The Center for Retirement Research at Boston College has determined three major Connecticut cities are among the top 20 for highest pension liabilities. The survey looked at 173 major cities across the United States.
New Haven has an unfunded actuarial accrued liability (UAAL) of $505 million and a UAAL relative to own-source revenue, which measures the city’s pension funding without state aid factored in, of 173 percent. The national average is 86 percent. That ranks New Haven 14th.
The center said in a statement new accounting provisions – GASB 68 – require localities in state cost-sharing plans to report their share of the plan’s unfunded liability on their books. This change severely increases the unfunded liabilities of the affected cities, though the state’s unfunded liabilities drop by a corresponding amount.
New Haven is followed closely by New Britain, which has a UAAL of $254 million. Its UAAL relative to own-source revenue is 167 percent, which gives it a ranking of 15th.
Hartford has a UAAL of $526 million. Its UAAL relative to own-source revenue is 159 percent, which ranks it 18th.
The other Connecticut city to make the list was Bridgeport. It is ranked 60th with a UAAL of $252 million. Its UAAL relative to own-source revenue is 78 percent, which ranks it 60th.
