Sen. Fasano Statement on Payment to Reduce the State’s Unfunded Pension Liability

Senate Republican Leader Len Fasano (R-North Haven) released the following statement regarding today’s announcement that the state will be directing $61.6 million in surplus funds in the Budget Reserve Fund to reduce the state’s unfunded pension liability. This payment is required under bipartisan legislation passed in 2017 that has also resulted in historic growth in the Budget Reserve Fund.

“Today’s good news is a direct result of the policies Republicans have long advocated for and worked together with Democrat lawmakers to include in the historic bipartisan budget approved in 2017, long before Gov. Lamont and his administration were in power. Republicans fought for years for policies to cap our spending and borrowing and direct more funds toward unfunded debt. The bipartisan budget crafted in 2017 implemented those policies and mandated that the Treasurer make these payments today. That bipartisanship was historic and shows what happens when equal power and partnership guides policy discussions. I thank my legislative colleagues on both sides of the aisle for achieving this significant step forward together.”