Theunfunded liability argument, which SSS claims amounts to P1.19 trillion is a similar scare tactic.

Both ratings agencies did express concerns, however, about the city's ability to address a largeunfunded liability for post-employment health benefits.

Puerto Rico's pension fund held US$2.2 billion and had anunfunded liability of $9.9 billion, as of June 2005, said Government Development Bank President Jorge Irizarry.

It's actually going to be much more expensive than that when one takes into ac count the mammoth long-termunfunded liability of the drug benefit (what is promised over what is provided for in revenues).

For example, a 20-year amortizing 7 percent pension bond that funds a $200 millionunfunded liability and continuously returns 8 percent on investment (net of fees and expenses) can save the plan sponsor $1.5 million annually compared to the cost of amortizing theunfunded liability through annual plan contributions.(2)

According to Computer Security magazine, the corporate computer system is the single largestunfunded liability for business today.

If the employer maintains anunfunded liability, it will require future management to pay benefits attributable to past periods.

Any difference between what we have put away and what we know we are going to need is anunfunded liability. In general, with public pensions - at the federal, state, and local level - neither the retirees nor the governments has been owning up to predictable retirement needs.

However, at least as many have joined the pension system in recent years, further exacerbating the long-termunfunded liability obligation that will have to be made up with taxpayer dollars.

PORTLAND - A special state task force started grappling Monday with a monumental challenge: drafting a plan to lop $5 billion off the Oregon Public Employees Retirement System'sunfunded liability without touching government workers' retirement benefits.