18% 16% 16% 16% Capacity contracts 33% 30% 26% 25% 11% Total capacity sold forward 59% 48% 42% 41% 27% Average capacity contract price per kW per month $2.4 $2.9 $3.2 $3.1 $2.9 Table 3:  Consolidated Net Cash Flow Provided by Operating Activities Second Quarter and Year-to-Date 2011 vs. 2010 (U.S. $ in millions) Earnings guidance for 2011 should be considered in association with earnings sensitivities as shown in Table 8.  These sensitivities illustrate the estimated change in operational earnings resulting from changes in various revenue and expense drivers.  Traditionally, the most significant variables for earnings drivers are utility sales for Utility and energy prices for Entergy Wholesale Commodities.  Estimated annual impacts shown in Table 8 are intended to be indicative rather than precise guidance. Percent of planned energy and capacity sold forward 96% 87% 74% 37% 25% Average contract revenue per MWh (c) (d) $55 $51 $49 $54 $56 Second Quarter Year-to-Date Table 6:  Entergy Wholesale Commodities’ Capacity and Generation Projected Sold Forward Third Quarter 2011 through 2015 (see Appendix E for definitions of measures) (0.35) Electricity usage, in gigawatt-hour sales by customer segment, is included in Table   4.  Current quarter sales reflect the following: Weather Impact 0.18 0.09 0.09 0.28 0.26 0.02 353,662 350,313 1.0% Increased other income Lower effective income tax rate Entergy Wholesale Commodities 2010 Operational Earnings per Share 3.13 Table 7:  2011 Earnings Per Share Guidance ‘ As-Reported and Operational (Per share in U.S. $) ‘ Prepared October 2010 (e) Decreased net revenue from nuclear assets due to lower pricing net of higher volume Parent & Other reported as-reported and operational earnings of $0.01 per share in second quarter 2011 compared to a loss of $(0.08) per share on an as-reported basis and $(0.10) per share on an operational basis in the second quarter of 2010.  Lower income tax expense on Parent & Other activities was the primary factor driving results for the quarter.  Income tax expense was lower due to reversal of a tax reserve. (0.62) ·   All Utility operating companies filed reports with retail regulators outlining expected benefits of joining MISO. ·   Entergy Wholesale Commodities announced the sale to Con Edison of 500 MWs of unit and license renewal contingent energy and firm capacity from the Indian Point Energy Center for a five year term beginning in 2013. ·   The New York Public Service Commission issued an order resolving the Show Cause proceeding related to notification requirements. ·   Entergy announced that the company’s board of directors voted to approve the fabrication of fuel and the refueling of the Vermont Yankee nuclear power plant in October. Expected Change 2011 Guidance Midpoint 2011 Guidance Range – 33 0.20 I.   Consolidated Results Entergy’s business highlights include the following: Subtotal 4.33 0.37 4.70 (0.05) Operational (a) Second quarter and year-to-date periods in 2010 exclude the effect of the special item for non-utility nuclear spin-off expenses.Table 6 provides capacity and generation sold forward projections for Entergy Wholesale Commodities. III.   Entergy Wholesale Commodities Utility ·   Normal weather ·   Retail sales growth of around 2 percent on a weather-adjusted basis; around 1 percent on a normalized basis excluding the effects of industrial expansion and cogen loss ·   Increased revenue associated with rate actions ·   Decreased non-fuel operation and maintenance expense resulting largely from lower compensation and benefits costs (including lower expense associated with employee stock options, which is offset in Parent & Other) ·   Increased depreciation expense associated with capital spending at the Utility, partially offset by new depreciation rates established in the Entergy Arkansas rate case effective July 2010 ·   Increased other income largely due to affiliate dividend income arising out of the use of proceeds from storm cost financings in Louisiana, offset at Parent & Other ·   Lower effective income tax rate in 2011 ·   Accretion / other primarily driven by the effect of 2010 share repurchases Table 4:  Utility Operational Performance Measures Second Quarter and