(Bloomberg) -- Alaska may double this year’s supply of pension obligation bonds as it considers borrowing $1.6 billion to help fund its cash-strapped retirement trust.
As of 2013, Alaska had the fourth-worst funded pension among U.S. states, reporting it had 52.3 percent of the money needed to pay retirees, better than only Illinois, Connecticut, and Kentucky, data compiled by Bloomberg show.
Since then, the state has done some one-time fixes--like a $1 billion cash injection into the trust last year--but hasn’t made strides to permanently fix the fund, said Deven Mitchell, the state’s debt manager at the Alaska Department of Revenue.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
