Bank Leumi (TASE: LUMI) has been given a concession by Israel's central bank in calculating liabilities for employees entitled to unfunded pensions.
Bank Leumi said that calculation of the capitalisation interest on liabilities for first generation employees at the bank entitled to an unfunded pension would be conducted according to the average yield during the past eight quarters on government bonds, plus the spread of the yields on AA-rated corporate bonds in the US.
It will include support to establish a retirement cost fund to manage huge unfunded pensions
and other retirement liabilities of workers.
Not surprisingly, unfunded pensions at the state and local level have become a critical public policy issue, so are worthy of closer scrutiny than they have thus far been afforded.
Changes to economic conditions that might lead to budgetary shortfalls and unfunded pensions offer the most intuitive explanations for pension underfunding.
Excluded from this PS25,000 are debts related to unfunded pensions
, student loans and PFI (private finance initiative widely adopted in building of hospitals and schools).
Fitch's 'BB' rating on the commonwealth's GO bonds reflects demonstrated weakness in the economy, very high liabilities including outstanding debt and unfunded pensions
, challenged though improving financial operations, and limited financial flexibility.
He has a wide range of financial planning experience through working closely with sister company Punter Southall & Co, a consulting actuary, on technical issues, advising on areas such as unfunded pensions
arrangements, executive severances, and more recently pensions A-day planning.
Eurostat, the EU's Statistical Office, decided on October 21 that payments to governments by public corporations in the context of the transfer to the State of their unfunded pensions
obligations should be set down as receipts in these Member States' public finances.
A balanced budget has occurred only because they are using the Social Security surplus payments from the Baby Boomers as if it were general tax revenue instead of unfunded pensions
In this paper I will try to be clear about what is intrinsic to funded and unfunded schemes and what is not; my aim is to consider the advantages and disadvantages of reducing reliance on unfunded pensions
and moving to a (more) fully funded system.
Many of the continental countries have large debts, as well as massive unfunded pensions