Year-to-Date 2011 vs. 2010 (see Appendix E   for definitions of measures) Entergy Wholesale Commodities ·   41 TWh of total output for the EWC nuclear fleet, reflecting an approximate 93 percent capacity factor, including 30 day refueling outages at Pilgrim and Indian Point 3 in Spring 2011 and Vermont Yankee in Fall 2011 ·   95 percent of energy sold under existing contracts and 5 percent sold into the spot market for the EWC nuclear fleet ·   $53/MWh average energy contract price and $40/MWh average unsold energy price based on published market prices at the end of September 2010 for the EWC nuclear fleet; average energy price for unsold volume based on prices as of the end of June 2011 is around $45/MWh ·   $3.0/kW-month average capacity contract price and $1.2/kW-month average unsold capacity price based on published market prices at the end of September 2010 for the EWC nuclear fleet; average capacity price for unsold volume based on prices as of the end of June 2011 is approximately $0.4/kW-month ·   Increased nuclear fuel expense reflected in net revenue ·   Non-fuel operation and maintenance expense for nuclear operations, including refueling outage expense and purchased power, around $25/MWh reflecting slightly higher compensation and benefits costs due in part to a long-term workforce planning initiative and other general expense increases, offset by the absence of spending associated with remediation of the tritium leak at Vermont Yankee and the write-off of capitalized engineering costs associated with a potential uprate project in 2010 ·   Increased depreciation expense on nuclear assets associated with capital spending ·   Higher effective income tax rate in 2011 ·   Flat year-over-year results for the balance of EWC’s business, consisting primarily of the non-nuclear generation portfolio ·   Accretion / other including the effect of 2010 share repurchases Utility 1.39 1.18 0.21 2.30 1.91 0.39 Entergy Wholesale Commodities 0.36 0.55 (0.19) 1.04 1.01 0.03 Parent & Other 0.01 (0.08) 0.09 (0.20) (0.15) (0.05)   Consolidated As-Reported Earnings 1.76 1.65 0.11 3.14 2.77 0.37 2011 2010 % Change 2011 2010 % Change Owned Capacity 6,016 6,351 (5.3)% 6,016 6,351 (5.3)% GWh billed 10,652 10,498 1.5% 21,171 21,626 (2.1)% Average realized price per MWh $52.32 $58.15 (10.0)% $54.64 $58.23 (6.2)% Non-fuel O&M expense/purchased power per MWh (a) $26.87 $26.93 (0.2)% $25.91 $25.37 2.1% 0.44 Second Quarter Year-to-Date ‘The Utility business continued on track to achieve its asset portfolio objectives with regulatory filings for a new 550-megawatt combined-cycle gas-fired unit at our Ninemile Point plant site and the pending acquisitions of the 620-megawatt Hot Spring and 450-megawatt Hinds existing combined-cycle plants,’ said J. Wayne Leonard, Entergy’s chairman and chief executive officer .  ‘These highly efficient facilities will provide reliable, low-cost energy to serve the growing needs of our customers while reducing the overall consumption of fossil fuels.  At Entergy Wholesale Commodities, license renewal efforts continued.  We also announced that we will proceed with the 29th refueling outage at Vermont Yankee following a careful review of the merits of our case and the record from the most recent hearing in Federal District Court. Number of retail customers Increased Parent non-fuel operation and maintenance expense Entergy will host a teleconference to discuss this release at 10 a.m. CT on Tuesday, August 2, 2011, with access by telephone, (719) 457-2080, confirmation code 8424061.  The call and presentation slides can also be accessed via Entergy’s website at www.entergy.com(link is external).  A replay of the teleconference will be available through August 9, 2011, by dialing (719) 457-0820, confirmation code 8424061.  The replay will also be available on Entergy’s website at www.entergy.com(link is external) .     Palisades – – Operational Earnings 1.76 1.71 0.05 3.14 3.03 0.11 Accretion / other 25 –     Indian Point 2 – 11 (0.10)center_img $18.49 $18.24 1.4% In second quarter 2011, Utility’s as-reported and operational earnings were $1.39 per share compared to $1.18 per share on the same bases in second quarter 2010.  