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Pension Funds

Connecticut pension commission heads into overtime to solve funding crisis

Connecticut Capitol, Hartford

Connecticut's Pension Sustainability Commission is working past its initial deadline to fulfill its mandate to address the state's pension crisis, said state Rep. Jonathan Steinberg, D-Westport, who chairs the 13-member commission.

Mr. Steinberg said that he expects the commission to be open for only "another month or two."

"We're just trying to complete as much of our mission mandate as possible," he added.

The commission was first established in October 2017 but didn't convene for the first time until July, resulting in the need to extend its work past the original statutory deadline.

The commission was established to "study the feasibility of placing state capital assets in a trust and maximizing those assets for the sole benefit of the state pension system," said the description on the state general assembly's website. It is looking to explore the legitimacy of a legacy obligation trust as a means of mitigating the unfunded liability of Connecticut's $34 billion Retirement Plans & Trust Funds, Hartford.

The commission is also looking into the viability of either selling or leasing state-owned properties not currently being used for government functions as a means to provide the state's pensions with additional cash or revenue streams.

"We're going to do the best job we can to provide guidance to legislation," Mr. Steinberg said. "Connecticut is going to get its house in order. It's long overdue. We're addressing this problem."