This document summarizes the state of US state pension plans. It notes that while unfunded pension liabilities grew significantly after the recession, recent reforms and market gains are expected to gradually reduce the burden over the next few years. As of 2012, unfunded liabilities totaled over $1 trillion when including local governments. States have implemented reforms like reduced benefits, shifting to defined contribution plans, and hybrid plans to address shortfalls. Increasing disclosure requirements are also expected to bring more attention to the issue and encourage further reforms.
Policy experts Karen A. Campbell, Guinevere Nell, and Paul L. Winfree discuss the need for the repeal of Obamacare in light of potential increases on insurance premiums and the taxing of job creators.
Policy experts Karen A. Campbell, Guinevere Nell, and Paul L. Winfree discuss the need for the repeal of Obamacare in light of potential increases on insurance premiums and the taxing of job creators.
CRFB - Build Back Better for Less - Oct. 15 2021CRFBGraphics
This presentation from the Committee for a Responsible Federal Budget illustrates how Congress could potentially reduce the size of the upcoming reconciliation package in a way that still accomplishes major legislative objectives.
The Other Health Crisis: How the Puerto Rico Medicaid Cliff Affects Your StateImpactivo Consulting
Provides statistics and figures related to the impact on federal and state spending unless Congress acts to prevent the Puerto Rico Medicaid Funding Cliff. Provides information on specific actions that can be taken by Congress to avert the crisis.
The federal minimum wage is $7.25 per hour for most workers. CBO has examined how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income. Increasing the minimum wage would have two principal effects on low-wage workers. For most of them, earnings and family income would increase, which would lift some families out of poverty. But other low-wage workers would become jobless, and their family income would fall—in some cases, below the poverty threshold.
Presentation by Mary Agnes Cary, from Reporting on Health's "From the White House to Community Clinics: What Happens Next for Healthcare Reform" webinar 11/8/2012.
CRFB Webinar - The COVID-19 Economic Crisis, the Federal Response, and Our Ri...CRFBGraphics
This brief presentation contains a number of charts and other visualizations that help make sense of our nation’s fiscal state prior to the onset of the pandemic, the nature and scale of the current economic crisis, how the Federal Government has responded thus far, and the future implications of that response for the federal budget, deficit and debt.
Where does your tax dollars go? Who pays federal taxes? What are tax expenditures? We explain the U.S. federal tax system in a few easy-to-understand charts. See more resources at http://www.fixthedebt.org/tax-reform-resource-page
Of course the sands of Present Time are running out from under our feet. And why not? The Great Conundrum: 'What are we here for?' is all that ever held us here in the first place. Fear. The answer to the Riddle of the Ages has actually been out in the street since the First Step in Space. Who runs may read but few people run fast enough. What are we here for? Does the great metaphysical nut revolve around that? Well, I'll crack it for you, right now. What are we here for? We are here to go!
- Brion Gysin
Presentation delivered by Tom Gibney, SVP & Chief Financial Officer, St. Luke's Cornwall Hospital at the marcus evans National Healthcare CFO Summit Fall 2019 in San Diego CA.
It is impossible to stay solvent with increasing liabilities and decreasing assets. State and Municipal governments are faced with a crucial problem; how to pay off public sector pension plans which have been left underfunded for years. Adding insult to
injury, the market values of the portfolios used to fund these pensions plans have been crippled in the Great Recession. Even more troubling, these defined pension plans, by law, are guaranteed for nearly 80% of public officials no matter the performance of the underlying assets used to finance them. Legislatures are faced with few options; raise taxes, cut spending elsewhere or default on their GO debt.
1. THE SAVIOR IN GETHSEMANE Based on Matt. 26:30-56
2. LISTEN TO YOUR WIFE Based on Matt. 27:11-26
3. A TERRIFYING VICTORY Based on Matt. 27:39-51
4. TO HELL AND BACK Based on Matt. 27:45-54
5. THREE HOURS IN HELL Based on Matt. 27:45-56
6. SIMON OF CYRENE Based on Mark 15:15-26
7. GUILTY BUT PARDONED Based on Luke 23:34
8. LOVE’S RESPONSE TO HATE Based on Luke 23:34
9. FORGIVENESS OF SIN Based on Luke 23:34
10. THE WORD OF FAITH Based on Luke 23:39-46
11. THE PERFECT PROMISE Based on Luke 23:43
12. PILATE'S PERPLEXING PROBLEM Based on John 18:28-40
13. THE CRUELTY OF THE CROSS Based on John 19:1-16
14. I THIRST Based on John 19:28-29
15. IT IS FINISHED Based on John 19:28-37
CRFB - Build Back Better for Less - Oct. 15 2021CRFBGraphics
This presentation from the Committee for a Responsible Federal Budget illustrates how Congress could potentially reduce the size of the upcoming reconciliation package in a way that still accomplishes major legislative objectives.
