The West Virginia Legislature proposed the Pension Bond Amendment to the state Constitution authorizing the sale of state general obligation bonds in an amount not exceeding five billion five hundred million dollars.
“The Board should be the first group to stand up and do what is right,” said Board Member Lowell Johnson. “This pension amendment is vital to the future of our state.”
The Pension Bond Amendment is expected to provide for the fiscal soundness of the currently unfunded systems.
The amendment will help manage the state’s long-term pension debts in a manner that provides the ultimate protection for state retirees by permitting the state to “refinance” existing debt and establishing a fixed mortgage payment to pay off these unfunded liabilities.
If ratified, the amendment will save the state hundreds of millions of dollars and will pave the way for economic stability and security. The Pension Bond Amendment will be submitted to the voters of West Virginia at a special election to be held on June 25, 2005.