I've worked at the edge
of the pension business for much of my career.
The litigation involves claims by pension funds or by life companies in respect
of their pensions business for compensation where those claimants have received foreign income dividends which carried no right to a tax credit.
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.
Over in the UK, many small
businesses are undoubtedly thinking hard about the viability
of employing extra staff before legislation that forces employment contributions to
pensions comes into force.
They had about # 30,000 (~ $ 36,800) in cash savings with the remainder
of their net worth invested in rented - out residential property, private
pensions, and investments including ETFs and bonds, Jason told
Business Insider in an email.
Every national postal service in the developed world is facing the same assault on its core
business (and most have loads
of financial baggage associated with the
pension obligations for large workforces).
Smaller
businesses tend to eschew
pension plans because
of the costs, responsibilities and administrative hassles associated with offering them.
GAO investigators who did undercover shopping at 38 online
pension advance companies found a range
of «questionable
business practices.»
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.
That includes the creation
of a CPP - supplemented Ontario Retirement
Pension Plan, a scheme that
business lobbies have derided as a payroll tax.
If you run your own
business and plan to stay small, a Simplified Employee
Pension (SEP) IRA is one
of your best options for retirement savings.
The 200 - year - old
business went into compulsory liquidation at 0600 GMT after costly contract delays and a slump in new
business left it swamped by debt and
pensions liabilities
of at least 2.2 billion pounds ($ 3 billion).
The two sides had been discussing the sale to Lloyds
of a book
of Standard Life's corporate
pension business now closed to new customers, four sources told Reuters.
With so many people concerned about the uncertain future
of Social Security and the continued elimination
of company
pension plans, it's alarming how few small
businesses offer their employees a 401 (k) plan.
«Little surprises me in this
business any more, but I was stunned that Bank
of England Chief Economist Andrew Haldane could state that property is likely to be a better investment than
pensions,» Edwards wrote on Wednesday.
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»).
Second, a rethinking
of corporate models since the Great Recession has led to a more agile lean way
of doing
business that abandons the «corporate monolith» model once again makes small - time entrepreneurship a realistic career alternative to the nearly - obsolete ideal
of getting a job at a big company, staying for 30 years to retire with a
pension and gold watch.
Olivia S. Mitchell is a professor
of business economics / policy and insurance / risk management at the Wharton School
of the University
of Pennsylvania, where she focuses on global
pensions, household finance, retirement, and risk management.
Business Insider reported last week, meanwhile, that the California State Teachers» Retirement System, one
of the biggest
pension funds in the world, was lobbying shareholders to vote against the proposal.
Last year the Ontario Teachers
Pension Fund bought one
of Spain's largest funeral
businesses from 3i Group, a British private - equity firm, for # 117m, and increased its stake in a French equivalent.
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.
It's aimed at employees
of small - and medium - sized
businesses without
pension plans, and self - employed individuals.
Manulife had signed a memorandum
of understanding (MOU) with the Unit Trust
of India to enter the
pensions business in India, but had allowed the agreement to expire.
Rather than paying these
pensions out
of current income as it is earned or plowing their earnings back into investment in their own
business, companies take their income and «financialize» it by buying stocks and bonds for their
pension funds.
Last month, MetLife announced it would bolster reserves by as much as $ 575 million to make up for unrecorded
pension liabilities as part
of its
pension risk transfer and group annuity
business to group annuitants who went missing.
The defined contribution plan category contains a broad range
of plans including profit - sharing plans, money purchase plans, 401 (k) plans, employee stock ownership (ESOP) plans and two types
of plans especially popular with small
businesses: SIMPLE plans and SEPs (simplified employee
pensions).
Past achievements include building the case for deficit reduction in the 1980s and early 1990s, for consolidation
of the Canada and Quebec
Pension Plans in the late 1990s, a series
of shadow federal budgets and fiscal accountability reports in that began in the 2000s, and work on marginal effective tax rates on personal incomes and
business investment, which has laid the foundation for such key changes as sales tax reform, elimination
of capital taxes, and corporate income tax rate reductions.
These profound changes send the message that there is no longer any tangible recognition
of the risk B.C.'s women and men take when they walk away from secure jobs and
pensions, to invest their savings into starting their own small
business;
businesses that create new tax revenues by providing employment, paying suppliers, and collecting GST and income taxes.
That opportunity is to attract or retain the
business of public
pension funds and union related funds (which control approximately $ 3 trillion in assets), the institutional leaders in the shareholder empowerment movement, which are shifting their portfolios away from high cost, actively managed mutual funds and hedge funds to low cost indexed funds, the kind
of funds that the top 10 largest mutual fund advisors dominate in terms
of market share.
