Jillian Gilchrest

The improvements in the State Employees’ Retirement System (SERS) and Teachers’ Retirement System (TRS) are detailed in reports released this week. Our latest independent valuations found both systems to be at their highest funding levels in decades.

As the funding levels rise and the debt goes down, that frees up money – $492 million in the next fiscal year alone – that can support key investments in our communities and social services that can make Connecticut a more affordable place to live.

But, these investments can only be made if Connecticut adjusts our Fiscal Guardrails. 

It is important that Connecticut continue to address our legacy debt, but we can't do so at the expense of our current residents. If we continue to adhere to the fiscal guardrails as is, we will also continue to underinvest in important services that Connecticut residents value and need - public education, services for those with intellectual and developmental disabilities, childcare, and rental assistance, to name a few.

The announcement of Connecticut's progress with strengthening the pension funds and addressing our state's legacy debt came at the same time that a 2024 DataHaven Community Wellbeing Survey was also reported on, stating that 40% of Connecticut residents are struggling financially.

According to the survey, "Approximately 18% of residents reported that over the last year, there were times when they did not have enough money to buy food for themselves or their families, while 12% said they could not provide adequate shelter or housing."

The debate over Connecticut's fiscal guardrails and financial future isn't an all or nothing. We can and should adjust the guardrails so we can both continue to pay off our debts while investing in our future.