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S&P 500 companies also lowered the average discount rate, which is used to convert future pension bills into today's dollars.
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In a detailed analysis, Mr. North's office projected that the bill would lead to a net increase in future pension benefits of $495 million, costing the city $53 million a year.
Future pension benefits will be reduced sharply.
Even a complete move to DC plans for all future pension entitlements will not reduce the cost of promises already made.The absence of a painless solution may simply encourage governments to push the bill further into the never-never.
Janitorial services were outsourced, eliminating the future pension cost burden.
Delphi's future pension obligations alone are valued at $8.5 billion.
Pension bills of that magnitude would have sunk Delphi.
Nor did she get a stake in any future pension.
And he has a commendable record of shaping big education and pension bills.
He also vetoed many private pension bills to Civil War veterans with dubious claims.
Health-care and pension bills rise.Bad demographics are a communist-era fluke.
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