The Other Health Crisis: How the Puerto Rico Medicaid Cliff Affects Your StateImpactivo Consulting
Provides statistics and figures related to the impact on federal and state spending unless Congress acts to prevent the Puerto Rico Medicaid Funding Cliff. Provides information on specific actions that can be taken by Congress to avert the crisis.
The federal minimum wage is $7.25 per hour for most workers. CBO has examined how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income. Increasing the minimum wage would have two principal effects on low-wage workers. For most of them, earnings and family income would increase, which would lift some families out of poverty. But other low-wage workers would become jobless, and their family income would fall—in some cases, below the poverty threshold.
Presentation by Mary Agnes Cary, from Reporting on Health's "From the White House to Community Clinics: What Happens Next for Healthcare Reform" webinar 11/8/2012.
CRFB Webinar - The COVID-19 Economic Crisis, the Federal Response, and Our Ri...CRFBGraphics
This brief presentation contains a number of charts and other visualizations that help make sense of our nation’s fiscal state prior to the onset of the pandemic, the nature and scale of the current economic crisis, how the Federal Government has responded thus far, and the future implications of that response for the federal budget, deficit and debt.
Where does your tax dollars go? Who pays federal taxes? What are tax expenditures? We explain the U.S. federal tax system in a few easy-to-understand charts. See more resources at http://www.fixthedebt.org/tax-reform-resource-page
Of course the sands of Present Time are running out from under our feet. And why not? The Great Conundrum: 'What are we here for?' is all that ever held us here in the first place. Fear. The answer to the Riddle of the Ages has actually been out in the street since the First Step in Space. Who runs may read but few people run fast enough. What are we here for? Does the great metaphysical nut revolve around that? Well, I'll crack it for you, right now. What are we here for? We are here to go!
- Brion Gysin
Presentation delivered by Tom Gibney, SVP & Chief Financial Officer, St. Luke's Cornwall Hospital at the marcus evans National Healthcare CFO Summit Fall 2019 in San Diego CA.
It is impossible to stay solvent with increasing liabilities and decreasing assets. State and Municipal governments are faced with a crucial problem; how to pay off public sector pension plans which have been left underfunded for years. Adding insult to
injury, the market values of the portfolios used to fund these pensions plans have been crippled in the Great Recession. Even more troubling, these defined pension plans, by law, are guaranteed for nearly 80% of public officials no matter the performance of the underlying assets used to finance them. Legislatures are faced with few options; raise taxes, cut spending elsewhere or default on their GO debt.
1. THE SAVIOR IN GETHSEMANE Based on Matt. 26:30-56
2. LISTEN TO YOUR WIFE Based on Matt. 27:11-26
3. A TERRIFYING VICTORY Based on Matt. 27:39-51
4. TO HELL AND BACK Based on Matt. 27:45-54
5. THREE HOURS IN HELL Based on Matt. 27:45-56
6. SIMON OF CYRENE Based on Mark 15:15-26
7. GUILTY BUT PARDONED Based on Luke 23:34
8. LOVE’S RESPONSE TO HATE Based on Luke 23:34
9. FORGIVENESS OF SIN Based on Luke 23:34
10. THE WORD OF FAITH Based on Luke 23:39-46
11. THE PERFECT PROMISE Based on Luke 23:43
12. PILATE'S PERPLEXING PROBLEM Based on John 18:28-40
13. THE CRUELTY OF THE CROSS Based on John 19:1-16
14. I THIRST Based on John 19:28-29
15. IT IS FINISHED Based on John 19:28-37
Copper North Mining - Corporate Presentation - October 22, 2015coppernorthmining
Copper North Mining Corp. (TSX.V:COL) is a Canadian mining exploration and development company, spun out from Western Copper Corporation (TSX:WRN) in October 2011. Copper North's key asset is the Carmacks Copper Project, located in the Yukon Territory, Canada. Carmacks is permitted for construction and will produce 30 million pounds of cathode copper per year. The project is being re-engineered as a copper-gold-silver leach operation. A Preliminary Economic Assessment was completed in May 2014 and indicates that the addition of gold and silver recovery provides a positive improvement in project economics. A second phase of engineering work is in progress to evaluate opportunities to further improve operations and reduce capital and operating costs. The company intends to resume exploration of the Carmacks deposits to increase mineral resources for inclusion in the mine plan, and expansion of mine life.
