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Counties’ retiree health costs triple

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORERose Parade grand marshal Rita Moreno talks New Year’s Day outfit and ‘West Side Story’ remake Los Angeles County Chief Administrative Officer David Janssen said the county has a “pay-as-you-go” system and plans to hire an actuary this spring to calculate its unfunded liability for retiree health benefits. The county grand jury recently estimated the unfunded liability at $9 billion. Janssen said the CSAC survey is designed to help counties explore how to either reduce or pay the future costs. One option being considered is is issuing bonds, similar to the $2 billion pension bond the county issued in the early 1990s. While other counties have the option of negotiating with employee unions to limit or eliminate retiree health benefits, Janssen said a 1982 state law requires Los Angeles County to provide retiree health benefits. Just 4 percent of California’s counties have fully funded their retirees’ health benefit costs, a California State Association of Counties survey has found. The survey of 48 of the state’s 58 counties also found that the number of retirees statewide has grown by 12 percent in the last five years, while the amount counties are spending annually on their health care has tripled from $169 million to $567 million. “What’s been really dramatic is the substantial increase in costs due to the increased number of retirees as a result of the baby boom phenomena and medication inflation,” CSAC Legislative Coordinator Steve Keil said Thursday. The findings come as counties begin calculating the total unfunded liabilities of providing health care to retirees under a Government Accounting Standards Board rule going into effect next year. “We’d have to change the law first,” Janssen said. “We obviously want to take a look at attempting to minimize the cost in the out-years in discussions with the unions.” Keil said he expects many counties to explore bond issues and reducing health benefits provided to retirees. “There will be no easy fixes,” Keil said. “There will be significant new costs if they want to prefund the liabilities and amortize over 20 years. It could increase by 300 to 400 percent the cash flow costs as they pay down the unfunded liabilities.” Although the survey did not estimate the total unfunded liabilities for retiree health care, Keil noted that Los Angeles County has about 140,000 active and retired employees while the state has 1.5 million city, county, state and special district active and retired employees. The survey also found that 98 percent of retirees are eligible for health benefits and about nine out of 10 plans provide benefits past age 65 to dependents and survivors. In Ventura County, Chief Deputy Executive Officer Paul Derse said the county’s unfunded liability for retiree health care costs is about $40 million. But he said the county has already eliminated retiree health benefits for new managers and is considering eliminating a subsidized retiree health benefit program. “We don’t expect this to have a significant impact on our budget,” Derse said. “We knew they were out there, have started to have a little more serious discussion on the issue and have already eliminated one program.” — Troy Anderson, (213) 974-8985 [email protected] local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Chelsea’s Frank Lampard says dropping youngsters is only for ‘flip-floppers’

first_imgThe Fiver: sign up and get our daily football email. Frank Lampard Read more Granit Xhaka ‘devastated and sad’ after Crystal Palace game, says Unai Emery Share on Pinterest Carabao Cup Chelsea’s journey might have taken a different path if someone else had been in charge. A less patient manager might have decided it was too soon for the academy products and that a more cautious tactical approach was required. It might have been time to tighten up at the back and to replace the kids with the wise old heads.Yet Lampard did not flinch after that demoralising afternoon at Old Trafford. He says it was easy to ignore the inevitable criticism, even though it made plenty of headlines when José Mourinho questioned Chelsea’s tactics and inexperience while analysing the game for Sky. Undeterred, Lampard kept faith in his youngsters and focused on making his team more clinical in defence and attack.Dropping Tammy Abraham and Mason Mount never crossed his mind and a patient approach has paid off. Chelsea are fourth in the Premier League, top of their Champions League group and determined to make it eight wins on the bounce when they host United in the fourth round of the Carabao Cup on Wednesday. Share on Facebook Twitter Lampard insists he paid no attention to the critics, though. “There is a lot of noise, win, lose or draw; selection, whatever 11 I pick,” he said. “With this big wide world of social media it will be dissected and people will have different opinions and some people who are ex-players or ex-managers will have different opinions.“I set out this season to see what these young boys could do. If I didn’t have a transfer ban and came to this club and had opportunities to bring players in during the summer, I still would have trusted the young boys. For me to have thrown that away after one game at Manchester United and a few opinions, that would have made me a bit of a flip-flopper.” Reuse this content Manchester United Willian celebrates scoring Chelsea’s fourth goal with Tammy Abraham and Christian Pulisic at Burnley. Photograph: Oli Scarff/AFP via Getty Images Lampard, whose back four could look even more youthful if Reece James and Marc Guehi start against United, was asked what happens to young players who are dropped after one bad game. “That’s part of the process for a young player,” he said. “They have to feel you believe in them. I remember my managers giving me that sense they believed in me because everybody will have a bad game or an off day. I think that’s part of my job, to give all my players belief, but particularly the young ones who are playing their first games or whatever at Old Trafford.” Topicscenter_img Share on WhatsApp Frank Lampard saw the bigger picture when his first game as the Chelsea manager ended in a 4-0 defeat by Manchester United. He found himself under an uncomfortable spotlight but refused to lose his nerve. Lampard had arrived at Stamford Bridge with a plan and was not about to rip it up after one setback. Share via Email The encouraging atmosphere has brought the best out of Kurt Zouma, who was written off after conceding a penalty against United and scoring a last-minute own goal in the 2-2 draw with Sheffield United in August. Zouma has formed a solid partnership in central defence with Fikayo Tomori, justifying Lampard’s surprising decision to sell David Luiz to Arsenal.“He has been fantastic,” Lampard said of Zouma. “There was interest in the summer after we all know he had a very good loan at Everton last year. But I believed in him as I believed in Tomori – that is why I made the decisions I made pre-season.“That was a tough game but since then he has gone from strength to strength and been a pleasure to coach. He [Zouma] just does his job, works hard, smiles a lot, gives everything to the group and is playing really well.“It has been nice to get some stability, albeit because of injuries, between him and Fikayo in the last games. It has been good to get them playing together to see the little bond they are getting on and off the pitch. It is a nice little story and it must continue.” news Christian Pulisic’s hat-trick fires Chelsea to seventh consecutive victory Share on Twitter Share on Messenger Share on LinkedIn Facebook Pinterest Read more Chelsealast_img read more

