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There was a 12 billion dollar investment income loss in 2008 and 55 billion in 2009. [4] The 124 billion dollars of income in the nine-year period 1999-2007 was reduced by half as a consequence of the combined losses of 67 billion in 2008 and 2009.
The loss left the fund with a year-end value of $440 billion, or 72% of what it would need to pay all its long-term obligations. That’s down from 80% a year ago, when the fund was worth $469 ...
The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees.
[24] [25] Kevin de León's bill passed and CalSTRS was required to sell all holdings in companies that received at least 50% of their revenue from thermal coal. [26] State Senator Lena Gonzalez introduced broader fossil fuel divestment legislation in February 2022. [27] [28] [29] The CalSTRS board opposed this legislation. [30]
The funding deficit for U.S. state public pension systems rose to a record-high in fiscal 2016, according to a Pew Charitable Trusts report.
This year, Newsom and lawmakers used a combination of cuts and deferred spending, as well as borrowing, to close a $31.5 billion spending gap. But in November, tax revenues delayed months by ...
Old-age dependency ratio (2017) [1]. The pensions crisis or pensions timebomb is the predicted difficulty in paying for corporate or government employment retirement pensions in various countries, due to a difference between pension obligations and the resources set aside to fund them.
Fixing the U.S. government’s finances has rightfully become one of the most critical tasks in politics today. The debt now exceeds $36 trillion, more than the combined debt of over 170 other ...