Connecticut has made its full annual payment and reduced the discount rate for its pension plans, but according to a study by Pew Charitable Trusts the state is still not contributing enough to prevent pension liabilities from growing.
Marc E. Fitch
In a clear demonstration that discount rates matter for pension funds, Connecticut saw its pension liabilities increase by $9 billion after lowering its estimated rate of return by a total of 1.6 percent for its two major pension plans.
UConn Health Center Chief Executive Officer Andrew Agwunobi approved salary increases for UConn employees who approved a $563,000 contract with a consulting company Agwunobi worked for, according to state auditors.
Rep. Josh Elliott, D-Hamden, is an outspoken proponent of increasing Connecticut’s minimum wage to $15, going so far as to grade fellow House Democrats on whether or not they support the increase. There’s only one problem: Elliott doesn't pay his own employees $15 per hour.
Connecticut’s official balance sheets will be noticeably worse next year due to changes in how the state reports its retiree healthcare liabilities, according to a report by the organization Truth in Accounting.
“It’s a lot of personality at work, basically who’s in and who’s not in at DRS,” Kaufman said. “Once you fall out of favor, then you see things happen very quickly, things change in your position and status at the agency.”