Progressive Railroading Daily News

NEWS LISTINGSSITE HOME

Now available on your:
BlackBerryiPhone

Monday, May 06, 2013    

Santa Clara VTA takes step to reduce retiree health benefit liability


The Santa Clara Valley Transportation Authority's (VTA) board late last week approved the transfer of $20.65 million to reduce future liability for retiree health-care benefits.

The funding was set aside in the last budget cycle to be drawn upon while VTA explored options to reduce the long-term costs of retiree health care benefits, agency officials said in a press release.

The fund transfer will reduce future liability and VTA's annual contribution to retiree medical trust by about $2 million per year. After the transfer, the VTA will have a 72.8 percent funded ratio, considered among the highest of similar benefit trust funds for other transit agencies in California, agency officials said.

More news items from 5/6/2013
Rail Industry Online Only Features
(past 30 days)


InnoTrans 2014
Impressions

Pandrol, click here.
Impressions

Unitrac, click here.
Impressions


Get more information