Press Releases
10/16/2017
Gov. Malloy Releases Actuarial Analysis of Prospective Pension Changes
(HARTFORD, CT) – Governor Dannel P. Malloy today responded to a memo from OPM Secretary Ben Barnes regarding an independent actuarial analysis that was produced by Cavanaugh Macdonald Consulting, LLC:
“We already knew that the illegal pension scheme proposed in the Republican budget would lead to a lengthy legal battle and eventually cost Connecticut taxpayers billions of dollars,” Governor Malloy said. “Now, thanks to this analysis, we also know that even a more modest prospective change for employees who are still unvested in 2027 would offer almost no savings at all to the state in the current biennium.
“I hope this new information is useful to legislative leaders as they work to send a responsible and balanced budget to my desk. I’m hopeful they will not remake the very mistakes of our past that put Connecticut in its current financial predicament. No one wants to lose on a billion dollar gamble, especially when the bill would be paid by our constituents, their children, and their grandchildren.
“The clear, responsible path is to continue fully funding our pension obligations, as I have done along with Democrats in the legislature for the past six years.”
**Download: Actuarial analysis of 2027 change to exclude overtime from SERS pensions- Twitter: @GovMalloyOffice
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