Sentences with phrase «retiree health care»

Mr. Klein worked closely with the City Actuary and the City Comptroller's Office to implement new accounting standard requiring the estimation of the City's long term liability for retiree health care costs (OPEB).

LA Unified projects that the unfunded liability for retiree health care benefits is $ 13.6 billion, and district staff has warned year after year that the district must start paying down that debt, but to no avail.

Updating Group Life and Retiree Health Care Credit employer contribution rates for fiscal year 2010;

Because of the rapidly rising cost of retiree health care, financial advisors are also recommending people take action to improve their actual health as well as their financial health.

The gap between the promises states have made for public employees» retirement benefits and the money they have set aside to pay these bills was at least $ 1.4 trillion in fiscal year 2016, according to Pew's comprehensive analysis on pension and retiree health care funding.

In June 2012, San Jose mayor Chuck Reed convinced a seventy - to - thirty majority of his city's voters to endorse changes to pension and retiree health care plans for city workers.

Thiel says in 2010 the costs for providing retiree health care benefits to retired teachers was increasing and causing «a strain» on school districts, so the Legislature decided to shift some of those costs from the district (employer) to school employees to the tune of 3 %.

But a new study argues it would be easier for governments to reduce the collective $ 1 trillion they owe in retiree health care.

Ford, like their hometown competitors General Motors and Chrysler, has transferred costly retiree health care obligations to employee trusts.

That agreement calls for phasing in payroll deductions for retiree health care over several years, extending the period to qualify for retiree health benefits and reducing the state's subsidy for health insurance.

According to the Fidelity Retiree Health Care Cost Estimate, 2 an average retired couple age 65 in 2018 may need approximately $ 280,000 saved (after tax) to cover health care expenses in retirement.

According to the latest retiree health care costs estimate calculated by Fidelity Benefits Consulting, a 65 - year - old couple retiring this year is estimated to need $ 275,0001 to cover medical expenses throughout retirement.

A recent contract agreement with the City of Buffalo's white - collar union — which eliminates retiree health care for new employees — will mean hundreds of thousands of dollars in long - term savings to the city, Mayor Byron W. Brown said.

Smith said Mittal seemed adamant about reducing retiree health care benefits, one of the key issues for the union workers.

Skyrocketing costs and more - generous benefits, along with relatively meager contributions from employees, have also placed a monumental financial burden on many retiree health care systems.

Here's what we found: California's largest government employers face a combined $ 147 billion in unfunded retiree health care costs.

The monies to pay retiree health care / rx and pension pay obligations comes from where?

A 65 - year - old couple will need on average $ 280,000 to cover health care and medical expenses throughout retirement, according to Fidelity Investments» 16th annual retiree health care cost estimate.

Ask Ben a question Register for upcoming webinar Introducing our newest segment: Asked & Answered Listen in to our very first Asked & Answered episode as we answer the following retirement questions: Fritz's question: Annual costs for higher income individual for pre-65 retiree health care costs?

In fact, when it's all added up, total unfunded pension and retiree health care debt across all levels of Illinois government has grown to $ 267 billion.

That starts with the government's retiree health care insurance program — Medicare.

Perhaos YOU should figure out how things are funded before referencing the CAFR — a report I've read myself — which incidentally doesn't delineate retiree health care costs for current employee health care costs.

These contracts will save the people of Erie County at least $ 136 million dollars in future retiree health care costs.

As they remain on the payroll decade after decade, their pension benefits skyrocket, their health care insurance becomes more valuable, and they come closer to that day when they will secure the attractive retiree health care benefits that await those who stick it out until they reach a certain age.

Regarding the first two groups, without running afoul of constitutional protections, states can curtail retiree health care, as Wisconsin and Ohio did, which frees up some resources to apply to immutable pension obligations.

The state will provide an additional $ 101 million to support retiree health care for the 95,000 TRS retirees, while CPS will pay $ 65 million to CTPF3 for health care for 22,000 retirees.

The annual bill for pension and retiree health care totaled $ 124 billion, as of fiscal year 2010 — about what states spent on transportation that same year.

This is a model other states should consider adopting to better manage the threat of pension and retiree health care insolvency at the local level.

Connecticut has one of the highest ratios of debt to personal income and the fifth highest ratio of state retiree health care liabilities to income, according to a Pew Charitable Trusts report released Tuesday.

The United Auto Workers» union retiree health care trust fund (Volunteer Employee Benefit Association) was the majority owner, with 55 percent when Fiat reached its target holding of 35 %.

These costs are simply unavoidable, Fidelity Investments has been tracking retiree health care costs for over a decade and estimates that the average healthcare costs in retirement are an eye popping $ 240,000 for couples.

Treating retiree health care like a pension obligation, and making an annual contribution, yields investment earnings to help cover future costs.

In June of 2012, a majority of San Jose, CA voters approved changes to pension and retiree health care plans for city workers.

In the campaign, the father of four from Scarsdale, who has a Harvard MBA, argued that New York is not financially competitive, loses population to other states, has high taxes, big deficits and underfunded pensions and retiree health care obligations.

calls for phasing in payroll deductions for retiree health care over several years, extending the period to qualify for retiree health benefits and reducing the state's subsidy for health insurance.

R & B also add the cost of retiree health care but exaggerate the cost differences between teachers and other workers, as noted by Morrissey and in a 2012 analysis by Rutgers University professor Jeffrey Keefe.

According to the latest retiree health care costs estimate calculated by Fidelity Benefits Consulting, a 65 - year - old couple retiring this year is estimated to need $ 275,0001 to cover medical expenses throughout retirement.

Senator Jerry Tillman (R - Randolph) told N.C. Policy Watch last week he's a proponent of the idea to eliminate retiree health care for prospective teachers and state employees.

Standard & Poor's also wrote in its recent bond outlook pension system is a key «indicator of budget stress» that — along with a largely unfunded retiree health care system — raises the prospect of more state tax hikes in years to come.

If OTB closes, the state could be on the hook for more than $ 500 million in retiree health care and pension costs.

We already got a preview to the court's view on benefits in an earlier case, Kanerva v. Weems, where the court ruled that retiree health care benefits are constitutionally protected.

Yee warned in 2016 that if no changes are made to the state's method of funding retiree health care costs, the state of California's unfunded liability would grow to

The state pays for retiree health care on a pay - as - you - go basis out of the general fund.

As anticipated costs for retiree health care have risen, the topic has increasingly become a focus of retirement planning.

One further sweetener: Those older than 55 with at least 10 years of service who take the offer are eligible for the Retiree Health Care plan, a program that Tribune says will accept no new enrollees after Dec. 31.

The Fidelity Retiree Health Care Costs Estimate assumes individuals do not have employer - provided retiree health care coverage, but do qualify for the federal government's insurance program, Original Medicare.