House Approves CT Pension Agreement

February 1, 2017

After voting for the agreement with the state's employee bargaining units, Rep. William Tong said:

“I want to thank my colleagues for joining me in making the hard decisions to confront our pension liabilities and take real steps toward ensuring the state’s fiscal stability. This important step is only the first to confronting our state’s mounting debt, but it helps us avoid huge balloon payments and even more Draconian cuts that would hurt Connecticut families."

The agreement is supported by the state's credit ratings agencies. Moody’s has called it “credit positive.” S&P rates the deal “mildly positive” credit impact for state.

The business community also likes it. Webster Bank Chairman and CEO Jim Smith said the agreement helps move the state in the right direction. “It is a bullet dodged,” Smith said. “It’s an indication of just how deep the hole is we all want to dig out together.”

The Connecticut Business & Industry Association testified in support of it.