Senator Kissel Co-Sponsoring Legislation to Fully Fund Teachers’ Pension Plan

March 1, 2006

Resolution Would Amend State Constitution to Require Annual Contribution to Retirement Fund

State Senator John A. Kissel (R-Enfield) is co-sponsoring a Senate Resolution that would require the state to make adequate annual contributions to the state’s teacher retirement fund, which currently is facing an estimated $5 billion unfunded liability. Senate Resolution #3 would amend Connecticut’s State Constitution to require the General Assembly to provide yearly contributions in an amount certified by the Teachers’ Retirement Board.

“It is very important for the state to honor its promises to our teachers and keep their retirement fund solvent. By requiring the legislature to properly fund the retirement system each year, Connecticut’s teachers will know their retirements are secure,” said Senator Kissel. “The $5 billion liability amounts to about 33% of our yearly state budget, so we need to consistently fund the plan each year to keep it solvent in the long term.”

If Resolution #3 passes both chambers by a three-fourths margin, it would come before state voters in a November referendum.

“Connecticut public school teachers rely on state retirement programs for their pensions, rather than taking part in the federal government’s Social Security system,” explained Senator Kissel. “They provide an extremely valuable service to our state and local communities so as a legislature we have an obligation to ensure that their pensions are secure.”

Senator Kissel is a Deputy Minority Leader and the Ranking Senator on the Judiciary Committee. He represents the seventh district communities of East Granby, Enfield, Granby, Somers, Suffield, Windsor, and Windsor Locks.