TriMet sliding into debt

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Monday, October 01, 2012

TriMet is sliding into debt, and its unfunded pension liability of $900 million is growing by $1.5 million each week, according to a new audit.

TriMet spokeswoman, Mary Fetsch, says the agency can meet its current financial obligations, including health care and pensions. She says TriMet has unfunded liabilities because of the cost of benefits.

She explained, "We just settled our union contract and we're beginning to make progress on bringing those costs down. It's a long term issue and it will take several contracts in order to be able to do that."

Read more at OPB.

{biztweet}trimet debt{/biztweet}

 

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0 #1 living in the real worldGuest 2012-10-01 19:22:22
For those of us who live in the real world - not the make believe land of public pensions - we don't get to go merrily along with unfunded liabilities - we have to do the hard thing and actually cut costs in line with our revenue projections. This is a behemoth agency that pays more in benefits and pensions and salaries than comparable private employers. Time for the hard choices....
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