Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Funding Actuarial topic
No spam. Unsubscribe anytime.
CT Paid Leave trust fund at $633.1M; projected to about $623.4M by year end
Summary
The authority’s actuarial presenter said the net fund balance was $633.1 million (incurred basis) for July 2025–March 2026; two of three funding metrics are met and a full‑year projection shows a decrease to about $623.4 million driven by higher reserves and incurred claims.
Herrena, presenting the actuarial quarterly report, said the Connecticut Paid Leave Authority’s net fund balance on an incurred basis stood at $633.1 million for the July 2025–March 2026 period and compared that with the prior projection of $633.8 million.
"Overall the net activity is 5.8 million," Herrena said, noting contributions of $375.1 million, investment income of $17.9 million and higher incurred claims tied to an increase in open and pending claims. She said paid claims were close to projection but reserves rose to reflect more open cases.
The actuarial projection for the full fiscal year shows a fund balance of about $623.4 million, with an expected net activity of negative $15.5 million. Herrena said two of the authority’s three funding metrics are met; the third is slightly above the target at about 0.549:1 versus a 0.50:1 guideline.
Board members asked clarifying questions but did not object to the presentation. The board did not take formal fiscal policy action at the meeting; staff will continue monitoring claim reserves and provide further updates in regular quarterly reports.
Why it matters: the figures drive how the authority assesses long‑term solvency and contribution settings. A higher reserve and more open claims pushed incurred claims up in the quarter even as contributions and investment income partially offset cost pressures.
What’s next: staff will continue quarterly actuarial monitoring and report further detail on reserve drivers and projections at future meetings.
