Houston has one of the highest pension obligations relative to revenue in the nation and currently faces about $7.8 billion in unfunded liabilities. As these liabilities continue to grow, bill author and Houston Sen. Joan Huffman said the system must be fixed if the pension funds are going to last. “The current situation is straining the city’s finances and putting the city at risk of not reaching its pension obligations in the future,” she said. Her bill, SB 2190, aims to head off potential bankruptcy of the city’s three main pension funds.
The report said Michigan’s pension funds’ unfunded liabilities were a major reason for the need to revamp the state’s pension system. It cited the Michigan Public School Employees Retirement System (MPSERS) and the state’s Municipal Employees’ Retirement System (MERS) as having unfunded liabilities of $25 billion and $3.6 billion, respectively.
The City is also underfunding its two pension plans as it is relying on an overly optimistic investment rate assumption of 7.5%, rather than 6.5% as recommended by knowledgeable investors, including Warren Buffett of Berkshire Hathaway fame and fortune. But if the City used the more realistic rate of 6.5%, the City’s annual required contribution would increase by an estimated $400 million.
Right now, Illinois owes a whopping $2.5 billion in medical bills to the state’s hospitals and managed care providers that help fund locally based clinics, mental health groups and home care providers, according to the state comptroller’s office. In addition, Illinois is liable for a projected $4.6 billion in group medical insurance claims for state workers, retirees and their dependents, state data show.
Differences over the size of cuts to be applied in 2019, on pensions already reduced by more than 40 per cent since 2011, held up an agreement, according to people involved in the negotiations. The further pension reduction was agreed at 18 per cent.
Universities play a key part in shaping civilization and thus bear a significant intergenerational responsibility. They are responsible for providing students with a knowledge of the past while preparing them to be critical, open-minded, and creative contributors to contemporary society. The higher purpose of higher education is to go beyond helping students to develop the skills necessary to earn a livelihood, to facilitating ethical awareness, fostering critically engaged citizens, and imbuing all professions with a sense of the common good. As Sjur Bergan has eloquently explained, we need a higher education that “educates for the kind of society in which we would wish to live, not just for the kind of economy we would like to have.”
One analyst that has been waiting for auto sales to start declining is Graham Summers. According to Summers, the boom in auto sales that we witnessed in previous years was largely fueled by subprime lending, and now that subprime auto loan bubble is starting to burst…
Considering honey is the bees’ main food supply, it makes sense that it would be highly nutritious. It doesn’t contain a whole lot of vitamins and minerals, per se, but honey’s certainly got a lot of antioxidants. Here’s a look at its nutritional profile in terms of vitamins and minerals, per ounce.
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