Last week, Connecticut transferred more than $1.3 billion to pay down its long-term pension debt.
Since the legislature enacted the state’s “fiscal guardrails” in 2017, more than $7 billion in excess contributions captured from volatile revenue sources have been made to pay down pension debt, resulting in far-reaching savings for Connecticut taxpayers.
Future generations will save more than $600 million per year over the next 25 years while supporting retirement benefits for teachers, state troopers, nurses, correction officers and more.
While enormous progress has been made in addressing our long-term liabilities, more work remains. But what we have achieved is benefitting taxpayers today and long into the future.
As always, please feel free to contact me to share your ideas and concerns.