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CT Saves $18B by Paying Down Pension Debt
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Connecticut officials recently announced a significant financial move, paying down ten billion dollars in pension debt over the past six years, expected to save taxpayers eighteen billion dollars over the next two decades. This is largely due to the states fiscal guardrails enacted in two thousand seventeen. The latest payment of nearly one point five billion dollars is freeing up eight hundred fifty-seven million dollars, which could potentially be used for other state purposes. Comptroller Sean Scanlon emphasized the importance of this debt reduction, comparing unfunded pension liabilities to credit card debt for a family. The state has been fully funding its annual pension contributions since two thousand eleven. Treasurer Russell directed funds to the State Employees Retirement Fund and the Teachers Retirement Fund, leading to a decrease in their unfunded liabilities. However, Governor Lamont cautioned legislators about spending the eight hundred fifty-seven million dollars on ongoing long-term expenses.
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