Torstar is investigating a merger of its pension plan assets with a multi-employer plan called CAAT, which would take over the obligation for paying past accrued benefits and
future pension benefits of Torstar employees.
Not exact matches
Not only does the process tend to punt difficult decisions to
future contracts, but arbitrators often prove sympathetic to union positions, as recently happened when Air Canada flight attendants won a
pension that blends elements
of the defined
benefits and defined contributions models.
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.
In March, Bombardier Aerospace workers voted overwhelmingly in favour
of a new reciprocity agreement that ensures workers who switch between Bombardier and the
future partnership don't lose their
pensions and keep most seniority
benefits, including salary and vacation time.
As tax revenues have shrunk, the city's financial obligations have grown — mainly to an ever - expanding pool
of 30,000 retirees, promised life - time
pensions and health
benefits by short - sighted government officials over decades who consistently failed to fund those
future obligations.
France's mostly taxpayer - funded public
pension system may do better at ensuring every retiree is sufficiently funded (for now), and America's mostly private
pension patchwork may be more sustainable into the
future, but our hybrid system
of individual -, employer - and government - funded
benefits ranks high on both criteria, sufficiency and sustainability — «which is uncommon,» says Morin
These risks and uncertainties include competition and other economic conditions including fragmentation
of the media landscape and competition from other media alternatives; changes in advertising demand, circulation levels and audience shares; the Company's ability to develop and grow its online businesses; the Company's reliance on revenue from printing and distributing third - party publications; changes in newsprint prices; macroeconomic trends and conditions; the Company's ability to adapt to technological changes; the Company's ability to realize
benefits or synergies from acquisitions or divestitures or to operate its businesses effectively following acquisitions or divestitures; the Company's success in implementing expense mitigation efforts; the Company's reliance on third - party vendors for various services; adverse results from litigation, governmental investigations or tax - related proceedings or audits; the Company's ability to attract and retain employees; the Company's ability to satisfy
pension and other postretirement employee
benefit obligations; changes in accounting standards; the effect
of labor strikes, lockouts and labor negotiations; regulatory and judicial rulings; the Company's indebtedness and ability to comply with debt covenants applicable to its debt facilities; the Company's ability to satisfy
future capital and liquidity requirements; the Company's ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms; and other events beyond the Company's control that may result in unexpected adverse operating results.
(a) Schedule 2.7 (a)
of the Disclosure Schedule contains a list setting forth each employee
benefit plan, program, policy or arrangement (including any «employee
benefit plan» as defined in Section 3 (3)
of the Employee Retirement Income Security Act
of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee
pension benefit plans, as defined in Section 3 (2)
of ERISA, multi-employer plans, as defined in Section 3 (37)
of ERISA, employee welfare
benefit plans, as defined in Section 3 (1)
of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe
benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the
future as a result
of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant
of the Company (collectively, the «Company Employees») has any present or
future right to
benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or
future liability or obligation.
Direct program expenses were up $ 1.0 billion (5.5 %), primarily due to the timing
of payments as well as an increase in federal government employee
pension and other
future benefit liabilities, reflecting the impact
of lower interest rates.
Total compensation per employee consists
of many different elements, including not only negotiated / imposed wage settlements, bracket creep (employees moving up within their pay range), composition
of employment (professional vs clerical), pay equity,
pension and other future employee benefit costs driven in part by market conditions, Canada and Quebec Pension Plan contributions (which increase by the annual increase in the industrial wage), among
pension and other
future employee
benefit costs driven in part by market conditions, Canada and Quebec
Pension Plan contributions (which increase by the annual increase in the industrial wage), among
Pension Plan contributions (which increase by the annual increase in the industrial wage), among others.
The problem is that the state - mandated
pension plans for school - district employees are defined
benefit plans, which means the amount
of future benefits is guaranteed and has to be funded by the taxpayers and / or investment income.
Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward - looking statements include, but are not limited to, operating in a highly competitive industry; changes in the retail landscape or the loss
of key retail customers; the Company's ability to maintain, extend and expand its reputation and brand image; the impacts
of the Company's international operations; the Company's ability to leverage its brand value; the Company's ability to predict, identify and interpret changes in consumer preferences and demand; the Company's ability to drive revenue growth in its key product categories, increase its market share, or add products; an impairment
of the carrying value
of goodwill or other indefinite - lived intangible assets; volatility in commodity, energy and other input costs; changes in the Company's management team or other key personnel; the Company's ability to realize the anticipated
benefits from its cost savings initiatives; changes in relationships with significant customers and suppliers; the execution
of the Company's international expansion strategy; tax law changes or interpretations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated business disruptions; the Company's ability to complete or realize the
benefits from potential and completed acquisitions, alliances, divestitures or joint ventures; economic and political conditions in the United States and in various other nations in which we operate; the volatility
of capital markets; increased
pension, labor and people - related expenses; volatility in the market value
of all or a portion
of the derivatives we use; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's ability to protect intellectual property rights; impacts
of natural events in the locations in which we or the Company's customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's ownership structure; the impact
of future sales
of its common stock in the public markets; the Company's ability to continue to pay a regular dividend; changes in laws and regulations; restatements
of the Company's consolidated financial statements; and other factors.
«These findings raise serious questions about the policy needs for
future pensionless cohorts, such as the adequacy
of benefits from Old Age Security, the Guaranteed Income Supplement, and the Quebec and Canada
pension plans,» the report states.
Other direct program spending, consisting
of operating expenses for Crown corporation, defence and all other departments and agencies, increased $ 2.3 billion (4.2 %), primarily reflecting increases in federal government employee
pension and other
future benefit liabilities, reflecting the impact
of lower interest rates.
All other department and agency expenses increased by $ 1.6 billion (3.2 %), largely reflecting an increase in actuarial liabilities for claims and employees»
pension and other
future benefit costs, the latter reflecting the impact
of low interest rates on plan assets.
The growth in operating expenses is composed
of growth in departmental expenses, which is partially offset by falling expenses related to
pensions and employee
future benefits, reflecting the projected rise in long - term interest rates.»
These changes are not significantly affected by economic developments, with the exception
of changes in the interest rate forecast on federal employees»
future benefits, such as
pensions, death
benefits, etc..
Expansion
of the CPP to provide higher
benefits in the
future has been widely supported by
pension experts.
A byproduct
of these overly optimistic assumptions is that states have failed to contribute enough money to the «
pension piggy bank» as was necessary to pay out
future benefits.
According to the Department
of Finance, the deficit in August 2015 was primarily due to updated accrual estimates
of employee
pension and other employee
future benefits, reflecting changes to the interest rate assumptions.
Most
of this difference is attributable to increase in the accrual adjustments for employee
pensions and other
future benefits.
Expenses for all other departments and agencies advanced $ 1.6 billion (6.1 %), also reflecting, in part, the impact
of new initiatives proposed in Budget 2016 and increased liabilities for employee
pension and other
future benefits.
Not fully funding
pension obligations now costs taxpayers more in
future years to pay for the
pension benefits of employees, he said.
The point
of public
pension reform is to reduce the risk for New York taxpayers, who — in addition to their own financial concerns — now stand behind a constitutional guarantee
of defined -
benefit pensions for all current and
future state and local government retirees.
An interesting finding in this work is that through interaction with Universal Credit, childcare policy and automatic enrolment in workplace
pensions, a higher personal allowance could well be
of little
benefit for many low earners — and indeed could damage
future prospects in terms
of their
pensions.
[325] The SNP has also criticised Rachel Reeves, Labour's shadow secretary
of state for work and
pensions, for saying [326] a
future UK Labour government would be even tougher on
benefits than the Cameron ministry.
Cuomo also said in his State
of the State message that he intends to propose a new
pension Tier VI for
future workers that offers fewer
benefits.
