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In recent years, state and local public employee pension funds have had greater and greater trouble keeping pace with projected obligations to their beneficiaries.
The Governor and legislative leaders, contending that the state pension system has more than enough assets to meet projected obligations, are proposing what would be the second major reduction in two years in the state's contribution to the funds.
The Treasury spent $3.88 million to run the program through December, though the projected obligations for January jump to $26.5 billion.
Last week, the trustees reported that Social Security can pay all of its projected obligations through about 2034.
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The term "investment-grade rating" means a rating of BBB minus, Baa3, bbb minus, BBB (low), or higher assigned by a rating agency to project obligations.
The gain, equivalent to $6.11 a share, results from the excess of the market value over the projected benefit obligations.
GM assumes a 9% rate of return on its plan assets, $60.9 billion at the end of 2002, and last placed projected benefit obligations at $80.1 billion.
"The fiscal gap — the difference between our government's projected financial obligations and the present value of all projected future tax and other receipts — is, effectively, our nation's credit card bill.
The tool also could be enhanced by providing a picture of what their college costs are likely to be in total to complete their degree, and comparing projected loan obligations and payments with estimated starting salaries.
L. 109 59, § 1601(d)(3)(B), inserted "that also secure the senior project obligations" after "sources".
L. 109 59, § 1601 e)(1)(D), inserted "that also secure the senior project obligations" after "sources".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com