Governor Ned Lamont says he plans to deal with upcoming balloon payments for Connecticut’s teacher retirement fund without burdening cities and towns.
Connecticut’s annual contribution to its Teachers’ Retirement System is about $1.3 billion a year. It could grow to $6.2 billion by 2032, because of years of underfunding. It would drop after that.
Lamont plans to restructure the payments.
“We are going to be able to get that smoothed out over a period of time. Right now the state is facing an incredible cliff on the teacher’s pension fund. We got some work to do. We’re negotiating that. We are going to take care of that.”
Lamont says he doesn’t want cities and towns to shoulder the cost.
“The smoothing has not got anything to do with our deal with the municipalities. We are going to be able to do that regardless.”
Former Governor Dannel Malloy had been unsuccessful in his attempt to get some towns to share the burden for their teacher pensions.
