CT braces for impact of market downturn on pension reserves
Jul. 25—As Connecticut continues to chip away at a state debt load among the highest in the country — the outcome of setting aside too little money for pensions and retiree health plans — states nationally could see their debts balloon this year as a result of the swooning stock markets, according to a new study.
The advocacy nonprofit
Last Wednesday, the administration of Gov.
As of the 2021 fiscal year,
At the other end of the table,
Earlier this month, Lamont said he was bracing for the impact of the market decline on
Lamont said the state's "rainy day" fund, now at its
"Over the last 30 years are fixed costs have been growing, accelerating, eating up more and more of the operating expenses," Lamont said during a
Lamont said the state has focused during his three years in office on paying down pension obligations, having shaved
Fitch Ratings gave an "AA-" rating in May to
"The state has consistently demonstrated the ability to cover its comparatively high fixed costs, including making full actuarial contributions to pensions," Fitch analysts wrote in their May assessment. "The state's long-term liability burden is elevated and among the highest for
Includes prior reporting by
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224593 JOSHUA WHITEHURST
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