Paul Cann, director
of policy at Help the Aged, said: «Someone who claims
pension credit over the phone will in
future get council tax
benefit and housing
benefit as a matter
of course, without the need to fill in any forms at all.
For six
of these employees, the additional payments inflated
future projected
pension benefits by $ 5.5 million.
In 2002 the Department for Work and
Pensions published detailed proposals
of future HB in «Building Choice and Responsibility: A Radical Agenda for Housing
Benefit».
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.
The state Assembly and Senate have released one house versions
of a state budget that do not include Governor Cuomo's plan for a new
benefit tier to limit the
pensions of future public workers.
To create a financial disincentive for
future pension sweeteners, Cuomo's Tier 6 «
pension reform»
of 2012 had included language requiring that the full cost
of any retirement
benefit increase for state and local employees to be paid out
of the state budget.
The liability to pay these
benefits, both currently and in
future years is financed by employee and employer contributions and income from investment
of the
Pension Fund.
The governor was reminded by a top aid that he and the legislature approved a new
pension tier, so that
future workers will receive fewer
benefits, saving the state, as well as local governments, billions
of dollars in costs in coming decades.
Iain Duncan Smith's Department
of Work and
Pensions (DWP), which clashed with No 10 repeatedly over the introduction
of the universal credit, is once again at war with Downing Street over the
future of benefits for old - age pensioners.
Episode 17 - $ 95 billion — Ben Max
of GG, Carol Kellermann
of CBC, & Thad Calabrese, a discuss the current value
of all
of the
future retiree
benefits, except
pensions, already earned by current retirees and current workers
of New York City
The work and
pensions secretary released the figures ahead
of next week's upratings bill is debated in the Commons, when MPs will vote on the government's plans to put the brakes on
future benefits increases.
Mr. Cuomo used his power over the decennial redistricting process to win some victories in March: He was able to get lawmakers, who wanted him to sign the gerrymandered legislative maps they had drawn, to agree to curb
pension benefits for
future public workers, to create a more rigorous system for evaluating schoolteachers, and to take the first step toward legalizing a significant expansion
of casino gambling.
Teachers generally accept lower base salaries in exchange for
future pension benefits, and the plans are funded in part through contributions that are considered part
of their pay packages.
Defenders
of the defined -
benefit structure also argue that it can encourage teachers to enter and remain in the profession over the long term, because to maximize their
future pension wealth, they must accrue the maximum years
of service and reach the top
of their district's pay scale.
The key to understanding this is the concept
of «
pension wealth,» the current dollar value
of the expected stream
of future benefits, in other words, the cash value
of a retiree's annuity.
A study
of Illinois teachers by Maria D. Fitzpatrick found that, when given the opportunity to purchase
pension credits to boost their
benefits, they were only willing to pay 19 cents for a dollar
of future compensation.
Most public school teachers participate in defined
benefit (DB)
pension plans, which because
of different accounting rules contribute significantly less today for each dollar
of future retirement
benefits than private - sector DB
pensions or defined contribution (DC)
pension plans.
In New Jersey, a flood
of teachers are retiring this month in response to a proposal to reduce
pension benefits for
future retirees.
New teachers hired after 2011 face negative net
benefits for the first two decades
of work because the value
of their contributions exceed their
future pension benefits.
Teacher Retirement
Benefits: Defining a More Active Role for SEAs and Their Chiefs In this essay from The SEA
of the
Future Volume 2, Marguerite Roza and Michael Podgursky draw on their research on productivity and
pensions to look in depth at the startling long - term costs
of educator
pension systems...
The normal cost is the amount
of money a
pension plan projects it needs to contribute now to pay
benefits in
future years.
Now the holidays are over, and the teachers»
pension fund is short
of what's needed to cover
future benefits.
In an analysis
of the actions
of Missouri's state legislature, which increased teacher
pensions nine times during a ten - year period from 1991 - 2001 (netting each teacher about $ 75,000 in
future benefits and imposing a $ 5.4 billion long - term liability to the state), researchers saw little evidence
of any real analysis.