Carvajal: Champions League the only thing left

first_imgReal Madrid Champions League all that’s left for Real Madrid, concedes Carvajal Tom Webber 20:20 1/25/18 FacebookTwitterRedditcopy Comments(2) DaniCarvajal - cropped Getty Images Real Madrid UEFA Champions League Real Madrid v Leganés Leganés Copa del Rey The Blancos have been dumped out of the Copa del Rey by Leganes and are well off the pace in La Liga, with Europe now their only chance of salvation After a shock Copa del Rey elimination at the hands of Leganes, Dani Carvajal believes Real Madrid’s only hope for further glory this season is the Champions League.Madrid crashed out of Spain’s domestic cup competition in the quarter-finals on away goals on Wednesday, as they went down 2-1 to Leganes at the Santiago Bernabeu, prompting an angry response from the supporters.Despite having won the Supercopa de Espana, UEFA Super Cup and FIFA Club World Cup this season, the pressure on head coach Zinedine Zidane was already mounting, with Los Blancos sitting 19 points adrift of Barcelona in La Liga. Article continues below Editors’ Picks Lyon treble & England heartbreak: The full story behind Lucy Bronze’s dramatic 2019 Liverpool v Man City is now the league’s biggest rivalry and the bitterness is growing Megan Rapinoe: Born & brilliant in the U.S.A. A Liverpool legend in the making: Behind Virgil van Dijk’s remarkable rise to world’s best player Carvajal insisted Madrid will not throw in the towel and will try their hardest to retain the league title, but thinks a third straight European triumph is more likely.”La Liga is complicated, but we are going to fight,” he told beIN SPORTS.”The leaders are many points ahead and we are going to try. The only competition we are still alive in is the Champions League and we are going to fight for it.”We know the fans are angry with us. We do not deserve to be cheered. We are not up to what the badge demands. It doesn’t feel good. Now we have to reverse the situation.”We are in a difficult moment, we must work more than ever and we must get back to winning ways.”last_img read more

Liner Giants Form Digital Container Shipping Association

first_imgzoomImage Courtesy: Maersk Four container shipping giants, Maersk, MSC, Hapag-Lloyd and Ocean Network Express, established the Digital Container Shipping Association (DCSA) on April 10, 2019 in Amsterdam, the Netherlands.The parties said that the aim of the association is to create common information technology standards to make the industry more efficient for both customers and shipping lines.The plan to create a neutral, non-profit association for ocean carriers was first announced in November 2018. The association, focusing on driving standardization, digitalization and interoperability in container shipping, is now starting operations with a leadership team made up of industry veterans, including Thomas Bagge from A.P. Moller – Maersk, who was appointed CEO and Statutory Director of the DCSA.“For the first time in twenty years, the container shipping industry has come together with a common goal to move the industry into the digital era. With the regulatory approval in place, we look forward for the association to take up work and to begin to collaborate with multiple stakeholders from the entire value chain,” André Simha, Chief Information Officer of MSC Mediterranean Shipping Company and Chairman of the Supervisory Board of DCSA, said.To create value quickly and to overcome some of the biggest pain-points in the industry, one of the first projects of the association is focusing on standards to overcome the lack of a common foundation for technical interfaces and data.Additionally, the association is creating an industry blueprint for processes, which will be another significant part of the future of shipping. The work undertaken will be for the benefit of the entire industry, as all standards will be openly published and available free of charge to interested external parties, the companies informed.DCSA is in discussions with multiple other container shipping lines around the globe who are interested in joining. Preparations for two more companies to join are already in process.last_img read more