Sponsored by Lane Powell

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

Knight Cancer Challenge No Biotech Dream

May 2015
Monday, April 27, 2015
BY JOE CORTRIGHT

The Knight challenge is an important instance of philanthropy. But we should not assume it will magically transform OHSU into a business- and job-spinning engine for the local economy.


Read more...

Epitaph for a Boondoggle

April 2015
Friday, March 27, 2015
BY JOE CORTRIGHT

The CRC is a cautionary tale about how we plan for, finance and invest in transportation infrastructure.


Read more...

Oregon Business expands events portfolio

The Latest
Friday, March 27, 2015
htctfacebookBY OB STAFF

New events series brings magazine to life.


Read more...

Man for All Seasons

May 2015
Monday, April 27, 2015
BY LINDA BAKER

A longtime technologist and entrepreneur, Dwayne Johnson, 53, is managing partner of PDXO/GlobeThree Ventures, a strategy and business consultancy in Portland.


Read more...

The best crisis is the one you avoid

Contributed Blogs
Wednesday, April 15, 2015
crisisthumbBY GARY CONKLING | GUEST BLOGGER

Avoiding a crisis is a great way to burnish your reputation, increase brand loyalty and become a market leader.


Read more...

Emperor of the Sea

April 2015
Friday, March 27, 2015
BY COURTNEY SHERWOOD | Photos by Jason E. Kaplan

Pacific Seafood, one of the world’s largest processors, is rebranding as a more transparent and consumer-friendly operation. A controversial CEO and monopoly accusations from coastal fishermen complicate the tale.


Read more...

The Road to Reinvention

April 2015
Friday, March 27, 2015
BY AMY MILSHTEIN

Damian Smith bets on changing himself — and Portland — through consulting.


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