Lembo pitches pension solution

HARTFORD, Conn. – State Comptroller Kevin Lembo thinks he’s found a solution to Connecticut’s unfunded pension woes.

Lembo worked with actuaries and pension experts to analyze various reforms to funding the state employee retirement system and he presented his findings Thursday in a report to the governor, state treasurer, and labor unions.

If the state does nothing, the actuarially required amount the state must contribute to the fund will continue to increase to more than $2.5 billion a year leading up to 2032.

The unfunded liability was built as the state deferred payments into the fund and offered early retirement incentives over a 20-year period. Policymakers seem to agree something needs to be done now before pension funding crowds out everything else in the annual $20 billion state budget.

See the complete story at CT News Junkie.