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Unfunded Pension Liability

Politics
Ganim: Taxpayers Will Save Millions Thanks To Bridgeport Bond Sale Ganim: Taxpayers Will Save Millions Thanks To Bridgeport Bond Sale
Ganim: Taxpayers Will Save Millions Thanks To Bridgeport Bond Sale BRIDGEPORT, Conn. — The city recently completed a pension bond sale, raising $96 million to help pay down long-term unfunded pension liability covering retirement costs for current and former police officers and firefighters. Announcing the move Thursday, Mayor Joe Ganim said the measure will save city taxpayers about $2 million in net debt service payments each year over the next 26 years. “Selling these bonds empowers the city of Bridgeport to eliminate a major piece of unfunded pension liability in a way that is saving taxpayers millions of dollars — a win-win!’ the mayor said in a writt…

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by Meredith Guinness