Connecticut Governor Ned Lamont has reached a deal with state employee unions to restructure the payments into their pensions. It helps balance the state’s two-year budget that took effect this month.
Lamont had been criticized by Republicans for signing the state budget without the agreement in place.
They claim that violated the state’s constitutional requirement for a balanced budget.
The agreement with the State Employees Bargaining Agent Coalition would refinance Connecticut’s liability for state employee pensions.
That would save the state’s general fund up to $121 million a year through 2032.
It would also save the Special Transportation Fund about $35 million over the next two fiscal years.
Lamont says he will submit the agreement to the General Assembly for approval.