The most significant change is a partial exclusion
of pension costs from the 2 percent cap.
Newsday has assembled a database
of pension costs that reveals what public agencies on Long Island pay into three state pension systems - the Employees» Retirement System, the Police and Fire Retirement System, and the Teachers» Retirement System.
The college faces a number of financial challenges including an increase in employee benefits of $ 379,000 or 2 percent primarily because
of pension costs, and an increase in contractual expenses and supplies of $ 351,000 or 4 percent.
Under either program, they can only amortize a portion
of their pension costs.
The state law — which went into effect in June 2011 — allows officials to leave out certain costs from the cap: a portion
of the pension costs, capital expenditures and court awards from personal liability cases.
The crippling explosion
of pension costs for the Chicago Public Schools has captured national attention.
After we pointed out that ECEC - style data on annual contributions to public pension plans are a dramatic underestimate
of pension costs, most of the pay comparison literature followed our lead in applying some kind of correction.
The district's share
of pension costs rose from about $ 14 million in 2006 to approximately $ 28 million by 2013, even as K - 12 student enrollment fell by 10,000 students.
Under Walker's plan, most public workers - excluding police, firefighters and state troopers - would have to pay half
of their pension costs and at least 12 percent of their health - care costs.
A review
of their pension costs and growth of their unfunded liabilities over the past decade indicates the word «growing» is an understatement.
McGee says there is an argument to be made that local taxpayers should bear
some of the pension costs, but suggests that states pick up the bills in order to mitigate any financial harm to school districts.
Teacher pension costs are included on the Teachers Pension line item (this includes both the CPS» employer share
of the pension costs as well as the cost of the additional pension benefit that CPS pays on behalf of employees).
When the stock market was performing well in the 1990s, the PSERS system (Public School Employees» Retirement System) used the opportunity to give school districts and the state, which contributes more than half
of pension costs for schools around Pennsylvania, a pension holiday.
In addition to impacting teachers and other school employees» ability to save for retirement, the growing burden
of pension costs in Colorado also takes money out of classroom.
The state's share
of pension costs, though smaller, will also double, and teachers» contributions, deducted from their paychecks, will rise by about a quarter, from 8 percent of their pay to 10.25 percent.
They also noted that when yields are very low, it's almost impossible for a company to understand what it's future liabilities are in terms
of pension costs, for example.
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.
Two changes in particular are desperately required: the launch
of a low -
cost carrier that can compete with upstarts like Air Transat and Sunwing, and relief for the
pension woes.
A few years later, all six
of the country's big banks, along with Desjardins, the Canada
Pension Plan and Canaccord, joined together to launch Alpha, in hopes
of lowering trading
costs and bringing more competition to the market.
During the first quarter, the company adopted ASU 2017 - 07, «Compensation — Retirement Benefits (Topic 715): Improving the Presentation
of Net Periodic
Pension Cost and Net Periodic Postretirement Benefit
Cost.»
The company has applied ASU 2017 - 07 retrospectively for the presentation
of the service
cost component and the other components
of net periodic
pension cost and net periodic postretirement benefit
cost and prospectively for the capitalization
of the service
cost component
of net periodic
pension cost and net periodic postretirement benefit in assets.
Smaller businesses tend to eschew
pension plans because
of the
costs, responsibilities and administrative hassles associated with offering them.
That's also the only logical explanation for how Enron CEO Jeff Skilling and Adelphia chief John Rigas defrauded shareholders out
of billions and
cost thousands
of employees their jobs and
pensions.
In many cases, employee
pension costs go from just about 4.5 percent
of payroll to 7.5 percent, he adds.
According to Custom Products» report, the state
pension is 780,000 yen ($ 6,885) per year, but the
cost of living is actually about 1,003,000 yen per year ($ 8,854), making it nearly impossible to get by on the
pension alone.
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.
Much like a
pension fund that buys securities with the money that flows in from paycheque deductions, retail investors can contribute equal amounts
of money at regular intervals (say, monthly) in a strategy called dollar -
cost averaging.
Even worse, the
cost of carrying these well organized groups is very much understated: nearly all the public - sector
pension plans are underfunded by hundreds
of billions
of dollars and taxpayers are on the hook for the difference.
That extra money will be necessary to try to meet the ever - increasing
costs of our healthcare and
pension systems.»
The project, owned by the kingdom's Public
Pension Agency, has been plagued by construction delays,
cost overruns and uncertainty about the future
of its ownership.
In addition, as discussed in 3M's Form 8 - K dated March 15, 2018, the Company adopted Accounting Standards Update (ASU) No. 2017 - 07 relative to the presentation
of pension and postretirement benefit
costs in the first quarter
of 2018 with retroactive impact to prior periods.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations
of the Company or its customers and suppliers; (2) the Company's credit ratings and its
cost of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance
of new product offerings; (6) the availability and
cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation
of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under defined benefit
pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
Retirees are facing problems very similar to the average
pension fund: In addition to not having enough cash contributions to keep up with the
costs of aging, their returns have been hurt by interest rates that have been too low for too long.
