Senate Candidates Debate Best Way to Address State’s Pension Fund Deficit

Candidates for the 26th and 36th State Senate Districts discussed how best to address Connecticut’s $100 million-plus pension fund deficit, which has been called one of the worst in the country, during a lively debate hosted by the New Canaan League of Women Voters Monday at Town Hall. “Our pension unfunded liabilities have more than doubled, from 87% of assets to 200% of assets, in 10 years,” explained Republican incumbent Sen. Toni Boucher, who seeks another term representing the 26th Senate District, before a packed house. “We’re putting ourselves a great risk. This [pension fund deficit] is something that is talked about in Wall Street and in the ratings agencies all the time.”

Finding a workable solution that is amenable to politicians on both side of the aisle, however, is “not going to be easy,” Boucher said. She said Governor Dannel Malloy’s recent decision to refinance the state’s unfunded pension obligations out another 30 years is “only going to exacerbate our problem” by “adding $11 billion in costs for taxpayers and future generations.”

“This is wrong – and [Gov. Malloy] did it without even adjusting and phasing-in a 401K plan to replace the defined benefit plan,” said Boucher, who serves as a Chief Deputy Senate Republican Majority Leader and is co-chair of the House Education and Transportation committees, as well as vice-chair of the Banking and Finance, Revenue and Bonding committees.

Candidates Discuss State’s Fiscal Woes During LWV Debate

Connecticut’s worsening fiscal crisis, preserving state aid for public education and how to fund critical transportation infrastructure projects were among the tough topics tackled by candidates for the state House of Representatives during a well-attended debate hosted by the New Canaan League of Women Voters at Town Hall Monday. One thing that was clear from the debate is that Connecticut is in rough shape fiscally and that it’s going to take time and hard work to get things back on track. Tom O’Dea, a three-term Republican incumbent and New Canaan resident representing the 125th District, which includes parts of Wilton and New Canaan, defended his seat against Democratic challenger Ross Tartell, a Wilton resident and independent consultant who previously worked at GE Capital and Pfizer, and who also currently serves as a college professor at Teachers College, Columbia University. 

Meanwhile, Fred Wilms, a Norwalk resident and three-term Republican incumbent representing the 142nd District, which includes parts of Norwalk and New Canaan, defended his chair from Democrat and political newcomer Lucy Dathan, a New Canaan resident with a professional background in finance. The event, which also included a debate between the candidates for State Senate, was moderated by New Canaan resident and former LWV president Kate Hurlock. When asked what new revenue streams he would suggest to make Connecticut more fiscally sound, O’Dea, who serves on the legislature’s transportation committee, as well as the judiciary, legislative management and regulation review committee committees, said, “We don’t need more revenue streams. We have a $20 billion per year budget, and it should be $17 billion.