Connecticut receives record $3.1 billion payment into budget reserve fund
Connecticut Governor Ned Lamont praised a historic $3.1 billion transfer of the state’s operating surplus into its budget reserve fund.
State Comptroller Natalie Braswell announced that the payment is the largest in state history and will trigger payments into two of the state’s pension funds.
The transfer calls for a payment of $1.9 billion to the State Employees Retirement Fund and $900 million to the Teachers’ Retirement Fund.
Lamont said the move helps put the state on firmer financial ground, grow the economy and add more jobs.
He also said additional deposits to the pension funds will be made once the final 2022 fiscal year surplus has been certified later this year.
The Office of Policy and Management estimates the payment will save Connecticut taxpayers approximately $6 billion over the next 25 years.