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Administration March 12, 2012
Conn. Pension Bailout Plan Approved
March 12, 2012 (PLANSPONSOR.com) – Connecticut Governor Dannel P. Malloy’s plan to pay down the state pension plan’s debt was approved last week.
Reported by Tara Cantore
According to the Journal Inquirer, state lawmakers chose not to vote against the governor’s plan.
The new plan requires the state to set aside more money to avoid the projected $4.5 billion year payment into the state employees pension fund 20 years from now.
Connecticut’s pension fund currently has less than 48% of the money it needs, ranking it among the worse funds in the nation. Governor Malloy expects the plan to be 80% funded by 2025. (See “Conn. Governor Proposes Increase to State’s Pension Payment”).