Connecticut 2019 Regular Session

Connecticut House Bill HB07118

Introduced
2/14/19  
Introduced
2/14/19  
Refer
2/14/19  

Caption

An Act Funding The Unfunded Pension Liability Portion Of The Fringe Benefit Cost For Certain Employees Of The Constituent Units Of The State System Of Higher Education.

Impact

The implementation of HB 07118 is expected to have significant implications for state laws governing pension funding, particularly those related to the higher education sector. By securing funding specifically for unfunded liabilities, the bill aims to alleviate the financial strain that these obligations place on individual institutions within the state system. This proactive approach may contribute to enhanced financial stability and trust in the state's commitment to honor pension obligations for employees, which could, in turn, improve recruitment and retention of staff in higher education frameworks.

Summary

House Bill 07118 addresses funding the unfunded pension liability portion of fringe benefit costs for certain employees of the state system of higher education. Specifically, the bill mandates that the Comptroller will allocate funds from resources appropriated for fringe benefits to cover these unfunded liabilities. This measure seeks to ensure that employees compensated through sources other than the General Fund receive adequate funding for their pension obligations, thereby safeguarding their financial futures as part of the state’s commitment to its workforce.

Sentiment

Discussions surrounding HB 07118 reflect a generally supportive sentiment towards addressing the pension funding gap, though some concerns were expressed regarding the sustainability of the funding model. Proponents argue that the bill represents a necessary step in correcting past underfunding issues and showcases the state's commitment to its employees. Critics, however, raise questions about the long-term viability of funding mechanisms and the implications for the state budget if pension liabilities continue to grow unchecked.

Contention

Key points of contention regarding HB 07118 focus on the adequacy of the funding sources designated to cover these pension liabilities. While advocates emphasize the need to address underfunded pensions, they face opposition from those who argue that simply reallocating funds may not sufficiently address the larger systemic issues underlying these liabilities. The debate highlights broader concerns over fiscal responsibility and the balance required to maintain robust funding for higher education without compromising other state services.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05515

An Act Establishing The Municipal Employees Retirement Commission And Concerning The Municipal Employees' Retirement System.

CT HB05341

An Act Requiring Reporting Of Projected And Actual Revenues And Expenditures At Public Institutions Of Higher Education.

CT HB05363

An Act Concerning The Planning Commission For Higher Education.

CT HB05362

An Act Defining Connecticut Institution Of Higher Education And Out-of-state Institution Of Higher Education For The Purposes Of The State Authorization Reciprocity Agreement.

CT HB05048

An Act Adjusting The State Budget For The Biennium Ending June 30, 2025.

CT SB00377

An Act Concerning The Teachers' Retirement Board's Recommendations For Changes To The Teachers' Retirement System Statutes.

CT SB00236

An Act Concerning A Fee Waiver At Public Institutions Of Higher Education For Certain Veterans And Members Of The National Guard.

CT SB00331

An Act Concerning State Marshals' Health Benefits.

CT SB00328

An Act Concerning Permanent Partial Disability Benefits And Pension Offsets.

CT SB00304

An Act Implementing The Recommendations Of The Connecticut Higher Education Supplemental Loan Authority.

Similar Bills

No similar bills found.