Bristol Considers Using Extra Pension Cash to Lure Business
Friday, Sep 7, 2012 | Updated 12:43 PM EDT
AP
Bristol officials are considering using pension money to lure businesses.
Bristol is considering using extra pension cash to draw business to the city.
T.J. Barnes, chairman of Bristol's Retirement Board and the city's treasurer, said on Friday that officials are considering investing about $600,000 in companies that move to Bristol.
He said pension liabilities total $210 million and the city has $580 million available.
The Bristol Press first reported that Barnes and other city officials would vet companies before handing out pension money as business investments.
Barnes credits Bristol's success in building up its pension fund to two factors.
The city took advantage of two stock market run-ups in the 1980s and 1990s, and strategic investment in which the city sold stock in real estate in 2007 before the sector's collapse, then turned to more conservative investments.
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