* The year when the combined trust
fund reserves are projected to become depleted, if Congress does not act before then, is 2035 -- gaining one year from last year's projection.
HIGHLY RATED OBLIGOR POOL: Approximately 85% (by dollar value) of the combined trust
and fund loans is estimated to be investment grade (versus a Fitch 'AAA' median of 80%).
The 75-year actuarial deficit for the combined trust
funds is estimated at 2.68% of taxable payroll, down from 2.88% of taxable payroll estimated in last year's report.
relationship between entities using subjective logic and finding/calculating the most confident combined trust
According to a Social Security and Medicare Board of Trustees report published in May 2013, the combined trust
funds for the two old-age entitlements will be exhausted in 2033.
Social Security's total expenditures have exceeded non-interest income of its combined trust
funds since 2010, and the Trustees estimate that Social Security cost will exceed non-interest income throughout the 75-year projection period.
As agreed in January, Spirit Realty shareholders are receiving a fixed exchange ratio of 1.9048 common shares of the combined trust
for each unit they own, which will result in CCPT II stockholders taking 56% and Spirit Realty investors holding 44% in the enlarged entity.
A very important quote from page four of the report states, "At the time of reserve depletion, continuing income to the combined trust
funds would be sufficient to pay 77 percent of scheduled benefits."
"Can you imagine the development potential [that] can be unlocked or accelerated if the President, Vice President Jejomar Binay, former President Joseph Estrada and Senate President Juan Ponce Enrile, who with their combined trust
ratings, which will be unbeatable and unassailable, look beyond '13 and '16 with vision, statesmanship and combined political will?" Honasan said.
* The projected point at which the combined trust
funds will be exhausted is 2033 -- three years sooner than projected last year.
Her client had a "combined trust
" with her now deceased husband.