W. Virginia voters defer pension fund obligations

Voters in West Virginia said "no" to $5.5 billion in pension obligations bonds, which leaves in place a 40-year payment plan draws money from the general fund.

The Bluefield Daily Telegraph reports:

This year's payment takes about $350 million from general revenue: the final, 2034 payment is estimated at $724 million - about one-fourth of this year's budget.

The Legislature approved the special election because the state constitution required an amendment for [Gov. Joe] Manchin's plan to devote bond proceeds to the state's pension plans - including its teachers pension program, one of the worst-funded public pension plans in the country.