Sentences with phrase «unfunded pension debt»

That will allow Illinois to begin paying down its unfunded pension debt.

Not exact matches

The city is weighed down with debt, billions in unfunded pension obligations, declining credit ratings, a police department often accused of using excessive force against African - Americans, a rising tide of murders, and a host of other troubles.

The city's unfunded pension liabilities (i.e., pension debt) ballooned to an officially reported total of nearly $ 65 billion as of fiscal 2016, up from $ 60 billion just three years earlier.

Simply put, the price UTX will pay for this acquisition — which comes to ~ $ 33 billion when accounting for all forms of debt and unfunded pension liabilities — makes it almost impossible for the deal to create long - term value for shareholders.

The Ba1 rating on Chicago's GO debt incorporates expected growth in the city's highly elevated unfunded pension liabilities.

Classifying pensions as senior debt won't stop bankruptcies if a company can't change with the market, but that's no reason for johnny - come - lately PE firms to ignore unfunded pension liabilities so they can take the cash & run.

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.

Board member James Vitiello, who represents Dutchess County, said that while he shares Pally's empathy for riders, he does not believe the MTA can afford to give up the fare increases — a move he said would set a «dangerous precedent» as the MTA wrestles with nearly $ 50 billion in debt and unfunded pension liabilities.

«Part and parcel of our burgeoning debt crisis are unfunded pension costs.

He wants the money to go toward paying down the state's debt, especially the $ 74 billion unfunded liability from the state's teacher pension plan (CalSTRS).

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.

According to the latest figures, pension plans have not made much of a dent in their long - term unfunded debt.

And as a result many pension funds now carry billions of dollars in unfunded liabilities forcing them to allocate more money to pay off their debts.

Carrying an unfunded liability, or pension debt, of any size increases the cost of retirement benefits, because in addition to paying for the benefits teachers earn each year, employers are charged a premium on each employee to help pay off the accumulated pension debt, Mr. McGee said.

Districts face bona fide legacy costs (e.g., building maintenance, debt service, transportation, unfunded pension liabilities, and inflexible teacher contracts) that make it costly and painful to right size.

The details were daunting: the budget deficit was projected to reach nearly half a billion dollars in three years; a district audit showed LA Unified debt outstripped assets by $ 4.2 billion; unfunded pensions topped $ 13 billion and have more than doubled since 2005; per - pupil funding had doubled but the district still faces financial crisis; and plans for a turnaround included boosting enrollment but not cutting staff.

In addition, unionization of government employees has helped add many billions of dollars to the unfunded liabilities of public employees» pensions — a debt for which taxpayers will be held responsible.

Debt costs: The majority of contributions into teacher pension plans today are not going toward retirement benefits for today's teachers; they're mainly going toward unfunded pension liabilities.

The debt crisis is not over; it is morphing into a sovereign crisis, aid by the growing unfunded liabilities from government pensions and healthcare.

The unfunded pension liability can be viewed as debt.

Illinois has weighty long - term debts, large unfunded pension liabilities and big budget imbalances.

The net current assets investment selection criterion calls for the purchase of stocks which are priced at 66 % or less of a company's underlying current assets (cash, receivables and inventory) net of all liabilities and claims senior to a company's common stock (current liabilities, long - term debt, preferred stock, unfunded pension liabilities).