Pension Pay Down

State Representative Joe Gresko, (D)
121st Connecticut House District

State Representative Phil Young (D)
120th Connecticut House District

Dear Neighbor,

Connecticut continues to make sound financial decisions that will strengthen our state long term.

State Comptroller Natalie Braswell announced that her office will transfer $3.1 billion into the rainy-day fund. This move triggers a statutory mandate that requires a one-time, special payment of $2.8 billion to be made toward the state’s unfunded pension liabilities.

This payment, which will be allocated into several pension funds later this year, could save Connecticut taxpayers approximately $6 billion over the next 25 years.

Connecticut was able to build its rainy-day fund through years of deliberate and careful policy. We can now celebrate the benefits of those decisions as we make investments that will not only benefit residents now, but for the foreseeable future.

As always, please feel free to reach out to me at the Capitol at 800-842-8267 or email me at Joseph.Gresko@cga.ct.gov.

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