It calls for raises totaling 11 percent, as well
as changes to pensions and extending wage - progression schedules.
Not exact matches
Important factors that could cause actual results
to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited
to, the following: 1) our ability
to continue
to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability
to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability
to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability
to achieve certain cost reductions with respect
to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability
to accommodate, and the cost of accommodating, announced increases in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of
changing customer preferences for business aircraft, including the effect of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals
as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any
changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution of key milestones such
as the receipt of necessary regulatory approvals, including our ability
to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence
to their announced schedules; 10) our ability
to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability
to enter into profitable supply arrangements with additional customers; 12) the ability of all parties
to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability
to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on
pension plan assets and the impact of future discount rate
changes on
pension obligations; 17) our ability
to borrow additional funds or refinance debt, including our ability
to obtain the debt
to finance the purchase price for our announced acquisition of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such
as U.S. export control laws and U.S. and foreign anti-bribery laws such
as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of
changes in tax law, such
as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and
changes to the interpretations of or guidance related thereto, and the Company's ability
to accurately calculate and estimate the effect of such
changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers,
as well
as the cost and availability of raw materials and purchased components; 23) our ability
to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility
to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure
to potential product liability and warranty claims; 31) our ability
to effectively assess, manage and integrate acquisitions that we pursue, including our ability
to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability
to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse
changes to business relationships and other business disruptions for ourselves and Asco
as a result of the acquisition; 33) our ability
to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability
to complete the proposed accelerated stock repurchase plan, among other things.
But people are being encouraged
to save for retirement and save
as well outside of their
pensions and RRSPs, so I don't think it would make sense
to change the rates.»
Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any
changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity, including the pending acquisition of Rockwell Collins, including among other things integration of acquired businesses into United Technologies» existing businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness, including indebtedness expected
to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases of United Technologies» common stock, which may be suspended at any time due
to various factors, including market conditions and the level of other investing activities and uses of cash, including in connection with the proposed acquisition of Rockwell; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability
to realize the intended benefits of organizational
changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13)
pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of
changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect of
changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of
changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred
to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins
to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and
to satisfy the other conditions
to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise
to a right of one or both of United Technologies or Rockwell Collins
to terminate the merger agreement, including in circumstances that might require Rockwell Collins
to pay a termination fee of $ 695 million
to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related
to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating
to the value of the United Technologies» shares
to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company,
to retain and hire key personnel.
The
change has the potential
to attract
as many
as 9.4 million new users over time from 257,000 now, and generate an annual capital flow of up
to 1 trillion yen ($ 9.46 billion) into the private -
pension sector, according
to Nomura Research Institute (NRI).
Classifying
pensions as senior debt won't stop bankruptcies if a company can't
change with the market, but that's no reason for johnny - come - lately PE firms
to ignore unfunded
pension liabilities so they can take the cash & run.
Continual
changes to pension rules appeared
to have an impact on attitudes toward retirement saving,
as the vast majority of UK respondents reported they were still confused and disillusioned with their options.
He also didn't account for social security
pension, preferring
to leave that
as a buffer in case the market
changes.
The «Car Wash» corruption probe is increasingly denting the president's government
as he tries
to drive crucial
changes to an unsustainable
pension system through Congress.
Recent measures such
as changes to the Canada
Pension Plan, the rollback of planned cuts
to Employment Insurance premiums, the introduction of carbon levies and cap - and - trade programs, and significant minimum wage hikes in Ontario and Alberta have a cumulative impact on investment returns and business competitiveness.
Among the explanations that have been put forward are the increased credibility of central banks in controlling inflation (inflation rates remain below 3 per cent across the developed world), the low level of official interest rates in the major economies reflecting low inflation and the continuing weakness in some economies, a glut of savings on world markets particularly sourced from the Asian region, and
changes to pension fund rules in some countries which are seen
as biasing investments away from equities towards bonds.
It's funny how early in your career you may be super motivated
to achieve financial independence, only later
to find your priorities
changing as the kids get older and you get closer
to the
pension and health benefits that you described.
Apparently labour introduced an increase of
pension age
to 65 in 1995 but failed
to inform the women of the 50's who would be most directly affected, the government failed its legal duty
to inform all women personally of this
change, they tried
to get away with this by stating they didn't have any current details, except they forget that they have all details from PAYE, us women still received all our NI demands and self - assessments
as well
as any tax or child benefit details, so they do have out details, they just failed
to carry out this legal action.
The
Pension Corporation has estimated that the current regulations have cost the government # 37 - billion in lost tax revenues
to date, and that without
change it could be
as much
as # 10 - billion a year in future.
Instead, there would be a tax cut of 4p in the basic rate, funded by
changes to the tax system
as it related
to pension contributions, capital gains and pollution.
A key
change for the MPs»
pension will see it linked
to average salary
as opposed
to the current, more generous, final salary scheme.
The salary - linked
pensions are very generous compared with much of the private sector, for example, but not only would such a
change be likely
to outrage several million well - unionised workers all at once (and MPs) but it would have little short - term impact on finances
as the pre-existing commitments would be unaffected.
Marked «sensitive» and sent
to the work and
pensions secretary, Iain Duncan Smith, two weeks after the general election, the civil service memo forecasts that «around 40,000 more... children might in the absence of any behaviour
change, find themselves in poverty
as a result of reducing the cap
to # 23,000».
Forand also cited DiNapoli's audits of state and local governments and school districts that save taxpayers millions of dollars statewide while using the investment clout of the
pension fund
to influence corporate behavior such
as in addressing climate
change.
DiNapoli has sought
to leverage the
pension fund
to produce
changes in fossil fuel companies
as an activist shareholder.
