CT SB00337

Establishes a pilot program allowing one municipality to issue postemployment benefit plan deficit funding bonds to address unfunded liabilities in retiree health and life benefit plans.

Eligible municipalities must have a population of at least 115,000, be incorporated by special act, and have a mayor and city council form of government; the Secretary of the Office of Policy and Management selects the municipality with legislative approval.

Requires municipalities to submit detailed documentation including actuarial valuations, investment plans, three-year financial projections, and bond counsel opinions before issuing bonds.

Mandates that municipalities appropriate funds annually to meet actuarially required contributions to the postemployment benefit plan and provide annual reporting to the Secretary and State Treasurer on plan valuations and investment performance.

Bonds must be general obligations maturing within 30 years, with the Secretary and Treasurer reviewing applications within 45 days; the Secretary must report program status to the General Assembly by December 1, 2011.