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 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}
