The governor of the U.S. Virgin Islands signed a bill Wednesday 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 the savings from improved interest rates would 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 warned could run out of funds by 2024 or sooner without a fix.
Author(s): Associated Press
Publication Date: 8 Feb 2022
Publication Site: ABC News