The implications of unfunded pension liabilities have become an ever-increasing concern for muni issuers and investors. Among the most important issues are the extremely weak pension fund returns for the past fiscal year, but perhaps more importantly, growing pressure to drastically reduce assumed investment returns, which would cause unfunded liabilities and required annual contributions to skyrocket. Mark Meyer and other panelists will examine the growing budget, credit and policy implications of these factors from the viewpoint of an actuary, a rating agency analyst and a muni strategist.
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Section 11 damages computation for direct listings
In September 2021, the Ninth Circuit ruled in Pirani v. Slack Technologies, Inc. (Slack) that Section 11 liability applies to direct listing shares. This...