Earnings for the Utility in the current quarter reflect higher net revenue due to increased sales volume, including the effects of significantly warmer-than-normal weather, and the net effect of rate adjustments at Entergy Arkansas, Entergy Texas and Entergy New Orleans.  Lower interest expense resulting from refinancing of long-term debt at lower interest rates as well as the absence of an interest charge recorded on a fuel audit refund in 2010 also contributed to the Utility’s earnings increase. 2010 special items for non-utility nuclear spin-off expenses II.   Utility Table 5 provides a comparative summary of Entergy Wholesale Commodities’ operational performance measures. 53,254 52,681 1.1% Planned net MW in operation (b) 4,998 4,998 4,998 4,998 4,998 Percent of capacity sold forward    Industrial Blended Capacity and Energy Recap (based on revenues) Accretion / other Subtotal (0.36) (0.34) (0.70) Utility – – – – – – Entergy Wholesale Commodities – (0.08) 0.08 – (0.36) 0.36 Parent & Other – 0.02 (0.02) – 0.10 (0.10)   Consolidated Special Items – (0.06) 0.06 – (0.26) 0.26 (0.10) Retail sales growth was positive for the quarter at 2.9 percent, or 1.1 percent on a weather-adjusted basis.  Results were mixed across the jurisdictions.  Entergy Texas produced the strongest sales growth, including a 15.1 percent increase in industrial sales due largely to expansions.  Entergy Arkansas sales were down slightly compared to the same period a year ago with a decrease in industrial sales.  Residential sales increased 3.7 percent as compared to the second quarter of 2010, but were slightly below last year on a weather-adjusted basis, reflecting an increase in the number of customers but a decrease in the usage per customer.  Industrial sales growth leveled off somewhat after significant growth since the beginning of 2010.  Entergy’s service territory continues to benefit from expansions, while there has been some pullback in the paper and wood segments and small industrials. Entergy affirmed its 2011 earnings guidance in the range of $6.35 to $6.85 per share on both as-reported and operational bases.  Year-over-year changes are shown as point estimates and are applied to 2010 earnings to compute the 2011 guidance midpoint.  Drivers for the 2011 guidance range are listed separately.  Because there is a range of possible outcomes associated with each earnings driver, a range is applied to the guidance midpoint to produce Entergy’s guidance range.  The 2011 earnings guidance is detailed in   Table 7 below. Table 2 provides a comparative summary of consolidated earnings per share for second quarter and year-to-date 2011 versus 2010, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings.  Utility’s earnings increased quarter-over-quarter as a result of higher net revenue due to increased retail sales volume as well as pricing adjustments from previous rate actions.  Lower interest expense also contributed to the higher Utility earnings.  Entergy Wholesale Commodities’ second quarter 2011 operational earnings were lower than the same quarter last year as a result of lower net revenue due primarily to lower pricing.  Also contributing to the lower operational results at Entergy Wholesale Commodities was a higher effective income tax rate.  Parent and Other’s operational results increased in the current period compared to a year ago due primarily to lower income tax expense on Parent & Other activities.  Entergy’s results for the current period also reflect the positive effect of accretion associated with the company’s share repurchase programs. Segment Description of Drivers 2010 Earnings per Share ·   Decreased deferred fuel cost collections ·   A reduction in Entergy Wholesale Commodities’ net revenue 0.10 2011 2010 % Change % Weather Adjusted 2011 2010 % Change % Weather Adjusted GWh billed Table 3 provides the components of net cash flow provided by operating activities contributed by each business with quarterly and year-to-date comparisons. ‘We continue to work with regulators to gain approval to join the MISO regional transmission organization that would stretch from Canada to the Gulf of Mexico,’ Leonard said.  ‘Despite the various hurdles we still face to accomplish our major initiatives, we believe 2011 is shaping up to be a transformational year in achieving our corporate strategy.’ Share Repurchase Program ·   2011 average fully diluted shares outstanding of approximately 180 million, assuming completion of the $750 million repurchase program in 2010; does not assume any repurchases under the incremental $500 million share repurchase authority approved by the Board of Directors in October 2010 Decreased non-fuel operation and maintenance expense Consolidated Earnings Increased depreciation expense Second Quarter Year-to-Date (b) Assumes successful license renewal at all plants.  NRC license renewal applications are in process for three units (with current license expirations noted parenthetically): Pilgrim (6/8/2012), Indian Point 2 (9/28/2013), and Indian Point 3 (12/12/2015).  In addition, two Entergy subsidiaries filed a complaint in federal court seeking declaratory and injunctive relief to prevent the state of Vermont from forcing Vermont Yankee to cease operation on March 21, 2012. (c)  A portion of EWC’s total planned generation sold forward through March 2012 is associated with the Vermont Yankee contract, for which pricing may be adjusted. (d) Average revenue under contract may fluctuate due to factors including positive or negative basis differentials, option premiums and market prices at time of option expiration, costs to convert Firm LD to unit-contingent and other risk management costs.  Also, average revenue under contract excludes payments owed under the value sharing agreement with the New York Power Authority. Entergy Wholesale Commodities earned $0.36 per share on as-reported and operational bases in second quarter 2011, compared to as-reported earnings of $0.55 per share and operational earnings of $0.63 per share in second quarter 2010.  Entergy Wholesale Commodities’ operational earnings declined largely as a result of lower net revenue with decreased pricing.  A higher effective income tax rate resulting from changes in Michigan tax law stemming from legislation enacted in May 2011 also contributed to the Entergy Wholesale Commodities’ earnings decline. (0.50) 0.15 Less Special Items – (0.06) 0.06 – (0.26) 0.26 0.19 Planned TWh of generation (b) 21 41 40 41 41 Percent of planned generation sold forward ·   Residential sales in second quarter 2011, on a weather-adjusted basis, decreased 0.5 percent compared to second quarter 2010. ·   Commercial and governmental sales, on a weather-adjusted basis, increased 0.3 percent quarter over quarter. ·   Industrial sales in the second quarter increased 2.8 percent compared to the same quarter of 2010.    Residential 7,993 7,705 3.7% (0.5)% 17,034 17,350 (1.8)% 0.6%    Commercial and governmental 7,548 7,384 2.2% 0.3% 14,580 14,448 0.9% (0.2)%    Industrial 10,140 9,862 2.8% 2.8% 19,657 18,596 5.7% 5.7%    Total Retail Sales 25,681 24,951 2.9% 1.1% 51,271 50,394 1.7% 2.3%    Wholesale 1,036 971 6.7% Operational Earnings Highlights for Second Quarter 2011     Indian Point 3 7 – ‘ Higher effective income tax rate Appendix B provides information on selected pending local and federal regulatory cases. Flat non-fuel operation and maintenance expense for nuclear operations    Commercial and governmental (0.10) EWC Nuclear Fleet Subtotal 3.13 (0.53) 2.60 – – 2011 2010 Change 2011 2010 Change Utility 507 577 (70) 640 993 (353) Entergy Wholesale Commodities 173 231 (58) 381 520 (139) Parent & Other (26) (14) (12) (44) (45) 1     Total Net Cash Flow Provided by Operating Activities 654 794 (140) 977 1,468 (491) Table 4 provides a comparative summary of the Utility’s operational performance measures. Utility 1.39 1.18 0.21 2.30 1.91 0.39 Entergy Wholesale Commodities 0.36 0.63 (0.27) 1.04 1.37 (0.33) Parent & Other 0.01 (0.10) 0.11 (0.20) (0.25) 0.05   Consolidated Operational Earnings 1.76 1.71 0.05 3.14 3.03 0.11 Weather Impact 0.18 0.09 0.09 0.28 0.26 0.02 Consolidated Operational 2011 Operational Earnings per Share Guidance Range 7.10 (0.50) 6.60 6.35 ‘ 6.85 ·   Utility’s results were higher due primarily to higher sales volume and pricing adjustments from previous rate actions, as well as lower interest expense. ·   Entergy Wholesale Commodities’ earnings declined as a result of lower net revenue primarily from lower