Connecticut’s pension problems are over a hundred years old. The Teachers’ Retirement System goes back as far as 1917, and at the time, years before the Great Depression, there was no incentive to pre-fund the program. From that day forward, the state of Connecticut has carried a burden into the future that has been postponed time and again; and it is a bill that someone is going to have to pay.
People familiar with the pension systems know their current funding situation. According to a presentation by Secretary of the Office of Policy and Management, the State Employees’ Retirement System is funded at 36.9 percent, the Teachers’ Retirement System is funded at 56 percent, and the Judges’ Retirement System is funded at 48.4 percent.