US - Denver's public schools saved money by borrowing $750m to close a pension deficit and to refund debt even after the interest-rate swaps it used with the financing backfired, officials said.
The 2008 bond sale saved more than $20m because the system used about $400m of the proceeds to fill the pension deficit, avoiding an annual penalty of 8.5%, or $34m, it would have had to pay when i...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date