By Keith M. Phaneuf
Just as Gov. Dannel P. Malloy’s plan to bolster the state’s cash-starved employee pension fund kicks in, a leading Wall Street credit-rating agency is posing a new way to test the pension system’s fiscal health.
Moody’s Investors Service has proposed a new methodology that would offer a much grimmer assessment of public employee pension plans in Connecticut, many other states, and most municipalities.
But officials here, who have until Sept. 30 to comment on Moody’s proposal, expressed confidence in the direction state pensions are heading.
And the head of Connecticut’s chief municipal lobby said cities and towns long have been aware of the challenges they face to maintain their pension programs, adding their fate will hinge on how well state officials preserve municipal aid and help control property taxes.
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