But he has also proposed issuing what are called "pension obligation bonds" to pay down part of the unfunded
liability, transferring surplus state assets to the pension funds and earmarking a portion of the revenue the state would receive from his proposed graduated income tax to pay down pension debt.
There has been some focus on the need for better regulations to protect member pensions and some provinces are currently reviewing regulations to better allocate risks of unfunded
liabilities between members and the companies (Baldwin & FitzGerald, 2010).
Briefing the Select Committee on Appropriations, Salga officials said the reason for passing unfunded
budgets are complex and has a number of contributing factors.
Badminton England chief executive Adrian Christy said: "This is fantastic news for those sports that were left unfunded
following the Tokyo 2020 investment decisions."
A state has payment obligations from three main sources: interest on its outstanding bonds, unfunded
liabilities for pension benefits, and unfunded
liabilities for health-care payments to state retirees (before Medicare at age 65).
"The other day this body voted to have a constitutional amendment that we could not have unfunded
mandates for counties," Thompson said, referring the House's recent approval of a resolution to amend the Texas Constitution to prevent the Legislature from issuing unfunded
mandates to counties and municipalities.
Bank Leumi is believed to be the only bank with an unfunded
pension for its workers.
The trends in these indicators show deterioration in overall funding health for all three states and sharp increases in unfunded
liabilities for Pennsylvania and New Jersey.
Collins and Rettenmaier (2010, 451) recalculated the liabilities of 153 state and local pension plans and found their unfunded
pension liabilities to be $2.5 trillion rather than $493 billion as reported under previous assumptions; average funded ratios decreased from 73.4% to 56.3%.
"Now we have exposed their PS28billion of unfunded
spending has to cease, so beware of promises related to spending beyond current commitments.
"Today, in further signs of panic, they are announcing billions of pounds of unfunded
and unbelievable promises."