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Tue Sep 20, 2016, 03:15 PM

Walker administration resurrects plan to borrow for pension shortfall

Alaska Gov. Bill Walker's administration is resurrecting a stalled plan under which it would use borrowed money to reduce the hundreds of millions of dollars that the state pays into its pension funds each year.

The plan calls for as much as $3.2 billion in borrowing through pension obligation bonds, according to a letter to state lawmakers sent by Revenue Commissioner Randy Hoffbeck last week.

Walker's administration considered a similar plan earlier this year but ultimately dropped it after lawmakers gave the complicated plan a hostile reception, citing its potential risks.

At the time, Hoffbeck said the borrowing wouldn't happen without legislative approval. But now, since lawmakers aren't in session, Walker's administration isn't expecting to seek permission, said Jerry Burnett, deputy revenue commissioner.

Read more: http://www.adn.com/politics/2016/09/19/alaska-gov-walkers-administration-resurrects-plan-to-borrow-for-pension-shortfall/

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