A controversial reform measure headed for the 2016 ballot could cut public
pension costs by giving taxpayers a say on retirement plans — but it could upend collective bargaining in the process, according to several analyses.
Both Gov. Andrew M. Cuomo and his predecessor, David A. Paterson, dealt with the problem of rising
pension costs by pushing systematic changes through the legislature, including hikes in the amounts of money that teachers and other pension plan participants must contribute from their paychecks.
Local school districts could seek lower health insurance and
pension costs by requiring higher employee contributions.
One of those tough decisions, says Miner, came two years ago, when she broke with the Cuomo administration, and refused to let the city take part in the governor's plan to reduce skyrocketing
pension costs by letting municipalities pay them off over a long period of time.
Mr. Cuomo's budget proposal would let municipalities and school districts address rising
pension costs by borrowing more now — which will mean paying more later on, as interest rates, now at historic lows, are sure to rise.
After holding it for four months, the state Senate has just sent Governor Andrew Cuomo a bill that would add hundreds of millions of dollars * to state and local
pension costs by allowing public employees to claim pension service credit for time spent in peacetime military duty.
The state Teachers Retirement System expects to lower
pension costs by 13.96 percent for school districts, the second straight year of declines, as a result of favorable investment returns.
In addition to closing the deficit without jacking taxes, Cuomo is angling to rein in crippling
pension costs by pushing for a new pension tier to reduce future retiree costs.
The state has already been saddled with skyrocketing
pension costs by the Illinois Supreme Court.
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.
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.
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.
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.
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.
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.
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.
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.
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 that 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 per cent rate, invite all kinds of tax - shelter abuse.
However, headwinds in
pension expense will hamper earnings growth in 2013, as a historically low discount rate at our May 31, 2012, measurement date will increase these
costs by approximately $ 150 million.
COGS per hectoliter decreased 5.9 percent in local currency due to
cost savings and lower
pension and distribution
costs, partially offset
by the impact of volume deleverage, inflation, mix shift to higher -
cost brands, and foreign currency movements.
It also must commit to cutting back
pensions and public spending
by enough to step up its NATO spending to finance the bombing and destabilization of Syria and the Near East, and over and above this, to accept the
cost of supporting all the refugees caused
by US policy and its foreign legion in the form of ISIS, Al quaeda and Al Nusra.
The estimate is based on 2010 financial data and doesn't reflect the stock market's recent rebound or moves
by many U.S. states to rein in
pension costs.
The revamped rules expected to be approved Monday
by an accounting - standards group will force governments to record
pension costs sooner than they did before and disclose shortfalls more prominently.
He cut
costs by laying off workers, installing new work rules and stripping employee
pension funds.
Village officials are trying to control expenses
by cutting staff as growing
pension costs continue to gobble up local tax dollars.
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.
While GE adjusted
by about 17 cents per share last year in
pension - related
costs, a more appropriate number moving forward is around 24 cents per share in
pension adjustments, the JPMorgan analyst said.
Benefits have also been trimmed in recent years
by switching from defined contribution
pensions to 401 (k) s and increasing employee contributions to health care
costs.
It could do it, for example,
by selling its assets,
by deregulating and liberalizing its economy to revive totally uncompetitive exports (Greece is the least competitive economy in the Eurozone), or
by reforming its
pension system, which
costs 17.5 % of the GDP, while the average
pension expenditures in the Eurozone amount to the 13.8 % of the GDP.
2011: Kodak shares fall
by more than 80 per cent, partly because the company struggles to meet
pension costs for its employees
But to the extent that it ignores the finger Lincoln points at the Civil War — to the extent that it forgets the decimation of a generation of young Americans at the beginnings of manhood; to the extent that it forgets the windrows of corpses at Shiloh, the odor of death in the Wilderness, the walking skeletons of Andersonville, 623,000 dead all told, not to mention the interminable list of those crippled, orphaned, and widowed whose
pensions became the single largest bill paid
by the federal government for the following half - century; to the extent that it ignores how the war
cost the United States $ 6.6 billion, rocketed the national debt from $ 65 million to $ 2.7 billion, retarded commodity growth for the next thirty years, and devalued its currency — then the call for reparations opens itself up to a charge of willful forgetfulness so massive that resentment, anger, and bitterness, rather than justice, will (I fear) be its real legacy.
This should include guaranteed child - support payments, tax breaks for custodial parents, and an expanded definition of marital property to include
pensions, insurance,
cost of education and reimbursement for economic sacrifices made
by one or the other spouse during the marriage.
Total wages and salaries (including social security and
pension costs)--
by far the biggest
cost to the club — remained static at # 208m; the same as the previous year (it's always a contentious
cost but I suspect agents» fees are lumped into this category and signing - on fees will certainly fall under this heading).
Speaking at a public meeting in which the Park District's $ 385 million budget was unveiled, Laurence Msall, president of the Civic Federation, said the tax watchdog group supported the district's restraint in not raising property taxes and increasing employee contributions to health care
costs, but was troubled
by the «
pension holiday.»
Cuomo's press conference comes on the heels of a WSJ report
by Jacob Gershman (subscription required) in which the AG called public employee
pensions «disproportionate,» but stopped short of backing a plan to shift more of the
cost — and risk — to workers.
«Years of overspending and exorbitant
pension costs, compounded
by a staggering recession, have left many of our local governments on life support.
If they dieearlier, we save more on
pensions, and higher NHS
costs incurred
by the growingelderly population.
The bill allowing all veterans to buy added
pension time was vetoed
by Cuomo last year because, notwithstanding a clause in the governor's Tier 6
pension reform, it failed to appropriate money to cover the projected state and local government share of the «past service» catch - up
cost of the measure.
New York has been far ahead of other states in compressing the
cost of
pension benefits
by creating multiple tiers of
pension benefits.
Many schools plan to add new student programs and services next year, aided
by millions of dollars in fresh financial assistance from Albany, as well as reductions in state
pension costs.
I can see why state and federal governments are being killed
by pension costs.
So if the
costs are higher for the DC plans, what is wrong with simply offering the DC plan side
by side with Tier V if Tier V is tweaked to get rid of the ability to
pension pad?
The
pension liabilities for New York state and New York City have been kept in check over the years
by hiking contributions, but increasing
costs could place pressure on future budgets, according to report released this week
by Moody's.
Gov. Andrew Cuomo has pushed to reduce the
cost of state's public
pension system
by successfully advocating for a new retirement level, Tier Six.
Cuomo convened the mandate relief council in 2011, and during his first three years in office has helped localities
by capturing
cost increases in the Medicaid program and taking over its administration from counties, giving school districts more flexibility in how they set up bus transportation and imposing a less - generous
pension plan for newly hired workers.
The # 110bn
cost of the plan would be paid for
by the abolition of
pension credits and of tax relief on
pension contributions.
About 45,000 of the telecom giant's workers, represented
by the Communications Workers of America and the International Brotherhood of Electrical Workers, walked off the job on Aug. 7 in protest against Draconian concessions demanded
by the highly profitable company, including eliminating
pensions for new hires; slashing paid sick time and holidays; and increasing employees» contributions to their health care
costs.
My goal as County Legislator is to make a difference in the long - term financial sustainability of our community,
by bringing an independent voice to our County Legislature to stop reckless spending while lobbying our State for needed reduction in healthcare
cost,
pension reform and mandate relief».