In August Central Falls, Rhode Island, facing unfunded pension and benefit liabilities nearly four times the size of its annual budget, filed for bankruptcy.
Unfunded benefit liabilities ballooned more than 450% in 2008 from the prior year.
The company had $60.7 billion of pension obligations and other post-retirement benefit liabilities on its balance sheet at the close of the first quarter.
GM has a huge retired work force and underfunded benefit liabilities, one reason Standard & Poor's downgraded its credit rating last October.
"The appointment of a retiree committee is adequate representation for these individuals and to facilitate the city's restructuring of its pension and other post-employment benefit liabilities," Orr said in his filing.
Looking at the 50 states, Truth in Accounting's most recent analysis calculated that the state governments are facing employee retirement benefit liabilities in excess of $1 trillion - and more than 80% of them are still not included on the state governments' balance sheets.
Meanwhile, pension funds stuck with defined-benefit liabilities are thinking hard about changing their asset allocation.In March, several large pension funds around the world launched a competition.
When Farmington Central School District 265 learned it was eligible for an infusion of $417,000 in federal aid to save jobs this school year, the district had the option to spend it on anything from new hires to raises for teachers, or even to meet benefits liabilities.
The potential benefits, liabilities, and architectural considerations regarding the use of high-performance fibers for reinforcing wood beams are discussed.
The proposed transaction, which achieves one of Kodak's key restructuring objectives, follows other recent major accomplishments that include an agreement for interim and exit financing for the company's emergence from its Chapter 11 restructuring, and resolution of U.S. retiree non-pension benefits liabilities.
