OPM: Municipal Retirement Systems Task Force

Municipal Retirement Systems Task Force
 


Program Description

Section 10 (a) of Public Act 96-245, established the Task Force to Study the Funding Practices Used to Finance Municipal Retirement Systems. The Task Force had its organizational meeting on September 5, 1996. It established its charge, as dictated by language in the statute, as follows:

  1. Determine and study the funding practices, investment practices and actuarial valuation methods used to finance municipal retirements systems;
  2. Determine and study any state policies having an impact upon the fiscal integrity of such systems;
  3. Research and identify any innovative and fiscally sound practices used to mitigate unfunded pension liabilities;
  4. Issue a written report on the findings of the Task Force, including any State statutory and administrative changes recommended to improve the funding practices used to finance municipal retirement systems in Connecticut.

In Connecticut, the establishment, governance and funding of pension plans is left to the individual municipality to determine. There are no Federal or State requirements that affect municipal pension funds other than the requirement that the entity issue financial statements prepared in accordance with Generally Accepted Accounting Principals (GAAP).

The creation of the Task Force was prompted by growing concern of several legislators and of the Office of Policy and Management over the increasing unfunded pension liabilities of Connecticut municipalities. The legislation was an attempt to acknowledge this situation, analyze collected data and  seek possible methods of addressing this concern.

The final report of the Task Force was submitted to the General Assembly on April 2, 1997 and is available.

 

For Further Information, Contact:
David LeVasseur: phone (860) 418-6484 - fax (860) 418-6493 - e-mail  david.levasseur@ct.gov

 




Content Last Modified on 7/12/2007 11:07:20 AM