TITLE

West Virginia Moving Closer to Issuing $8.5 Billion Worker's Comp, Pensions

AUTHOR(S)
Newman, Emily
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/28/2005, Vol. 351 Issue 32059, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the West Virginia legislature has moved closer to issuing up to $8.5 billion of bonds to help finance unfunded liabilities in the state's workers compensation and pension funds. The state Senate passed a resolution calling for a constitutional amendment that would allow voters to decide whether to issue up to $5.5 billion of taxable pension bonds. The measure has been sent to the House of Delegates, which may act shortly. Standard & Poor's analyst Jeffrey Pangerhas said that the state's annual pension payments are increasing by about $20 million every year and that selling the pension bonds would fix payments at about $350 million a year.
ACCESSION #
15862633

 

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