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Pension Funding Agreement Approved

Feb. 1, 2017 - The Connecticut General Assembly today approved HR8/SR7, the resolutions supporting the state pension funding stabilization agreement between the State of Connecticut and the State Employees Bargaining Agent Coalition (SEBAC).

(Click here for background on the pension funding agreement.)

The House voted for the measure 76-72. The Senate then voted 18-17, with Lt. Governor Nancy Wyman casting the tie-breaking vote.

Legislative Republicans tried to delay a vote because they wanted $200 million in state worker concessions tacked onto the agreement.

Council 4 Executive Director Sal Luciano told reporters at the State Capitol that killing the agreement, which restructures the financing of the unfunded pension liability, would immediately add an additional $500 million to the state deficit. Luciano, who sits as a Labor Represenative on the State Employee Retirement Commission, noted the agreement will have immediate impact because it lowers the anticipated rate of investment return from 8% to 6.9%.

Many Council 4 members, retirees and staff were on hand for the vote, and also generated hundreds of calls to legislators prior to the vote. "Retirement security is a major concern for us," said State Correctional Officer David Caron, who is the Vice President of AFSCME Local 391. "We're state workers but we're taxpayers, too."

L-R: Edwin Kay (Local 391), Leighton Vanderburgh (Local 1565), Dave Caron (Local 391) and Council 4 Lobbyist Brian Anderson.

Caron and other correctional officers took time off to lobby legislators and watch the proceedings. "Legislators need to hear us and see us," he said. "They're making decisions that impact our lives and our futures. Working folks need to have a presence in the political process."

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