Senator Frantz Appalled by Approved Pension Agreement

February 2, 2017

State Senator L. Scott Frantz (R-Greenwich) today released the following statement regarding the State Employee Bargaining Agency Coalition (SEBAC) Pension Refinancing Agreement that was approved today in the General Assembly.

“I am extremely disappointed that this deal has passed in the General Assembly,” said Sen. Frantz. “This saddles our children, grandchildren and future generations with 11 billion dollars in new burdens and does nothing to fix the underlying drivers of the state’s pension problems, which include unsustainable employee benefits.”

Essentially, we have been rushed into approving this deal without ample time to fully vet other potential solutions or review accurate data. This deal perpetuates what has been done in the past and is precisely how we got to into this mess in the first place.”

The State Senate today approved the pension deal with a vote of 18 to 17 and the House of Representatives approved the pension deal 76 to 72.

“While a flattened payment of $2.5 billion beginning in 2025 may sound more attractive than the threat of a worst-case scenario payment of $6 billion, it does not mean it is affordable or even remotely sustainable. Instead, we should be examining ways to reduce the payment further,” said Sen. Frantz.

State Senator L. Scott Frantz currently serves as the Co-Chair of the Commerce Committee and the Co-Chair of the Finance, Revenue and Bonding Committee.