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Dan Malloy on Social Security

 

 


78% of our state pension fund is making up for past mistakes

Our pension systems for Connecticut's state workers, educators, and retirees were created 80 years ago, but not a single dime was deposited into the account during the first 30 years of its existence. It was a pay-as-you-go system. Over many decades, legacy costs, insufficient contributions, lower-than-assumed returns, and early retirement packages left us with a significant unfunded liability in the state's employee & teacher retirement systems. The stark reality is that, after 80 years, the state has set aside only 1/3 of the money necessary to responsibly fund its obligations.

Let me put it in context. Of the $1.65 billion that we will pay next year into the state retirement systems, 78% of that--or nearly $1.3 billion--is what we're paying to make-up for what past administrations and past legislatures failed to do. Simply put, our generation is paying for Connecticut's past mistakes. Is it frustrating to do that? Of course. Is it necessary? Absolutely. It's also the right thing to do.

Source: 2017 State of the State address to Connecticut Legislature , Jan 4, 2017

Restructure pension benefits to address chronic underfunding

Restructure pension benefits to address chronic underfunding After years of underfunding our pensions, a $4.5 billion payment would have been required in the year 2032. It would not have been possible.

We restructured our payments to reverse years of chronic underfunding. We're saving Connecticut taxpayers

Source: 2013 Connecticut State of the State address , Jan 9, 2013

Other governors on Social Security: Dan Malloy on other issues:
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Bob Stefanowski
Danny Drew
David Walker
Joe Visconti
Mark Lauretti
Ned Lamont
Peter Lumaj
Prasad Srinivasan
Tom Foley
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Ann-Marie Adams
August Wolf
Chris Murphy
Dan Carter
Jack Orchulli
Matthew Corey
Richard Blumenthal
Tom Foley
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CA Recall:
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KY: Incumbent Andy Beshear(D)
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vs.Senator Rand Paul(? R)
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LA: Incumbent John Bel Edwards(D,term-limited)
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MS: Incumbent Tate Reeves(R)
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Gubernatorial Debates 2022:
AK: Incumbent Mike Dunleavy(R)
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vs.State Rep. Chris Kurka(R)
AL: Incumbent Kay Ivey(R)
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AR: Incumbent Asa Hutchinson(R,term-limited)
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Mayor Marco Lopez(D)
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Page last updated: May 04, 2022