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USVI to refinance bonds to save public pension system


SAN JUAN, Puerto Rico (AP) — The governor of the U.S. Virgin Islands has signed a bill to refinance more than $800 million worth of bonds following numerous attempts to save a public pension system that officials say faces collapse. Gov. Albert Bryan Jr. said Wednesday that the savings from improved interest rates will help stabilize the pension system for at least 30 years. Nearly 9,000 government retirees and 8,000 active workers rely on the public pension system, which officials have warned could run out of funds by 2024 or sooner without a fix. The signing marks Bryan’s fourth and final attempt to save the pension system, which has several billion dollars in unfunded liabilities.

Article Topic Follows: AP National Business

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