Reports surfaced Monday about a tentative deal between Gov. Dannel Malloy and the state employee labor unions to achieve $1.5 billion in concessions over the next two years and extend the state employee contract to 2027. However, a five year contract extension will mean Connecticut will be saddled with the union deal, negotiated by Gov. John Rowland, for as long as most people have mortgages.
Marc E. Fitch
Only 34 percent of Connecticut’s teachers will work until they reach retirement age and get the full value of their pension, according to a new study released by Education Next, a education journal produced by the Hoover Institution. Of new teachers starting out in education, only 55 percent will actually stay in the job for a full 10 years so they are vested in the pension plan.
Connecticut’s pension system may be in much worse shape than previously thought according to a new study from the Hoover Institution, a public policy think tank at Stanford University. In 2015, Connecticut reported its pension liability as $30 billion but the Hoover Institute study says that figure was actually $68 billion.
As Gov. Dannel Malloy and the state bond commission raced through their votes on $350 billion in new borrowing Friday, Connecticut’s credit rating was downgraded by Fitch Ratings Agency, giving Connecticut the third worst bond rating of the 50 states. But Connecticut’s lagging economy and heavy debt burden did not prevent the bond commission from borrowing nearly $50 million to give loans and grants to companies through the Department of Economic and Community Development.
In 2014, the Department of Correction spent $85.5 million in caring for the mental and physical health needs of Connecticut’s inmates under the terms of an agreement between the prison system and UConn Health Center's Correctional Managed Health Care program. However, according to an audit released Tuesday the true cost of that care is much higher.
The Metropolitan District Commission which provides water and sewer to the Hartford region has paid nearly $1 million in settlements to a group of former employees who had filed discrimination complaints against the agency, according to a review of the municipal water authority's board minutes.