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

Celestial Eats

May 2015
Monday, April 27, 2015
BY JACOB PALMER AND EILEEN GARVIN

A power lunch at Solstice Wood Fire Cafe & Bar.


Read more...

Nine lives

Linda Baker
Friday, May 22, 2015
0f4f7bfBY LINDA BAKER | EDITOR

Roy Kaufmann always lands on his feet.


Read more...

100 Best Green Workplaces announced

News
Wednesday, May 27, 2015
OBM-100-best-Green-logo-2015-1000pxwBY LINDA BAKER | EDITOR

More than 250 people turned out today for Oregon Business magazine’s seventh annual celebration of the 100 Best Green Companies to Work For in Oregon.


Read more...

Short Shrift:The threat of just-in-time scheduling

May 2015
Monday, April 27, 2015
BY AMY MILSHTEIN

Companies can benefit when they use software to meet staffing requirements and address employees' family and life commitments.


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...

Editor’s Note: It’s a Man’s World

Linda Baker
Thursday, April 30, 2015
lindablogthumbBY LINDA BAKER | EDITOR

Earlier this week we posted an article from our May issue:  It’s a Man's Man’s Man’s World. The story covered the gender divide in tech from the perspective of male workers. Twitter didn’t like it.


Read more...

Change at the pump?

The Latest
Tuesday, May 26, 2015
001thumbBY JASON E. KAPLAN | STAFF PHOTOGRAPHER

New Jersey and Oregon are the only two states in the U.S. that ban self serve gas stations. But these two holdouts may be ready to give up the game. New Jersey is considering legislation that would lift the state's ban on pumping your own gas. Oregon is considering smaller scale changes.


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