The Company has also recently acquired the Thor property, immediately south of the Kemess Mine in north central British Columbia. Thor provides Copper North with an attractive exploration and discovery opportunity adjacent a major dormant mine-mill complex. An exploration program, including drilling of porphyry copper-gold targets, is planned for summer 2015.
Copper North also holds the high-grade Redstone property located in the Northwest Territories, Canada.
Cii anti counterfeit pkg technologies report by dr dharBilcareltd
Anti-Counterfeit Packaging Technologies A strategic need for the Indian industry
A Study Report by : Rajiv Dhar
Director - Indian Institute of Packaging
Health Insurance Premium-Sharing by Employees and Retirees in the Public SectorLuis Taveras EMBA, MS
The cost of health insurance for New York City public employees and retirees has more than doubled in the last ten years, and its continued growth will be a major driver of projected budget gaps. While the total city budget is projected to grow 11 percent from fiscal years 2012 to 2016, health insurance costs will grow by almost 40 percent and comprise 70 percent of the projected budget gap in 2016.
Implications of public pension enhancement in CanadaAlex Mazer
Common Wealth co-founder Alex Mazer's presentation on the Ontario Retirement Pension Plan and Canada Pension Plan enhancement to SHARE's Toronto Pension and Investment Governance Course on May 6, 2016.
SECTION 1: INTRODUCTION
HealthView Services’ 2016 Retirement Health Care Costs Data Report explores emerging trends and provides
detailed projections of health care expenses in retirement.
The paper will address the impact of rising in-retirement health care inflation, the elimination of Social Security
filing strategies, and adjustments to Medicare-surcharge brackets on future health care costs.
The Report also outlines costs related to state of residence, years to retirement, extent of coverage, gender, health
status, and income: all of which must be considered by financial advisors when planning for future medical
expenses at the individual level.
Finally, some time will be spent analyzing investment strategies, including personal time horizons (both before
and during retirement) and the adjustment of income replacement ratios, to minimize the effect of rising health
care on retirement budgets.
State Pensions-- Working Towards a Gradual Turnaround
1. Fiscal Pulse is available on scotiabank.com, Bloomberg at SCOT and Reuters at SM1C
Fiscal Pulse
Global Economics
Mary Webb (416) 866-4202
mary.webb@scotiabank.com
Emily Jackson (416) 863-7463
emilyj.jackson@scotiabank.com
State Pensions — Working Towards a Gradual Turnaround
With State governments’ array of enacted measures since the recession to trim back their unfunded pension
liabilities and recent buoyant U.S. equity markets, a slow turnaround is anticipated for the States’ aggregate
unfunded pension liability burden through mid-decade. Data on State pensions, unfortunately, are lagged and
recognition of the aggregate turnaround will be delayed. This past spring, PEW released State pension data for
fiscal 2012 (FY12) indicating that unfunded State pension obligations were still expanding two years ago. From a
$452 billion aggregate gap in FY08 to $757 billion in FY10 and $915 billion in FY12, liability by State in FY12
varied widely (top chart).1
PEW estimates that adding in the unfunded pension commitments of local governments,
with more than 2½ times the employees (bottom chart), would raise the aggregate FY12 pension liability over $1
trillion.
The size of unfunded retirement liabilities relative to the jurisdiction’s
fiscal capacity has frequently posed a convincing argument for
benefit reforms, though the ability of State and local governments
to adjust their pensions varies widely, in part due to the strength of
legislative and contract restrictions. In addition to scaled-back
benefits for defined benefit (DB) plans, structural benefit shortfalls
have convinced some States to shift to defined contribution (DC)
plans or offer supplementary DC options to employees. Other
alternatives include hybrid plans (with a mandatory defined
contribution and a defined benefit component) and cash balance
plans (typically guaranteeing a 4%-5% return compared with the
historical 8% assumption of many defined benefit plans).
