Administration January 20, 2009

CT Town Sees $182M Pension Loss

January 20, 2009 (PLANSPONSOR.com) - Taxpayers in Stamford, Connecticut, will have to ante up more in coming years to pay for the city's employee pension programs after market losses wiped out $182 million from the funds.
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A Stamford Advocate news report said the city’s four retirement funds collectively lost $62.5 million since September. Overall, the pensions lost nearly 30% of their value since June 2007.

According to the Advocate, union contracts require the city to fully fund the pensions, which cover firefighters, police, custodians, and all other workers, known as classified employees. Union leaders said the numbers are worrisome but they are confident the pensions will recover over the long term.

“Our pension board has always been ahead of the game and I think they’re weathering the storm as best they can,” Police Union President Sgt. Joseph Kennedy told the newspaper. “Everybody just has to remain calm until we pull out of this.”

Mayor Dannel Malloy told the paper that the city’s actuary will determine in the spring how much the city must pay in the coming year.

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