Governor Dannel P. Malloy - Archive

photo of Governor Dannel P. Malloy

This is the archived website of former Governor Dannel P. Malloy. These pages are being preserved by the State of Connecticut for historical purposes.

Press Releases

Governor Malloy Press Release Masthead
October 31, 2014
GOV. MALLOY: STATE'S LONG-TERM DEBT FOR TEACHERS' PENSIONS CUT BY $325 MILLION OVER LAST TWO YEARS
(HARTFORD, CT) - Governor Dannel P. Malloy today announced that the state's long-term debt for teachers' pensions was cut by $325 million over the last two years, according to a newly released report from Connecticut Teachers' Retirement Board.
"From day one, we've made tackling the state's long-term obligations in a sensible way a priority," Governor Malloy said. "While there's more work to do, we are making progress with cutting nearly $12 billion out of our long-term debt. Our actions, together with the Treasurer's investment strategy, are putting us on the path to get these obligations under control."
The report shows the Teachers' Retirement Pension System has made notable improvements since 2012:
  • The funded ratio, the amount of assets available to cover liabilities, reached 59% this year - an increase of 3.8% from 2012 - while the actuarial value of assets increased $1.8 billion over the two years covered by the report.
  • The pension's unfunded liability decreased by $325 million.
  • Other Postemployment Benefits (OPEB) liability for retired teachers decreased from $3 billion to $2.4 billion. This decrease is the result of pharmacy plan savings and overall plan management.
"This level of growth is due to Governor Malloy's ongoing commitment to fully fund our pension commitments as well as the solid investments made by Treasurer Denise Nappier," OPM Secretary Benjamin Barnes said. "There is more work to be done, but this report shows that promises are being kept and Connecticut is heading in the right direction."
This year's valuation also complies with new GAAP rules intended to allow better comparisons between pension funds in different jurisdictions by requiring more uniform actuarial assumptions. Under this "GASB 67" valuation, the Teachers' Retirement System is funded at 60%.
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For Immediate Release: October 31, 2014
Contact: David Bednarz
Office of Governor Dannel P. Malloy
David.Bednarz@ct.gov
860-524-7315 (office)
860-770-9792 (cell)
Contact: Gian Carl-Casa
Office of Policy and Management
GianCarl.Casa@ct.gov
860-418-6362 (office)
860-478-1756 (cell)
Twitter: @GovMalloyOffice
Facebook: Office of Governor Dannel P. Malloy