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, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; 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 inability to realize the anticipated benefits from the Company's cost savings initiatives; changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated
business disruptions; failure to successfully integrate the Company; 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 nations in which the Company operates; 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 that the Company uses; exchange rate fluctuations; disruptions in information technology networks and systems; the Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; the Company's dividend payments on its Series A Preferred Stock; tax law changes or interpretations; pricing actions; and other factors.
MaRS client Wave Accounting Inc., creators
of free online accounting software for small
businesses, has announced the closing
of its seed round
of financing, led by OMERS through INKEF Capital, the venture capital investment alliance
of pension funds OMERS (Canada) and ABP (the Netherlands).
In a story buried in the
business section
of the February 18th NY Times, it was reported that the spending budget passed by Congress included a provision that creates a 16 - member bipartisan congressional committee to craft legislation that would provide for the potential bailout
of as many as 200 multi-employer»
pension plans.
While such a large underfunding
of the
pension is some cause for concern, it is not large enough to offset the strong cash flows
of the
business.
Posted by Nick Falvo under Austerity, CPP, demographics, employment, income, income support, inequality, labour market, media, OECD, Old Age Security, older workers, part time work,
pensions, population aging, poverty, privatization, progressive economic strategies, retirement, Role
of government, self - employed, seniors, small
business, social policy, taxation, unions.
After all, there are all sorts
of unfair tax rules and abuses, including large corporations shifting income overseas to avoid Canadian taxes, the ability to deduct and split the fat
pensions of government employees and even the ability for some to set up fake private companies to benefit from small
business tax provisions.
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.
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, increased competition; the Company's ability to maintain, extend and expand its reputation and brand image; the Company's ability to differentiate its products from other brands; the consolidation
of retail customers; 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 inability to realize the anticipated benefits from the Company's cost savings initiatives; changes in relationships with significant customers and suppliers; execution
of the Company's international expansion strategy; changes in laws and regulations; legal claims or other regulatory enforcement actions; product recalls or product liability claims; unanticipated
business disruptions; failure to successfully integrate the
business and operations
of the Company in the expected time frame; 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 nations in which the Company operates; 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 that the Company uses; exchange rate fluctuations; risks associated with information technology and systems, including service interruptions, misappropriation
of data or breaches
of security; the Company's inability to protect intellectual property rights; impacts
of natural events in the locations in which the Company or its customers, suppliers or regulators operate; the Company's indebtedness and ability to pay such indebtedness; tax law changes or interpretations; and other factors.
Prior to that, he served as head
of quantitative equity for ING Investment Management, (doing
business as Voya Investment Management May 1, 2014), building and developing the group and managing more than $ 20 billion in assets with 15 global active, index and enhanced index strategies for
pension funds, variable annuities and mutual funds.
While government workers have gold - plated
pensions often starting at age 55 and many employed Canadians have employer - matched RRSPs, the small
business owner is counting on the value
of the
business — including any investments owned by the corporation — for his or her retirement.
The devil in the details: how do you prevent normal
business activity (eg: buying Christmas inventory) from taking the value
of a weak company below the value
of unfunded
pension obligations?
Former Minister
of Industry,
Business and Financial Affairs Troels Lund Poulsen stated in 2016 that the goal
of the code review is to encourage more active stewardship by Danish
pension funds and institutional investors.
Business owners» views on tax fairness is also demonstrated in their reactions to certain statements: More than three - quarters (77 %) agree with the statement «Government civil servants get the biggest breaks by far because
of their tax - supported
pensions.»
Expenses such as the cost
of providing a
pension plan, purchased research and development, and employee stock option grants - all obvious ongoing
business expenses - are deducted when calculating profits.
Smiths» new management team had a strong first year at the helm, highlighted by margin improvement at the detection division, the announced acquisition
of Safran's Morpho detection
business and a significant de-risking
of its U.K.
pension plan.
ANZ Bank announced the sale
of its OnePath
pensions and investments and aligned dealer groups
business to IOOF Holdings in October.
Despite the connectedness
of both Burnham and Geppert, raising the rest
of the money won't be easy, as would - be benefactors look both at the tough newspaper
business and those growing
pension obligations.
Neiman Marcus does not face any significant debt maturities until 2020, when a term loan
of nearly $ 3 billion comes due, giving its private equity owners Ares Management LP (ARES.N) and Canada
Pension Plan Investment Board (CPPIB) time to try to turn the
business around.
When the appropriate strategy involves taking money out
of the
business to save for retirement,
business owners can choose between RRSPs and more advanced strategies specific for corporations, such as Individual
Pension Plans.
Mysteriously, Forbes chose not to include our analysis
of those facts on GM in the article, but we all know what happened to GM a few years later: a declining
business saddled with
pension obligations it could not pay was forced into bankruptcy.
Just some examples
of the financial system in an awkward state
of unease: Velocity
of money has been muted,
pension funds have been impaired by burdensome discount rates, insurance companies haven't been able to write
business at reasonable levels and savers have been penalized.