New Britina, Conn. (July 10, 2019) – SEBAC and the Lamont administration met Monday, July 8, to work on the details of a re-amortization of the state pension fund. Meetings will continue. This is part of continuing efforts to work with the Lamont Administration on “win-win” solutions for achieving efficiency that will benefit everyone. Completing the re-amortization of the state pension fund, adjusting the schedule to pay off Connecticut’s pension debt, will help stabilize state pensions and ensure obligations to current and future retirees are fully funded; it was included in the recently passed budget along with re-amortizing the Teacher’s Retirement Fund.
None of the proposed savings would result in changes to the pension and health insurance benefits of state employees or retirees.
SEBAC will not be part of asking for more sacrifices for state employees, who have already given so much for the people we serve. SEBAC’s 2017 agreement is saving Connecticut taxpayers $25 billion over the next 20 years, helping to close the chronic budget deficits that imperil vital public services.