Importantly, these alternatives allow benefits for short-tenure
employees as well as lessening the government sponsor’s
investment and mortality risks.
The U.S. Governmental Accounting Standards Board recent
proposal requiring State and local governments to report their
Other Post-Employment Benefit (OPEB) obligations on their
balance sheets rather than in a footnote mirrors the Board’s similar
disclosure standard for pension liabilities in 2012. It is expected to
add over $0.5 trillion to local and State liabilities, with some
uncertainty regarding the liability increase given the unknown path
of interest rates over the next half decade and the appropriate
discount rate. The increased visibility of retirement liabilities and the
pressure of other longer-term liabilities such as Medicaid, will
remain factors encouraging fiscal prudence. Greater cash
compliance with Actuarial Required Contribution rates for pension
and OPEB benefits (top chart) is expected among some States, but
raising these payments to cover future benefits is difficult when
current State program needs are pressing. For some municipalities,
affordability is a major issue, with annual pension funding
contributions as high as 20% of revenues.
Illustrating the lack of sustainability in some retiree benefit
arrangements is Detroit, making history in July 2013 as the largest
U.S. municipality to file for bankruptcy. The renegotiated retirement
benefit package, linked to the City’s extensive art collection in the
August 25, 2014
0
5
10
15
20
25
<65 65-74 75-84 85-94 95+
% Funded % of ARC* paid
Financial Health of
State Pension Funds
# of states, 2012
*Actuarial required contribution. Source: The Pew
Charitable Trusts.
1
For 46 States, fiscal 2012 year-end is June 30, 2012. All dollar data in US dollars.
13.7
13.9
14.1
14.3
14.5
14.7
5.0
5.1
5.2
5.3
5.4
5.5
06 08 10 12 14
millions, sa
U.S. Government Employment
Source: U.S. Bureau of Labor Statistics.
millions, sa
State, LHS
Local governments,
RHS
2. Scotiabank Economics
Scotia Plaza 40 King Street West, 63rd Floor
Toronto, Ontario Canada M5H 1H1
Tel: (416) 866-6253 Fax: (416) 866-2829
Email: scotia.economics@scotiabank.com
This report has been prepared by Scotiabank Economics as a resource for the clients of Scotiabank.
Opinions, estimates and projections contained herein are our own as of the date hereof and are
subject to change without notice. The information and opinions contained herein have been
compiled or arrived at from sources believed reliable but no representation or warranty, express or
implied, is made as to their accuracy or completeness. Neither Scotiabank nor its affiliates accepts
any liability whatsoever for any loss arising from any use of this report or its contents.
TM
Trademark of The Bank of Nova Scotia. Used under license, where applicable.
Fiscal Pulse
Global Economics
August 25, 2014
“grand bargain”, was approved in late July 2014 by current employees and retirees. As Detroit returns to Court to
defend its plan to exit bankruptcy, its pension arrangements are estimated to save the City about $30 million
annually. The plan is opposed by some creditors, however, as too generous because it gives retirees, as
unsecured creditors, preferential treatment. Yet the proposed reforms include a hybrid pension plan going
forward with higher employee contributions. Benefit cutbacks for retirees are significant, such as a 90%
reduction in health care benefits.
Mirroring the States’ difficult pension reforms are increased member contributions, higher insurance premiums
and reduced benefits among U.S. federal plans. Of note, in the Bipartisan Budget Act of 2013, are steep
insurance premium increases for single-employer DB pension plans to help the Pension Benefit Guaranty
Corporation address its significant red ink. The flat rate portion of the premium per plan participant will climb
through 2016 with subsequent indexation, but the steeper increases are focused on the variable rate portion of
the premium which is levied per $1000 of unfunded vested benefits, offering a substantial incentive for pension
repair.
U.S. State pension reforms also are aligned with the reforms implemented by other sub-sovereign governments
around the world. In the mid- to late-1990s, all but two Australian States and Territories shifted new employees to
DC pension plans. In Canada, Saskatchewan made a similar choice in the late 70s, and a “shared risk” (also
known as Target Benefit) option has been adopted in New Brunswick. The latter is currently proposed by Ottawa
as an option for Canada’s federal enterprises and federally regulated corporations.