Moody's has changed its outlook to negative on the general obligation bonds of Huntington, N.Y., because of the town's practice of deferring one-third of its annual pension obligations.
About 200 municipalities in New York state have deferred such payments to keep their general budgets funded under a program begun in 2010.
Participating in the program comes with a cost. The delayed payments are essentially loans that must be paid with interest. The New York Times reported last year that more than $43 million had been deferred.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.