HARRISBURG, Pa. (AP) — Pennsylvania state government now has the authority to make one of its largest, if not its largest, bond issues ever as it looks to pay off a nearly $4 billion unemployment compensation debt to the federal government.
Gov. Tom Corbett signed the bill Tuesday.
The borrowing is to be repaid by money from the debt payments that employers wouldn't have to send to the federal government. The Corbett administration says employers stand to save about $175 million to $200 million because the interest on the bonds would be less expensive than the interest on the federal debt.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
