Unfunded

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Unfunded

Describing any liability or other expense that does not have savings or investments set aside to pay it. That is, the party responsible for paying an unfunded liability pays for it out of current income or by borrowing. The risk of an unfunded liability is that a payee may not receive that which he/she is entitled to if the payer goes through a difficult financial period. It also increases the payer's current liabilities.
References in periodicals archive ?
The result of either or both would be an increase in the pension system's unfunded liability.
At the end of 2010, Pine Bluff's fire department pension had an unfunded liability of $20.
Rauh, an associate professor of finance at Northwestern University, and Robert Novy-Marx, an assistant professor of finance at the University of Rochester, add Connecticut's unfunded liability to the state's debt.
Beyond the next 75 years, there is a black hole of unfunded liability for future generations.
Nyden, is responsible for half of the unfunded liability of the Workman's fund, which now runs more than $3 billion.
The employer also pays a 2 per cent supplemental contribution, credited to the members' account, unless there is an unfunded liability, in which case it is used to fund that shortfall.
If there is no Social Security reform, the unfunded liability of Social Security and Medicare will be over $20 trillion by 2070.
That would presumably involve making the implicit accrued unfunded liability of the current social security system to beneficiaries explicit.
5 trillion unfunded liability a "ticking time bomb," divides opinion into four groups: guardians who want to save the system as it is, nibblers willing to tolerate marginal reform; partial redesigners who favor giving some control to individuals; and total redesigners, who hold that the system should be privatized along the lines of what was accomplished in Chile or plans under consideration in Australia.
6 billion unfunded liability of the state pension systems, with an additional unfunded liability for post-retirement medical benefits of $59 billion and no funds reserved for future costs.
When combined with Medicare, the unfunded liability is $72 trillion -- more than four times the size of our entire economy.
5 million of the state s reserves through the Hawaii Hurricane Relief Fund, and reserving $100 million for the state s unfunded liability and retiree health care benefits.