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Posted inCT Viewpoints

Making a dent in our pension liabilities: A new solution

The General Assembly has authorized the creation of the Connecticut Pension Sustainability Commission which is tasked in 2018 to evaluate a potentially significant solution for funding State’s pension liabilities: the in-kind contribution of the state’s real assets. Connecticut has $33.8 billion in underfunded pensions and our five largest cities owe another $2.1 billion. These liabilities, coupled with other legacy obligations like retiree health care and bond debt service, are the source of the “crowding out” problem with the state’s budget – as well as municipal budgets – that makes our structural deficits so maddeningly difficult to reverse.