Committee OKs Pension Plan Agreement

January 24, 2017

Our bipartisan approval sends the agreement forward to the full General Assembly for a vote next week. The agreement stabilizes Connecticut’s long-term obligations to our employees and will help bring the state budget into balance for years to come.

The agreement has received support by a variety of organizations such as the Connecticut Business & Industry Association and the Pew Charitable Trust, as well as the S&P and Moody’s credit rating services.

“From a budgetary standpoint it will help provide more predictability and sustainability going forward as we work to meet our long term contractual obligations in the coming years,” said Appropriations Committee House Chair Toni Walker. “It is not dissimilar to refinancing a home to make payments more affordable while still fully meeting your responsibilities.”

Speaker of the House Joe Aresimowicz said he plans to hold a vote on the agreement next Wednesday and expects it to be approved.

“This is a good step toward increasing stability and managing the long-term obligations of the state, and shows the willingness by all parties to come together for the benefit of Connecticut taxpayers and the health of our future economy,” Aresimowicz said. “In a perfect world, we wouldn’t have to consider this, but when Governor Rowland started us down the path in the early 1990s of deferring future obligations, this is where we ended up.”