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Sunday, September 22, 2024

Connecticut reports $4.4 million in public pension contributions

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As of June 2020, Connecticut had received $4.4 million in contributions to its public pension funds, according to data obtained from the U.S. Census Bureau’s Annual Survey of Public Pensions.

Of that amount, $3.8 million was in state pension funds, and the remaining $627,245 was in local government pension funds.

The survey includes public pensions sponsored by local and state government entities with employees who are compensated with public funds. The local governments include counties, townships, school districts and special districts.

The data gathered includes revenues, expenditures, financial assets, membership and liabilities information.

Residents in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not pay state income taxes.

The Census Bureau cautions that not all respondents answer all survey questions. Thus, some fields were left blank.

Connecticut reported data from 208 pension systems, including six state-level pension funds and 202 local-level systems. The total number of pension system members was 291,674 (226,266 at the state level and 65,408 at the local level).

Contributions to Connecticut's public pension funds
LocalStateLocal & State
Employee contributions$105,433$822,779$928,212
Government contributions$521,811$2,987,790$3,509,602
Total Contributions$627,245$3,810,569$4,437,814
Source: US Census Bureau

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