Illinois wrestled
with its pension obligations all year making headlines but it is general obligation bonds from New Jersey that underperformed the overall market.
Again, though, the new ESEA should allow states great latitude in structuring that right (for instance, they could give that choice to individual teachers, or allow a school - by - school vote); regardless, each state will have to figure out what to do
with its pension obligations to teachers who switch to the new contract.
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.
«As
with our pension obligations, as with our lack of investment in our urban centers, as with our lack of planning... we all take the blame for 30 years of inactivity.»
Chief financial officer Lorenzo DeMarchi said regulatory changes proposed by the Ontario government may give Torstar a new way to deal
with its pension obligations.
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).
Many of these are hugely profitable, and able to deal very comfortably
with their pensions obligations.
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.
With debts and
pension obligations outweighing the company's value, it approached the government and its lenders for a bail - out, but failed to reach a deal.
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.
Torstar is investigating a merger of its
pension plan assets
with a multi-employer plan called CAAT, which would take over the
obligation for paying past accrued benefits and future
pension benefits of Torstar employees.
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»).
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.
My issue
with LBOs is the treatment of unfunded
pension obligations.
At year - end 2013, we estimate
pension funding levels for our 50 largest rated US corporate issuers increased by 19 percentage points to 94 % of
pension obligations, compared
with a year earlier.
Further, Tribune Publishing emerged after its split from broadcast - centered Tribune,
with little to no
pension debt; the Tribune Company kept that
obligation.
Tribune agreed to pay $ 85 million (
with $ 12 million of that in TPub shares), docking the standard multiple, largely because of growing
pension obligations.
The fraud issue lies as far outside the scope of the financial committee meetings as does the question of how the economy should cope
with its unpayably high mortgage, state and local debts in the face of its inadequately funded
pension obligations.
While these new developments are new and exiting, Ford is by and large still a fossil fuel car producer
with a significant legacy in terms of platforms, factories, workers,
pension obligations etc..
In recent debates both Cain and Gingrich have brought up the «Galveston Plan» as the proper manner to deal
with public
pensions obligations.
Jim Savio,
with Sikich LLP in Chicago, pointed out a few positives in the village's finances, including low debt and
pension obligations.
«This report is flawed and a key assertion regarding New York's
pension obligations doesn't square
with S&P's data.
Businesses faced
with the prospect of lean times or liquidation are being forced to look upon their
pensions obligations with a more discerning gaze.
'' «notes the threats to the future of the Royal Mail and welcomes the conclusion of the Hooper Report that, as part of a plan to place the Royal Mail on a sustainable path for the future, the current six days a week universal service
obligation (USO) must be protected, that the primary duty of a new regulator should be to maintain the USO, and that the Government should address the growing
pensions deficit; notes that modernisation in the Royal Mail is essential and that investment must be found for it; endorses the call for a new relationship between management and postal unions; urges engagement
with relevant stakeholders to secure the Government's commitment to a thriving and prosperous Royal Mail, secure in public ownership, that is able to compete and lead internationally and that preserves the universal postal service; further notes the Conservatives» failure to invest in Royal Mail when they were in power in contrast
with Labour's support for both Royal Mail and the Post Office; and notes that legislation on these issues will be subject to normal parliamentary procedures.»
Liz asks DiNapoli to clarify that pushing off
pension fund
obligations with interest isn't borrowing.
He's continuing to utilize a program first enacted in 2010, when the state government and municipalities were socked
with a spike in required
pension obligations to make up for stock market losses related to the 2008 stock market crash.
Together
with four of my colleagues, therefore, I proposed amendments to the budget that would have allowed us to pay for our full
pension obligation by cutting expenses elsewhere.
With individual states on the hook for tens or hundreds of millions in unfunded
pension and health insurance
obligations, state leaders are trying to determine the severity of the situation and the appropriate response.
Conversion specifics will vary by state; obviously, those
with huge unfunded liabilities will have a tougher time finding an elegant solution to converting past
pension obligations for teachers nearing vesting milestones.
Fiddling
with the collective bargaining system will do nothing to counter the system's short - term political instability (from strikes) and its long - term insolvency (from excessive
pension obligations).
Second, decision - making responsibilities related to compensation and
pension obligations should be merged so district incentives are aligned
with the state.
A DfE spokesperson, while not able to direct Schools Week to specific advice for schools, said: «We know that academies face increasing costs to cover their
pension obligations and we are working
with colleagues across government to address this.
Pennsylvania took over Philadelphia's public schools in 2001, and test scores have dropped while the district wrestles
with the debt it incurred from
pension obligations and funding new charter schools.
Atlanta Public Schools Chief Financial Officer Lisa Bracken said the school district has higher costs for several reasons: The expense of city living drives up teacher pay; the district has «low population» schools that lack economies of scale but are kept open «due to urban traffic constraints and community needs;» many students need extra services because they have learning problems or disabilities, don't speak English fluently or come from poverty; and the district has a large unfunded
pension liability
with growing
obligations.
Walker, however, didn't have to worry about that, because he inherited the nation's strongest state
pension system,
with 99.8 percent of its
obligations funded.
Teacher salary decisions are often made
with little connection to the
pension obligations they entail.
FedEx Corp. announced today it has entered into an agreement
with Metropolitan Life Insurance Company to purchase a group annuity contract and transfer approximately $ 6 billion of the company's U.S.
pension plan
obligations.
«We will re-instate lifelong
pensions and increase their value in line
with the
obligation we have made to those injured in the line of duty.»
Davidoff in particular, presumably the fellow to which you're (indirectly) referring, has a defined contribution
pension plan and an
obligation to save (
with lots of help from UBC).
I'm merely stating that after funding the
pension (in line
with mgmt comments) and paying the expected dividend (while not an
obligation to shareholders, mgmt knows the company's relative valuation is at least partially based on its yield relative to peers and will not likely cut it) there is no capital left for growth, share repurchaes or to raise the dividend.
For instance, coupon payments for muni bonds sold to fund those activities are federally taxed,
with one common example is a bond issued to fund a state's
pension plan
obligation.
It's stuck
with billions in
pension obligations to all the civic employees that used to work in the bigger, richer city.
In the interim, employers should consider how to deal
with potential issues arising from the extended leaves, such as the financial and administrative impact on an employer's policies or agreement to provide top - up pay during the leave, and employer and employee
obligations to maintain their share of any payments to
pension, medical or other plan beneficial to the employee during the leave.
One of the
obligations to members under the QROPs Information Regulations is that the scheme administrator must provide a member
with a statement when he / she may be first flexibly accessing his / her
pension rights.
Litigated
with respect to deficit funding
obligations of a participating employer in
pension plan
with multiple employers
Notable mandates: Successfully overturned a $ 100 - million
pension obligations judgment against MTS Allstream on appeal; represented the City of Winnipeg in interest arbitration
with paramedics; lead negotiator for the University of Brandon in talks
with its faculty association; acted for the Puratone Corp. in its CCAA proceedings and purchase by Maple Leaf Foods; negotiated first labour agreement for the Canadian Human Rights Museum; Manitoba counsel on a number of P3 deals, including the Pan / Parapan American Games Athletes» Village Project.
Represented a not - for - profit healthcare provider before the Financial Services Tribunal and the Divisional Court
with respect to its funding
obligations with respect to a
pension plan.
We help to negotiate salary offers, assisting
with setting up employment contracts in line
with Swiss law, advice on all employment
obligations such as social security, insurances,
pensions, taxes etc..
Less spending is hard
with existing
pension obligations, so there's a strong possibility that a state like New York or Connecticut could enter a «death spiral» where residents leave, the state raises taxes, more leave, and so on.