Pension Plan Agreement Moves Forward

January 24, 2017

Today I joined my colleagues on the Appropriations Committee in a bipartisan vote to approve an agreement between the executive branch and state employee bargaining units on Connecticut’s long-term pension payment obligations. The agreement is critical in helping to stabilize the state’s long term pension obligations and will help put us on a path to achieving a balanced budget for years to come.

Speaker of the House Joe Aresimowicz (D-Berlin/Southington) said he plans to hold a vote on the agreement next Wednesday February 1, and expects it to be approved.

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.

“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.”