Scott Jackson, mayor of Hamden, Conn.
After graduating from Cornell University, Scott Jackson returned to his hometown as the community development director. He then served as chief administrative officer and finally as mayor, a position he?s held for five years.
During his administration, the most pressing issue has been an improperly funded pension. ?We have one of the lowest-funded pension plans in the country,? he says. ?About 15 percent.?
To solve the problem, Jackson put together a team of experts to assemble a long-term financial plan for Hamden, something he says the town had never done.
As part of this plan, Jackson is seeking a pension obligation bond of $125 million. However, for a bond issue to be viable, laws needed to change to allow a slow lead into the obligation. Legislative language was tweaked to allow a 6-year ?ramp up? to pay for the bond.
Jackson says the Legislative Council has approved the measure, and the required timeline for a citizen petition to prevent the bonding has also been passed. Now, the state must review the financial terms, which are currently being finalized.
Through detailed projections and financial discipline, Jackson says he expects Hamden?s pension to be fully funded in the next 25 years.
