| State
Senator David J. Cappiello (R-Danbury) today will testify
in front of the Government Administration and Elections Committee
(GAE) in favor of a bill that would amend the eighth article
of the Connecticut Constitution and require that the state
fund the Teachers’ Retirement System at 100% each year.
Since the birth of the Fund, it has been funded in its entirety
only once.
“This
is the second straight legislative session that I have made
this issue one of my top priorities. Last year, I proposed
similar legislation, but the chairs of the Appropriations
Committee chose not to raise the bill for a public hearing,”
said Senator Cappiello. “Teachers are one of our state’s
most valuable resources and passing a constitutional amendment
will ensure that their fund remains strong and solvent each
and every year.”
Senator Cappiello
pointed out that if the legislature fails to act now, the
financial effects would be felt not only by teachers but
by all citizens throughout the state.
“This
is an issue that needs immediate attention. If we do not
act now, future legislatures will be forced to either strip
benefits away from both working and retired teachers because
the state will not be able to afford them or drastically
raise taxes in order to cover the cost of maintaining these
benefits,” he explained.
The Senator
also addressed the unfunded liability that has resulted
from the years of the legislature under funding the Teacher’s
Retirement Package.
“The unfunded liability is now at a staggering $5
billion. With that in mind, I have also asked that language
be included in this bill requiring that funds from any budget
surplus be put towards the unfunded liability in the Teacher’s
Retirement System.”
Today’s
GAE Committee public hearing will be held at 10 AM in Room
1D of the Legislative Office Building. |