pricing on the nuclear fleet as well as a higher effective income tax rate. ·   Parent & Other’s results were higher due to lower income tax expense on Parent & Other activities. Accretion / other Increased net revenue due to sales growth and rate actions (0.04)    Residential 2,368,321 2,351,556 0.7% Consolidated As-Reported 2010 As-Reported Earnings per Share 6.66 Utility 2010 Operational Earnings per Share 4.33 Capacity 1,983 2,287 (13.3)% (0.03) 2011 As-Reported Earnings per Share Guidance Range 6.66 (0.06) 6.60 6.35 ‘ 6.85 (e)   Updated February 2011 to reflect 2010 final results. Capacity factor 91% 90% 1.1% 91% 92% (1.1)% GWh billed 9,993 9,868 1.3% 19,906 20,123 (1.1)% Average realized price per MWh $52.38 $57.69 (9.2)% $54.91 $58.22 (5.7)% Production cost per MWh (a) $25.96 $24.40 6.4% $24.99 $24.05 3.9% Refueling outage days: (0.10)     Pilgrim 25 – Parent & Other 2010 Operational Earnings per Share (0.36) V.   2011 Earnings Guidance Other ·   Overall effective income tax rate of 35 percent in 2011 ·   Pension discount rate of 6.1 percent (the final pension discount rate is 5.6 ‘ 5.7 percent) Entergy’s net cash flow provided by operating activities in second quarter 2011 was $654 million compared to $794 million in second quarter 2010.  The overall quarterly decrease was due primarily to:last_img read more

Ivy Tech Community College autumn term starts August 24

first_imgBatesville, IN  – Autumn classes at Ivy Tech Community College’s Lawrenceburg and Batesville locations will start on August 24. Ivy Tech will provide students with the option to take classes face-to-face, online, or virtually to ensure the safety of students during the quarantine. For some courses, students have the option to choose week-to-week the way they take their course.Students interested in attending during the autumn term can take advantage of scholarship opportunities like the campus’s EdOPP scholarship. The EdOPP scholarship is offered to adults, 18 and older, seeking a credential or required classes for advancing employment. This scholarship was made possible in part by a $125,000 grant from the City of Lawrenceburg to help improve Lawrenceburg’s workforce and pay for a college education. Ivy Tech is awarding students on a first-come, first-served basis, up to $5,000 per student, per year. If a student receives federal or state aid, the scholarship funds will be applied to any balance after financial aid is credited.Students interested in getting more information about scholarship opportunities or enrolling in classes for August 24 are encouraged to contact the campus at R11Express@ivytech.edu.last_img read more

Trojan greats inducted to Hall of Fame

first_imgSeventeen Trojan greats selected to the 10th class of USC’s Athletic Hall of Fame will be inducted at the Galen Center on May 12.The inductees are Art Bartner, Lindsay Benko, Steve Bisheff, Tony Boselli, Clarence Davis, Barbara Hallquist, Barbara Hedges, Bob Hughes, Wayne Hughes, Bryan Ivie, Keyshawn Johnson, Randy Johnson, Jill McGill, Tina Thompson, Forrest Twogood, Quincy Watts and Adrian Young.Legend · Former USC receiver Keyshawn Johnson is one of 17 Trojans who will be honored May 12. Johnson was the Rose Bowl MVP in 1996. – Photo courtesy of Sports InformationThe honorees include 12 decorated athletes in nine different sports who have made their mark in USC athletics, the professional realm and the Olympics.Women’s tennis pioneer Hallquist was the first female player to receive an athletic scholarship from USC and went on to garner seven national collegiate championships.Swimmer and water polo standout Hughes was the first American athlete to compete in two different sports in the same Olympics since 1926 at the 1956 Melbourne Games.Wide receiver Keyshawn Johnson held the USC and conference record for pass receptions in a season (since broken by Robert Woods) at 102 and earned MVP honors in the 1995 Cotton Bowl and 1996 Rose Bowl.Lefty pitcher Randy Johnson won 16 games with USC, including a 5-0 finish in 1983. After his collegiate career, Johnson went on to capture five Cy Young awards in the MLB and MVP of the 2001 World Series.Thompson led the Women of Troy to three NCAA tournament appearances and was the first