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Main Street Pensions Take Wall Street Gamble by Investing Borrowed Money

main-street-pensions-take-wall-street-gamble-by-investing-borrowed-money

https://www.wsj.com/articles/main-street-pensions-take-wall-street-gamble-by-investing-borrowed-money-11630774800


Norwich, Conn., plans to vote in November on whether to sell $145 million in 25-year bonds to cover the pensions of retired police officers, firefighters and others.


Credit Markets

Municipalities have assumed about $10 billion in debt this year to shore up retirement obligations


Norwich, Conn., plans to vote in November on whether to sell $145 million in 25-year bonds to cover the pensions of retired police officers, firefighters and others.

By

| Photos by Julie Bidwell for The Wall Street Journal

Many U.S. towns and cities are years behind on their pension obligations. Now some are effectively planning to borrow money and put it into stocks and other investments in a bid to catch up.

State and local governments have borrowed about $10 billion for pension funding this year through the end of August, more than in any of the previous 15 full calendar years, according to an analysis of Bloomberg data by Municipal Market Analytics. The number of individual municipalities borrowing for pensions soared to 72 from a 15-year average of 25.

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