Connecticut Governor Ned Lamont says he will attempt to start to deal with the state’s underfunded public school teacher pension fund in his first budget.
The fund is now about $13 billion short. The state’s annual budget is about $20 billion. Lamont says that’s why he’s reached out to the state’s teacher unions to help reduce the burden on the state budget.
“The cost could be unsupportable in the next three or four years. And we are negotiating to see if we can stretch out that obligation and reduce our annual cost and save the pension.”
Former Governor Dannel Malloy proposed that cities and towns share in the state’s teacher pension obligation. Lamont says he’s not doing that.
“That’s not my strategy.”
Additional proposals include transferring lottery proceeds and other state assets to the fund. In the past Connecticut’s teacher unions have objected to having higher member contributions, revising the cost-of-living adjustments or restructuring benefits.
Lamont would not say which of these he’s considering.
He presents his budget to state lawmakers next Wednesday.
