Governor Appoints State Business, Financial Leaders To Pension Bond Advisory Committee

Governor Appoints State Business, Financial Leaders To Pension Bond Advisory Committee

Gov. Joe Manchin today announced the formation of a Pension Bond Advisory Committee to advise state leaders during future consideration of any activity in the bond market upon passage of the Pension Bond Amendment on June 25.

This bi-partisan committee, composed of some of West Virginia's best and brightest leaders in the business, financial and investment fields, will review market conditions and make recommendations on the issuance of future bonds. The committee will work proactively with the governor, members of the legislature and independent financial managers to make responsible financial decisions in the long-term management of the state's nearly $5.5 billion in existing pension obligation debts.

"The members of this committee will monitor financial conditions and sign off on any recommendations that we make to the legislature to sell bonds. We have some of the best and brightest business, financial and investment minds in our state serving on this committee and they will have to approve any recommendations before we move to the legislature for approval to go to the investment market," the governor said. "With this group's participation in the process, we will make sound future decisions based on the best financial interests of the state."

Members appointed by the Governor to serve on the Pension Bond Financial Advisory Committee include: Marty Becker, Chairman, West Virginia Media Holdings, and an insurance industry executive; Bill Bright, Chairman and CEO, Bright Enterprises; Dorothy Dotson, Vice President of Investments, West Virginia University Foundation; Cal Kent, Vice President of Business and Economic Research, Marshall University; Tom Heywood, Esq., Bowles, Rice, McDavid, Graff & Love; Jim Lees, Esq.; Jack Rossi, CPA, Presiding Member, Arnett & Foster and Chairman of the Charleston Area Alliance; Rick Slater, CPA, Partner, Simpson & Osbourne; Jim Sturgeon, Esq. and CPA, President, Charleston Chamber of Commerce and Chair of the WV Society of CPA's Committee on State and Local Taxation; and, Tom Whitt, PhD, Associate Dean, West Virginia University School of Business and Economics.

"The June 25 vote is enabling in nature. It will give our governor and our current legislature a tool to prudently manage our state's long-term obligations for the benefit of every West Virginian - to keep our taxes low, to make sure our pension obligations are met, and to do so in the most prudent fashion," said Tom Heywood, member of the Pension Bond Advisory Committee. "At this time we know that interest rates are low and West Virginia's economy is in a strong posture. We know that there is an opportunity at this unique point in history to take advantage of those markets, those opportunities, and do good for all West Virginians."

The Governor also announced today a new addition to the Chairs of the "Vote Yes for West Virginia's Future" campaign. Frank Bellinetti, West Virginia State Director of AARP, has joined David Haney of the WVEA, Kenny Perdue of the AFL-CIO, Karen Price of the Manufacturers Assoc., Cecil Roberts of the UMWA, Steve Roberts of the WV Chamber of Commerce, and former Gov. Cecil Underwood as a Chair of this important organization.

"I think it is clear that this amendment has wide spread support across West Virginia, because everyone who has truly taken the time to study it realizes it is the right thing to do to protect our state's future," the governor said. "We're here to make sure that we can save $1.5 billion if we can level our pension debt payments out. All we're asking for is to have the opportunity."

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