- Associated Press - Wednesday, November 5, 2014

HARTFORD, Conn. (AP) - Republican Tim Herbst has conceded defeat in the Connecticut treasurer’s race to four-term incumbent Denise Nappier.

The Trumbull first selectman mounted a vigorous challenge to Nappier, criticizing Connecticut’s unfunded liability of nearly $24 billion in the state employees’ retirement fund and $25 billion in the teachers’ fund.

With 97 percent of precincts reporting Nappier was leading Herbst by less than 2,000 votes out of nearly a million cast.

Nappier said the Teachers Retirement Fund and State Employees Retirement Fund are on their way toward sound financial footing. She blunted Herbst’s criticism by saying that it’s up to the legislature and governor to budget what’s needed for the retirement funds and that she “sounded the alarm” about Connecticut’s unfunded pension liabilities.

Moody’s Investors Service said that as of 2012, Connecticut had the second-highest pension burden, after Illinois.

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