Liabilities Grow (Much) Faster Than Assets for Connecticut Pension System

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Liabilities Grow (Much) Faster Than Assets for Connecticut Pension System
tpsdave / Pixabay

According to the state’s Office of Fiscal Analysis, Connecticut’s Unfunded Liabilities has risen faster than assets for the state of Connecticut. The report explains that between June 2010 and June2016, the state’s liabilities increased a total of 53% to $32.3 billion, from $21.1 billion. And its unfunded liabilities grew an astounding 73% to 20.4 billion, from 11.8 billion. Meanwhile, during those same six years assets increased only 28% to $11.9 billion in 2016 from $9.3 billion in 2010.

This is at the heels of another revelation in May by the Hoover Institution’s publication “Hidden Debt, Hidden Deficits: 2017 Edition” which states that state treasuries have underestimating the true cost of their pension debt by billions of dollars.

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