The scheme has to be fully funded (i.e. employer contributions must be set to meet 100 % of existing and prospective
pension liabilities including pension increases) or have a plan to become so.
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.
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.
(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.
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.
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.
A public debt on its way to 100 % of GDP within the year — and a total debt many times this when private debt,
pension liabilities and entitlement programs are
included.
They argue that the debt - to - GDP anchor is imprecise, as it does not
include the
liabilities of the Canada
Pension Plan or the debt of the provinces.
Other proposals
include: measures to support families; a change in employment law; reform to public
pensions; break - up of the banks; and a proposal to remove the UK from any
liability for future EU bailouts.
Shortly afterwards, the Child Support,
Pensions and Social Security Bill was introduced, and although some amendments were accepted -
including the # 2,000 per week
liability cap - the White Paper plans survived relatively unscathed.
On one page headlined, «Protecting your wallet,» Mangano says he cut wasteful spending and «strengthened finances» — even though the county comptroller estimated this year that Nassau's total unfunded
liabilities,
including unpaid tax refunds and
pension costs, total more than $ 900 million.
This means that contributions
include both the «normal cost» of
pension liabilities accruing to current employees and the legacy costs of amortizing unfunded
liabilities accrued previously (due to a variety of reasons,
including the original pay - as - you go nature of most plans, as well as unfunded benefit enhancements over the years).
In early 2016, spurred by a seemingly perpetual bankruptcy crisis at Detroit Public Schools (DPS)-- by this point, counting unfunded
pension liabilities, the district was almost $ 1.7 billion in the red — the state senate narrowly passed a bill that would bail out the district and split it into two separate entities: the old DPS, which would exist to collect taxes and pay down debt, and a proposed new Detroit Education Commission (DEC) to oversee schooling in the city,
including regulating the openings and closings of traditional public schools and charter schools.
• The Local Government
Pension Scheme may be in deficit and a school's share of this deficit is passed over and will be required to be repaid • Owning the buildings and lands — bringing both freedoms and legal
liabilities • The governing body will need to be reviewed and new additions potentially appointed with one third being members of staff
including the head teacher.
Unfunded
pension liabilities pose an enormous threat to states» ability to fund public services,
including education.
The UTLA report comes as the district is facing a potential $ 450 million deficit within three years due to declining enrollment and increasing fixed costs,
including pension costs, legal
liability and other post-employment benefits.
While some unfunded
pension liabilities are due to market fluctuations,
including sharp stock market declines in 2002 and 2008, leading economists say the most severe cases are due to politicians» failure to keep up with employers» share of
pension payments over many years (most public - sector workers also contribute toward their own
pensions).
But after congratulatory statements from other board members, Monica Ratliff asked about a slide that had not been presented that addresses a potential $ 450 million deficit in three years due to declining enrollment and increasing fixed costs,
including pension costs, legal
liability and other post-employment benefits.
Severance,
pension, and similar
liabilities are all real costs, and so should be
included (most notably termination payments to management).
I also
include 50 % of convertible / preference capital,
pension deficits etc., which seems an appropriate balance — it recognizes these (long term)
liabilities aren't bank loans, but they still increase gearing & prior claims on capital.
I just added all
liabilities to the market price, which did
include the
pension liability.
Two of the biggest dangers to the municipal bond market
include: underfunded
pension liabilities and cuts to Federal spending.
Pension obligations can weigh on a company's financials because, when fully reported, the issue is
included as a
liability on the balance sheet.
For instance, companies were able to report net
pension assets on their balance sheets even when their
pension plans were in serious deficit.This led to situations where analysts and investors weren't
including off - balance sheet
liabilities in share - price valuation.
We have also represented
pension fund trustees on complex matters
including withdrawal
liability, valuation, and successor
liability in bankruptcy.
For over thirty years, Mr. Miklave has represented employers and management in all areas of employment, civil rights, and traditional labor law,
including issues arising under federal and state anti-discrimination and anti-retaliation statutes; non-compete agreements and other post-employment restrictions; wage and hour investigations and litigation; multi-employer
pension plan withdrawal
liability and administration; collective - bargaining negotiations, administration and enforcement proceedings; corporate restructurings, reorganizations and plant closings; and employment practices and policies.