Given the uncertainty about the economy, stock markets, housing
costs,
pensions and interest rates, many
of us are questioning our original retirement targets.
He also supported a robust
pension reform plan in 2011 that raised the retirement age and eliminated
cost -
of - living adjustments for beneficiaries.
The OECPs mandate directed it away from this field
of inquiry.35 The inquiries in Alberta and BC and in Nova Scotia devote less consideration to plans that involve joint
cost sharing and governance than does the OECP, and this may reflect the fact that their mandates exclude provincial employee
pension plans.
He plans to make a $ 681 million payment to the state's
pension funds, which will cover the
costs of benefits earned by active employees during the year.
Cumulative employer contributions in excess
of accrued net
pension cost for plans based in the company's home country.
These benefits would (i) largely go to developers and contractors for infrastructure projects like new pipelines that would happen even without new incentives and so be highly regressive; (ii) raise
costs by failing to reach the tax - free
pension funds, sovereign wealth funds and international investors who are the most plausible sources
of incremental infrastructure finance; (iii) not encourage at all the highest return maintenance projects like fixing potholes that do not yield a pecuniary return for investors; and (iv) by offering credits at an unprecedented 82 percent rate, invite all kinds
of tax shelter abuse.
In addition to the Canada
Pension Plan Account, there was a Canada
Pension Plan Investment Fund that would take the surplus that accumulated over and above administration
costs and the amount
of money required to pay immediate benefits (i.e. three months» worth) and invest it in provincial and federal securities.
In short, because they pool longevity risk, can offer a well - diversified portfolio with longer - term investments, and are professionally managed, public
pension funds deliver the same level
of benefits as DC plans at only 46 percent
of the
cost.15 Any funds invested with the state
pension fund would be kept in a separate investment pool from public sector funds.
When it comes to
costs, Cambodia ranked first in the
Cost of Living category in International Living's 2016 Annual Global Retirement Index, making it an enticing proposition for those on limited incomes or
pensions seeking an affordable place to relocate overseas and enjoy relative luxury.
The difference in
cost can be counted in fractions
of a penny — but on massive orders the numbers add up and the losers are the
pension funds
of millions
of Americans.
Rising housing prices raise the
cost of living, while rising stock and bond prices increase the
cost of buying a retirement income — leaving
pension funds unable to make good on their promises.
Other Post-Retirement, Net represents the other components
of net periodic
pension costs not classified as Service Costs, Interest Costs, Expected Return on Plan Assets, Actuarial Gains \ Losses, Amortization of Unrecognized Prior Service Costs, Settlements, Curtailments, or Transition C
costs not classified as Service
Costs, Interest Costs, Expected Return on Plan Assets, Actuarial Gains \ Losses, Amortization of Unrecognized Prior Service Costs, Settlements, Curtailments, or Transition C
Costs, Interest
Costs, Expected Return on Plan Assets, Actuarial Gains \ Losses, Amortization of Unrecognized Prior Service Costs, Settlements, Curtailments, or Transition C
Costs, Expected Return on Plan Assets, Actuarial Gains \ Losses, Amortization
of Unrecognized Prior Service
Costs, Settlements, Curtailments, or Transition C
Costs, Settlements, Curtailments, or Transition
CostsCosts.
thanks, and yes, a pittance
of a
pension and regular checkups keep us on budget and head off any problems — best decision i ever made (financial or otherwise) was serving our country doing search - and - rescue, oil and chemical spill remediation, etc. (you can guess the branch
of service)-- along the way, frugal living, along with dollar -
cost averaging, asset allocation, and diversification allowed us to retire early — Vanguard has been very good over the years, despite the Dot Bomb, 2002, and the recession (where we actually came out better with a modest but bargain retirement home purchase)... it's not easy building additional «legs» on a retirement platform, but now that we're here, cash, real estate, investments and insurance products, along with a small
pension all help to avoid any real dependence on social security (we won't even need it at full retirement age)-- however, like nearly everybody, we're headed for Medicare in several years, albeit with a nice supplemental and pharmacy benefits — but our main concern is staying fit, active, and healthy!
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 Financial Accounting Standards Board (FASB) introduced a new accounting standard that requires companies to present service
cost as the only operating component
of periodic
pension costs on the income statement.
The International Monetary Fund says Greece should do more to reduce the total
cost of the
pension system.
And this situation is becoming worse as
pensions are rapidly becoming a thing
of the past, life expectancies along with accompanying health care
costs are increasing, and even social security is facing a crisis point.