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CT Paid Leave Authority keeps 2026 contribution rate at 0.5% after fund projections show long‑term shortfall
Summary
After a Spring Group presentation showing a projected 10‑year fund shortfall under baseline assumptions, the CT Paid Leave Authority voted to keep the 2026 contribution rate at the statutory cap of 0.5%; several board members requested a further review of operational expenses before any future rate request to the legislature.
The CT Paid Leave Authority on Sept. 11 voted to set the 2026 contribution rate at 0.5%, the statutory cap, after staff presented quarterly results and a multi‑scenario sensitivity analysis that illustrated potential long‑term deficits.
Harindra (Spring Group) presented the authority's FY25 year‑end position and 10‑year projections. He reported a FY25 ending fund balance of $641,000,000 and a baseline projected 10‑year net activity of approximately −$258,600,000 under the models presented. Staff calculated a 10‑year target reserve of roughly $761,900,000 based on assumptions the board previously adopted (including a 10% reduction in contributions over three years and a…
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