Update On Pension Re-Amortization Discussions

SEBAC leaders and the Lamont Administration have completed discussions on pension re-amortization in accordance with the recently passed biennial budget and have reached an agreement modifying the pension re-amortization schedule accordingly.

The agreement keeps the parties’ commitment to make no change in pension or health benefits. 

This is part of SEBAC’s continuing efforts to work with the Lamont Administration on “win-win” solutions for achieving efficiencies 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. The agreement will be submitted to the General Assembly for approval.

SEBAC will not be part of asking for more sacrifices from state employees, who have already given so much for the people they serve. The 2017 SEBAC Agreement is saving Connecticut taxpayers $25 billion over the next 20 years, helping to close the chronic budget deficits that imperil vital public services.

Click here to read the agreement.