James P. Torgerson, President and CEO UIL Holdings ... - CBIA

STATE OF BUSINESSPublic Employee Plan Funding Connecticut’s unfunded Pension and Medical liability is $41.878billion. This represents a liability of $17,480 for every voting age citizenin Connecticut.Our total annual required contribution (ARC) to the pension andmedical plans is $2.968 billion per year or 12% of current state budget.Our review identified 19 broadly defined actions that are best practicesand can be considered in CT. For Connecticut, there is no explicit constitutional protection for publicpension benefits. Statutory protection exists for vested employees whosatisfy eligibility requirements by becoming eligible to receive benefits.25CBIA – May 2011