U.S. Virgin Islands Gov. Albert Bryan warned the territory’s underfunded pensions were becoming critical and said help is coming for the ailing power system.
Bryan addressed these and other financial topics in his annual state of the territory speech Tuesday evening.
The Virgin Islands government has about $3.35 billion of net pension liabilities.
“Last year, the Government Employees Retirement System sold off about $120 million in assets,” Bryan said. “There is now less than $455 million remaining in the portfolio. This year we will likely sell off even more. The system is in an accelerating death spiral. And for every day that goes by without taking definitive action to reverse the failing of the Government Retirement System, the decisions that ultimately need to be made become more painful and more costly.”
Author: Robert Slavin
Publication Date: 26 January 2021
Publication Site: Fidelity Fixed Income