TITLE

Wisconsin Wants to Restructure $570M More of Pension Debt

AUTHOR(S)
Shields, Yvette
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/7/2003, Vol. 344 Issue 31630, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Wisconsin Governor Jim Doyle's administration proposed an additional 570 million dollars of debt onto an existing plan in the proposed fiscal 2004 – 05 biennial budget to sell 700 million dollars of mostly taxable pension obligation revenue bonds, as part of a restructuring of the state's pension-related liabilities. The 49.4 billion dollar budget proposed by the Democratic governor earlier in 2003 included an authorization to sell roughly 700 million dollars of pension bonds to pay off an existing unfunded liability the state owes to the Wisconsin Retirement System. State officials on May 6, 2003 also unveiled plans to restructure a 572 million dollars unfunded liability associated with one of the benefits provided by the state through the retirement system for former employees — the sick leave conversion account.
ACCESSION #
9795600

 

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