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Paid Leave board hears actuarial update: fund balance of $633.1M, year-end projection near $623.4M
Summary
Actuarial and finance presenters told the Connecticut Paid Leave board on June 11 that the trust’s incurred-basis fund balance is $633.1 million and the updated year‑end projection reduces it to roughly $623.4 million; staff said two of three funding metrics meet targets and the third is slightly above target.
The Connecticut Paid Leave Board of Directors was told on June 11 that the program’s incurred-basis ending fund balance is $633,100,000 and that an updated full‑year projection lowers the fund to about $623,400,000 by the end of the fiscal year.
“Overall, the ending fund balance is sitting at 633,100,000,” the actuarial presenter stated during the quarterly results briefing, noting those figures are net of outstanding contributions and outstanding claims payments and are on an incurred basis. The presenter said net activity for the quarter was $5.8 million and pointed to an increase in reserves because of more open and pending claims.
The presenter also described the program’s three funding metrics and said two meet targets; the third metric was reported at about 0.549 to 1, slightly above the 0.5 to 1 target. The actuarial slides showed contributions, investment income and increased reserves as the main drivers of the present position.
Finance staff reviewed recent month and quarter results and offered a year‑end projection. “As of the end of the fiscal year, June 30, we estimate the trust fund to have just under $572,000,000 in it,” the finance presenter said, describing how higher benefit payments and timing of contributions affect projections.
The finance briefing noted quarter contributions of $150.7 million, of which roughly half of the year‑over‑year increase was attributable to a newly covered population of noncertified school employees who started contributing in October 2025; the remainder reflected wage and contribution growth. The finance presenter said net operating activity and bond spending remain within expectation, with bond funds used this month for a website redesign.
Board members did not take any formal action on the reports but asked staff for additional analysis in coming months, including more granular contributor counts and the components driving reserve increases. The board moved on to the claims administration presentation and other agenda items after the update.
