Lamont Administration, Unions Reach Deal To Extend Pension Payments to 2047

HARTFORD, CT— Gov. Ned Lamont and the coalition representing state labor unions agreed to reamortize pension debt to find about $130.7 and $140.7 million per year in budget savings.

Under the agreement, the state will also transition to a “level dollar” payment method and spread the payments over a longer period of time. There will be no change to pension benefits for state employees.

The only change is that the pension liability attributable to those pensions earned as of 1984 will be fully funded by 2047 instead of by 2032 under the current plan.

The State Employees Bargaining Agent Coalition issued a statement to their members explaining that the deal “keeps the parties’ commitment to make no change in pension benefits.”

Read more: https://www.ctnewsjunkie.com/archives/story/20190718_lamont_administration_unions_reach_deal_to_extend_pension_payments/