Saturday, August 21, 2010
Retired Teachers' Benefits
KENTUCKY...
Gov. Steve Beshear today announced that the Kentucky Asset/Liability Commission (ALCo) has sold $468 million in taxable notes this week to refinance obligations that will help protect health care benefits for Kentucky’s retired teachers. The bond sale will refinance loans the state obtained beginning in 2005 from the Kentucky Teacher’s Retirement System (KTRS) Pension Fund to pay the KTRS Medical Insurance Fund at a total savings to the Commonwealth of $87.7 million over the next 10 years.
Through this refinancing, the interest on the notes was reduced by more than half to 3.304 percent. Most of the savings for the current biennium had already been included in the existing biennial budget.
“I am very pleased with the significant savings to the General Fund resulting from the refinancing of these loans, said Gov. Beshear. “This is good news in this economic environment where my administration continues to seek every opportunity to save money and run the most efficient government possible.”
Gov. Steve Beshear today announced that the Kentucky Asset/Liability Commission (ALCo) has sold $468 million in taxable notes this week to refinance obligations that will help protect health care benefits for Kentucky’s retired teachers. The bond sale will refinance loans the state obtained beginning in 2005 from the Kentucky Teacher’s Retirement System (KTRS) Pension Fund to pay the KTRS Medical Insurance Fund at a total savings to the Commonwealth of $87.7 million over the next 10 years.
Through this refinancing, the interest on the notes was reduced by more than half to 3.304 percent. Most of the savings for the current biennium had already been included in the existing biennial budget.
“I am very pleased with the significant savings to the General Fund resulting from the refinancing of these loans, said Gov. Beshear. “This is good news in this economic environment where my administration continues to seek every opportunity to save money and run the most efficient government possible.”
# posted by Homer Owens @ 6:01 PM 
