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Tuesday, January 15, 2013

State Pension Fund Hits 24-Year Low as Repair Plan Begins

By Keith M. Phaneuf

www.ctmirror.org

The state employee pension system fell to a 24-year-low this fiscal year as investment losses and more conservative projections for future earnings left the fund with enough assets to cover just 42 percent of its obligations, according to a new report.

According to the latest actuarial valuation, prepared by Cavanaugh Macdonald Consulting of Kennesaw, Ga., the fund had $9.74 billion in assets and $23 billion in obligations for a funded ratio of 42.3 percent.

Analysts typically cite a ratio between 70 and 80 percent as fiscally healthy.

The cash-starved fund likely will begin to improve now that it has entered a new restoration program launched by Gov. Dannel P. Malloy, the governor’s budget chief said today. The system is expected to receive a dramatic infusion of cash—almost $210 million in additional funding—under the next state budget the governor will propose on Feb. 6.

Click here for more of story

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