UConn Health Center is facing $114 million loss in revenue after the coronavirus pandemic emptied beds and ended a large number of medical procedures, according to the budget presentation given to the UConn Board of Trustees. According to figures, patient revenue to UConn Health tanked by almost 50 percent during ...
High Pension Costs Hurt State
The State of Connecticut employs nearly 50,000 people on a full-time basis and like most employers, they provide benefits to help employees plan for their retirement. Unlike most private sector employers, however, public employees are provided a defined-benefit retirement plan that provides benefits as calculated by a complicated formula rather than a 401(k)-type plan like available in the private sector that provides far greater portability and flexibility for employees.
Defined-benefit retirement plans present another challenge for taxpayers. Poor planning and saving habits by state lawmakers has left the retirement system chronically underfunded. According to a Yankee Institute estimate, the state owes retirees $51 billion more than they have saved, dragging down the state’s bond rating, crowding out other state spending, and setting the stage for higher taxes in the long run.
A new report from the US Census Bureau last week reveals that the state’s retirement system is more generous than most states. Connecticut is one of a handful of states that pay an average of more than $30,000 per year to each pensioner and has the highest average of all 50 states at $35,079.
Yankee advises policymakers to follow the model provided by Rhode Island in 2011. Connecticut’s neighbor to the east faced a very similar pension crisis in 2011 until that state’s legislature, led by Treasurer Gina Raimondo, converted the pension system to a hybrid defined-benefit/defined contribution system to guarantee a secure retirement for retirees while saving the state billions in costs.
Top Connecticut police trainer and attorney says changing policing won’t work; protests are “hurting everybody”
“What’s going on right now is a tragedy and is hurting everybody,” says Elliot Spector regarding the protests against police throughout the country. “We will have more lives lost because of the attacks on police officers.” Spector is a former Hartford police officer and president of Spector Criminal Justice Training ...