Home Must Reads TriMet sliding into debt

TriMet sliding into debt

| Print |  Email
Must Reads
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}

 

Comments   

 
Guest
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....
Quote | Report to administrator
 

More Articles

OB Video: Building trade ties with the EU

News
Monday, June 16, 2014
BritEmbCampionBY KIM MOORE | OB RESEARCH EDITOR

The Oregon economy could get a boost from a new trade agreement being negotiated between the U.S. and the European Union.


Read more...

2014 Best Green Companies to Work For announced

News
Wednesday, May 28, 2014

100BestGreenMore than 350 people turned out today for Oregon Business magazine’s sixth annual celebration of the 100 Best Green Companies to Work For in Oregon.


Read more...

Downtime with Doug Gastich

June 2014
Thursday, May 29, 2014
BY JESSICA RIDGWAY

How the president of BlueVolt spends his free time.


Read more...

Risks & rewards of owning triple net investments

Contributed Blogs
Thursday, July 24, 2014
NNNinvestmentBY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR

With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.


Read more...

OB Video: Oregon MESA

News
Thursday, June 26, 2014

ThumbOregon Business hosts an informal roundtable discussion about the Oregon MESA (Mathematics, Engineering, Science Achievement) program.


Read more...

The role of higher education as K-12 underperforms

Contributed Blogs
Friday, May 30, 2014
ThumbChalkboardBY DEBRA RINGOLD | OB GUEST CONTRIBUTOR

Since 1970 the performance of our public education system has steadily deteriorated.


Read more...

Understanding Oregon medical marijuana dispensary tenants

News
Friday, June 13, 2014
061314 thumb grassrentBY CLIFF HOCKLEY | OB GUEST BLOGGER

This article summarizes the key considerations a building owner must keep in mind when thinking about leasing to a medical marijuana dispensary.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS