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The State Budget and Structural Reform, Part 3: Reining In the Cost of Connecticut’s Pensions and Other Post-Employment Benefits

Connecticut, like many states, faces the worst fiscal crisis in a generation: managing the cost of retired state employee pensions and benefits. The funding crisis for pensions and other post-employment benefits (OPEB) is particularly burdensome for Connecticut as it struggles to manage a $47.2 billion unfunded obligation to retiring state employees. Connecticut must use all means at its disposal to reduce its liability while maintaining a fair level of benefits for Connecticut state retirees and current employees.

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