Freshfields is advising the Government on the restructuring, which will see # 37.5 bn of Royal Mail's legacy
pensions liabilities transferring to the state,
including a deficit of around # 9.5 bn.
Chris has more than 20 years» experience dealing with serious personal injury cases,
including motor vehicle accidents (both bodily injury and accident benefits claims), disability benefits claims, slips and falls, Occupiers»
Liability claims, WSIB and Canada
Pension Plan disability claims.
Advising on the relevant due diligence issues to consider in respect of any planned mergers, demergers and takeovers;
including advice on mitigation strategies to manage potential
pension liabilities arising from such proposals.
Robert has particular expertise in advising on the
pension aspects of bulk purchase annuity contracts,
including the partial buy - in of pensioner
liabilities and transactions on an «all risks» basis.
We have advised on a number of deals where
pension liabilities have been apportioned to another group company with the agreement of the
pension trustees,
including advising alongside a top City
pensions practice on a groundbreaking flexible apportionment arrangement structure.
The expertise of Pinsent Masons LLP's «highly experienced litigators»
includes cyber insurance, reinsurance, D&O matters, and warranty and indemnity claims; its strengths extend to professional indemnity disputes in the
pensions sector and product
liability work.
We also advise corporate clients on the full range of
pensions matters
including liability management, outsourcing and funding negotiations.
Corporate advice across all areas of
pensions law
including funding, mergers,
liability management and outsourcing.
Schmitt represents businesses and individuals in civil and commercial litigation matters
including banking and finance, real estate, condo and homeowners associations, probate, professional
liability defense, title disputes, transportation, and
pension and retirement plans.
His recent experience
includes providing advice on matters such as the powers of the
Pensions Regulator to determine whether a
pension scheme is sufficiently funded the powers of Transport for London to publish details of regulatory sanctions against the operators of private hire vehicles and the extent of
liability that could arise from publication; and advising the Care Quality Commission on its exposure to negligence
liability arising from use of its regulatory powers.
Pension Insurance Corporation on a number of its transactions with pension scheme trustees, such as Cadbury, London Stock Exchange and Alliance Unichem, and including on the first all risk insurance structure to include future service liab
Pension Insurance Corporation on a number of its transactions with
pension scheme trustees, such as Cadbury, London Stock Exchange and Alliance Unichem, and including on the first all risk insurance structure to include future service liab
pension scheme trustees, such as Cadbury, London Stock Exchange and Alliance Unichem, and
including on the first all risk insurance structure to
include future service
liabilities
Section 73 of PA 1995 required the assets of a salary related occupational
pension scheme which was being wound up to be applied in satisfying the
liabilities of the scheme in respect of
pensions and other benefits,
including increases in
pensions, in a particular order by reference to categories of
liabilities specified in s 73 (3).
In line with Chambers» expertise in professional
liability, members of chambers are frequently instructed in claims against financial advisers,
including investment, mortgage,
pension and tax advisers.
Advising Office Depot on the sale of its European business and a restructuring of its UK
pension scheme which
included establishing a new sponsor, apportioning past services
liabilities, amending and replacing parent company guarantees, and putting in place various security arrangements.
• Educational experience
includes Principles of Risk Management; Life, Health,
Pension & Social Insurance; Insurance & Alternative Risk Transfer; Reinsurance; Property and
Liability; Corporate Risk Management and Finance.
Liability decisions
include responsibility for mortgage notes, equity lines, car loans, promissory notes, life insurance,
pension loans, credit card and all other debt.
However, your
pension,
including Increase for Qualified Child, Living Alone Increase, Island Allowance and Age 80 Allowance, is regarded as income for Income Tax purposes and your
liability for tax will depend on your overall circumstances.
All of these deals have come just a few years after
pension funds lowered return expectations for commercial real estate investments and revamped the criteria for qualifying the success of a buy to
include measures such as potential
liabilities and future cash flows.