Connecticut’s Highest-Paid Retiree Made $400K in 2025 — Full Pension List

Connecticut’s spending on pensions for retired state workers and their survivors has hit record highs. The article looks at how the State Employees Retirement System (SERS) pays these benefits, and what all these numbers mean for the state budget and local communities—from Hartford to Greenwich.

There’s also the funding gap to consider, plus what’s being done to shrink it. Folks in towns like New Haven, Stamford, and Waterbury might want to know what these long-term costs could mean for them down the line.

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Record pension spending and the state budget

State pension costs soared to a record $2.75 billion in fiscal 2025. That’s about $500 million more than last year, and over $1 billion higher than in 2015.

If you add retiree state employee health care, which cost another $737.9 million, retiree costs made up about 13% of Connecticut’s $26 billion 2025 budget. Cities like Hartford, New Haven, and Stamford have to factor these numbers in as they plan services and work on debt reduction.

The state’s budget depends on how many retirees get benefits, how many current employees pay in, and how the pension fund’s investments perform. This trickles down to local school districts in places like Bridgeport, Middletown, and Bristol, since they need to line up their own costs with what the state expects for pension funding and health care subsidies.

SERS benefits: who’s getting paid and how much

In 2025, SERS paid benefits to 57,650 retirees and beneficiaries. Another 3,780 former employees had earned benefits but weren’t collecting them yet.

As of June 30, 2025, there were 49,360 active SERS members, and almost 24,320 were vested. By mid-2026, the Comptroller’s office reported 61,179 retirees receiving pension payments.

Pension money gets spread all over the state. About 51,860 retirees got more than $2.5 billion in pensions in 2025, while 5,805 surviving beneficiaries received $183.2 million.

The average pension was $44,691, up from about $34,438 ten years ago. A handful of high earners push up the averages—415 retirees took home at least $150,000, including 84 who made over $200,000. The top pensioner? $401,304 a year.

Retirees in cities like Hartford and New Haven collect plenty of these benefits, while towns like Danbury and Greenwich see big pension inflows that shape local budgets.

Liabilities, funding status and what it means for the future

SERS had an unfunded liability of $17.6 billion as of June 30, 2025. The funded ratio was 59.6% (actuarial), and market assets stood at $26.8 billion with a 10.3% return—better than the assumed 6.9%.

The actuarially determined employer contribution (ADEC) for fiscal 2027 is projected at nearly $1.9 billion. Roughly 87% of that goes to pay down the unfunded liability, with $253.7 million covering normal costs.

Connecticut’s been making the full annual pension payments since 2011. The state also made more than $6.4 billion in extra transfers from the Budget Reserve Fund since 2020 to pay off pension debt faster.

The goal is still to wipe out the SERS unfunded liability by 2046. SERS members fall into five tiers, and Tier IV—the biggest group—gets a smaller defined benefit plus a defined contribution plan, with a 1.3% pension multiplier and mandatory employee contributions.

This setup affects how cities like New Britain and Manchester handle hiring and plan for their own workers’ retirements. The ripple effects are everywhere, honestly.

What this means for budgets and local communities

Connecticut’s pension situation touches just about every town—East Hartford, Milford, Bridgeport, Stamford, Norwalk, you name it. The state’s pension dynamics shape municipal bonds, school budgets, and even the services people rely on every day.

When Connecticut’s unfunded liability balloons, the required annual contribution (ADEC) eats up money that could’ve gone to other programs. That squeeze often lands on property taxpayers in neighborhoods all across towns like Greenwich, Danbury, and New Haven.

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Looking ahead: accountability, strategy and daily impact

Connecticut’s pension program is really a balancing act. Officials have to honor retirees’ earned benefits, but also keep things sustainable for current and future taxpayers—from the Litchfield Hills to the shoreline.

In places like Hartford and Norwalk, people want to see how annual contributions, investment returns, and legislative tweaks affect things like school budgets and local services. There’s a lot of curiosity—maybe even skepticism—about how these numbers play out in real life.

Towns such as Old Saybrook and Cheshire are watching closely. They’re looking at Tier IV design, benefit adjustments, and funding strategies, trying to figure out what it’ll all mean for Connecticut families on the ground.

Bottom line: The 2025 data show record pension costs and a big unfunded liability, and the state’s still working to stabilize things. For communities from Hartford to Greenwich, getting a handle on these numbers isn’t just about math—it’s about what retiree benefits and health care costs will do to budgets, taxes, and public services for years to come.

Here is the source article for this story: CT’s highest-paid retired employee made $400K in 2025. Full list here

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