player drafted to the WNBA. The nine-time All-Star has won four WNBA titles and is the all-time scoring leader in league history.Watts, who took the NCAA 400-meter race in 1992, won two gold medals at the Barcelona Olympic Games in 1992. He currently holds the Olympic record for the 400-meter at 43.50 seconds.Other inductees include USC Trojan Marching Band director Bartner, sportswriter Bisheff, 18-year Trojan athletics administrator Hedges, ardent fan Hughes and the late Twogood, who coached USC men’s basketball to the Final Four in 1954.The Hall of Famers are selected by a 75-member panel comprised of media, USC alumni and athletic department supporters.Tickets for the induction dinner at the Galen Center can be obtained online at USCTrojans.com or by calling the USC Athletic Department.last_img read more

Top Officials’ Pension Bill Resurfaces

first_imgAfter a year of scrupulous deliberations and scrutiny of the Proposed Pension and Retirement Bill of 2013, the Liberian Senate has finally agreed with the House of Representatives, but with a few amendments.The Bill is to amend and restate an Act approved October 8, 2003 which was published by authority of the Ministry of Foreign Affairs on October 17, 2003 providing pension and retirement for the President, Vice President, the Speaker, the Deputy Speaker and President Pro-Tempore of the Liberian Senate. Others include members of the National Legislature, elected officers of the Chambers of the Legislature, as well as the Chief Justice, Associate Justices and Judges of the Subordinate Courts.The Representatives’ version of the Bill of 2013 includes all of the already mentioned government officials in the 2003 Pension Law and input in the personal staffs, but the Liberian Senate added exceptions.In the Senate’s version, the enumeration of personal staff for the former or retired government officials were adjusted, the inclusion of President and Vice President’s spouses and the Judges of the Subordinate Courts of the Supreme Court.“In view of the above, the Liberian Senate would have me to apprise you of the need to constitute a Conference Committee of the House of Representatives to work along with their counterparts of the Senate, so as to enable them to harmonize the two versions of the Bill,” the Secretary of the Liberian Senate J. Nanborlor F. Singbeh, Sr. wrote.According to the Bill, only former and retired top government officials who served their terms successfully and are not re-elected thus retiring to private life and are not in any way gainfully employed by the government will receive an annuity to be divided into monthly payments equal to fifty percent (50%) of the incumbents’ salaries and also twenty five percent (25%) of the incumbents’ allowances and benefits.The Bill also states that they shall be provided the following for the remainder of their life to be paid by the State; which include full medical benefits, securities, a diplomatic passport, duty free privileges for all personal effects, a vehicle once every three years and personal staffs and car(s) every two or three years,  respectively.“However, upon being re-elected or appointed to another position within the Government, the annuity payments shall be suspended and if he/she qualifies for a second annuity upon the termination of services with the Government, he/she shall be granted the greater of the two.”The Bill further said that upon the demise of any top government official, the benefits amounting to fifty percent (50%) of all such monthly annuity payments and other benefits shall be paid to the surviving spouse and upon the death of the spouse, same shall be paid in equal portions to each of the minor children.Interestingly, the Bill made mention of benefits going to the spouse and subsequently to minor children of all of the officials except for members of the National Legislature, saying the benefits shall be given to the spouse or be determined by the National Legislature.Meanwhile, the House of Representatives has constituted a seven-person Committee, headed by Montserrado County Representatives Edwin M. Snowe, Jr, the author and supporter of the Pension Law,  for amendment.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more