SEBAC Agreement

February 1, 2017

Today, the house was asked to vote on an agreement between the State of Connecticut and the State Employee Bargaining Agent Coalition (SEBAC) to make several changes to the funding formula and payment plan for the state employee retirement system (SERS). This was a very difficult decision as the balloon payment due in a few years will pose a real challenge for the state. I struggled because extending the payment period would add 11 billion dollars to the deficit of the state. I voted no because I was concerned that this would not solve the problem, only elongate it, and would add money to our large deficit. We have made commitments to our State employees and we must honor those commitments above all. I hope that this is only the start of the conversation about having a more predictable financial future in our State. The Pension agreement passed the house 76-72.