Bolinsky Opposes Refinanced Pension Agreement
Hartford – State Representative Mitch Bolinsky (R-Newtown) opposed a state employees’ pension refinancing agreement, Wednesday, February 1, 2017 during the House Session. Originally represented as creating interim savings on the state’s unfunded pension liabilities, an actuarial analysis actually revealed that the deal not only provides no savings over the term of the agreement, it actually lays an additional $11 Billion burden on Connecticut taxpayers over the lifetime of the new agreement.
“This refinance agreement merely transfers the financial burden of the state’s unfunded pension liability to Connecticut’s next generation,” explained Rep. Bolinsky, member of the state legislature’s Appropriations Committee. “In addition to the bad news of putting an additional $11 Billion burden on Connecticut’s current and next generation taxpayers, it also contains none of the critical structural reforms needed to avoid repeatedly descending back into our own fiscal quicksand. It’s time to get serious about paying the piper and modifying the financial practices that led us to this crisis. Pushing today’s liabilities off will only work if we concurrently stop accumulating significant future financial liabilities from our state pension plans.”
Bolinsky, along with his Republican colleagues, urged the legislature to re-visit the deal, honoring all past commitments but making go-forward, long-term changes to assure Connecticut is operated in a sustainable way. “As this agreement does nothing to stop Connecticut from accumulating additional future unfunded pension liabilities, I feel strongly that the legislature has a responsibility to Connecticut taxpayers to reconsider the entire agreement and create one that provides the needed protections to break out of the status quo and stop accumulating more and more future debt. Interestingly, I supported the measure when it came before the Appropriations Committee two weeks ago,” stated Bolinsky. “I agree that we need to address our unfunded pension liabilities. I support their pay-down, sooner than later. But, this is not a one-dimensional problem and we owe it to every Connecticut resident to address the structural changes and crate a 3-dimentional, permanent solution that leaves the status quo in the dust.”
The measure was passed by a final vote of 76 – 72. It now heads to the Senate Floor for further action.
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