DiNapoli says he'll use his influence
as trustee of New York's $ 192 billion dollar state
pension fund
to «seek out sustainable investments and
changes in corporate behavior»
to help the Paris Agreement «become a reality».
As for the
pension forfeiture bill, Speaker Heastie says lawmakers actually have until the end of 2016 before they have
to finalize the first step
to change the state's constitution, so he says there's plenty of time
to agree on a new bill.
Off topic question topics included whether the mayor and his wife have smoked marijuana inside Gracie Mansion, a Daily News call for the mayor
to «accept responsibility for inflaming the police», whether the mayor believes he should apologize for comments on the police, whether the Democratic National Committee has expressed concerns about current mayoral / police friction
as it considers Brooklyn
as a site for the 2016 Democratic Convention, whether the mayor supports the recent Cuomo / Christie veto of legislation on the Port Authority, a pending state legislative bill on police disability
pensions, the expected special election in the 11th Congressional District, whether the mayor believes there is a police slowdown, the dismay of the recently shot and wounded police officers at Mayor de Blasio's hospital visit, the possible
change in the Staten Island Chuck / Groundhog Day ceremony, the meeting today between Police Commissioner Bratton and union leaders and how Mayor de Blasio envisions the current mayoral / police friction ending.
It might be possible
to make minor
changes by statute, like preventing incumbent officeholders from double - dipping on their
pension benefits while serving
as a delegate, but most dramatic
changes would require an amendment.
Mr McPhail warned there could be
changes to the state
pension as the Government looks
to make savings.
«The Executive Budget calls for what the governor describes
as reforms
to the state's
pension system, Civil Service and some fundamental
changes in the way the state does business,» Fox said.
With persistent economic health, Tony Blair continues
to back the chancellor's decision,
as he had when Mr Brown originally decided
to change the
pension tax rules.
Unite also expressed fears over the future of the Royal Mail
pension scheme
as the company seeks
to drive through
changes ahead of the proposed sale which could lead
to cuts in
pension payouts.
Public employee
pensions are back in the spotlight
as several states try
to change benefits for current and future retirees.
State worker unions have opposed the proposed
pension changes, saying future workers would see their retirement benefits reduced by
as much
as 40 %, or, if they choose 401k's will be subject
to gyrations of the stock market.
«
As his proposed
changes to the
pensions system unravelled before the ink was dry, it was far from clear that this speech even pays for itself let alone matches our pledge
to halve the deficit in four years.»
State Comptroller Tom DiNapoli today issued an aggressive defense of the current
pension system andm — without getting into specifics — slammed Gov. Andrew Cuomo's proposal
to offer a 401 (k)- style defined contribution plan
as part of his Tier 6 proposal, calling the
change «unacceptable» and «extreme.»
Outsiders have suggested reforms, such
as changing the number of votes one person can cast (currently, each voter casts three votes for three positions
to be filled in their senate district) and prohibiting incumbent legislators from serving or, at the very least, banning them from increasing their
pensions by doubling their salary for a year.
Even after the
changes, the
Pensions Policy Institute recently calculated that contributions
to the teachers»
pension scheme will be worth twice
as much
as a percentage of their salary
as those the average private sector worker receives from their employer under a defined contribution scheme.
Mr. McFadden: The
changes that we propose
to the
pension scheme will mean that the deficit is handled on the same basis
as the
pension schemes serving teachers, nurses and civil servants.
The vote comes on the heels of last week's historic day of industrial action by the NHS, whereby doctors boycotted non-acute care
as a way of expressing their dissatisfaction with the government's proposed
changes to their
pension funds.
Doctors say the
changes disproportionately impact their field,
as physicians will see their contributions
to pension funds rise more than other public sector employees.
DiNapoli said he'll use his influence
as trustee of New York's $ 192 billion state
pension fund
to «seek out sustainable investments and
changes in corporate behavior»
to help the Paris agreement «become a reality.»
He did achieve additional disclosure of lawmaker's outside income,
as well
as reform of legislators» daily expense accounts and the go - ahead
to change the state's constitution
to require that lawmakers convicted of crimes forfeit their
pensions.
In response, DiNapoli said the retirement system is already a leader among public
pension funds in seeking
to push a low carbon economy and getting corporations
to address climate
change issues, such
as through shareholder resolutions aimed at companies like ExxonMobil.
The coalition government faces the first industrial uprising against its austerity measures today
as up
to 750,000 public servants strike over planned
changes to their
pensions.
That finally
changed this week,
as we came together
to put in place a bold
pension reform plan that will save taxpayers more than $ 80 billion over the next three decades.
Earlier work and
pensions secretary Iain Duncan Smith refused
to accept that families would be «plunged into poverty»
as a result of the
changes, however.
In addition, the
changes to stamp duty last week and
pensions next year create huge tax uncertainties
as well, recklessly populist tax cuts in the pursuit of votes.
«I want
to use the
pension fund and invest it wisely and use it
as a vehicle for
change,» Spitzer said, referring
to the
pension funds
as «our money.»
Other factors such
as changes to government
pension contributions and even
changes to neighbouring schools» admission policies can also impact on pupil numbers.
This would be the case if states also
changed their retirement plans from DB
pensions to an alternative design, particularly defined contribution (DC) savings accounts such
as 403 (b) plans, but also a cash balance plan.
Second, it's a sign that the politics of
pensions may be
changing as people start
to realize that
pension systems with a few big winners at the expense of lots of small losers is not a good retirement policy.
This trend coincided roughly with a teacher hiring boom here in the United States, meaning these
changes happened despite districts» employing more teachers, and it's likely
to continue
as states and districts continue
to feel the pressure from unfunded
pension and health care promises, which totaled $ 1.38 trillion at last count.
We have a problem in our public discourse when «
changes to a person's potential future
pension» becomes portrayed
as «
pension theft,»
as it did recently in Illinois.