The number of retired state employees receiving six figure pensions jumped by at least 30 percent since 2016 and more than 1,000 percent since 2010. According to a report by the Hartford Courant, there are now “nearly 1,400” retirees who received more than $100,000 in pension payments over the course of 2017.
Commission hears testimony on the cost of Connecticut’s “dysfunctional relationship with its government unions”
Only sixty-five cents of every tax dollar actually goes toward funding Connecticut’s state government, the rest goes toward supporting the “legacy costs” of massive debt, pension and healthcare costs. That fact was pointed out by former Webster Bank CEO and co-chair of the Commission on Fiscal Stability and Economic Growth, Jim Smith, during an extensive hearing on the various difficulties — both fiscal and economic — facing Connecticut.
Connecticut has spent $13.9 million more in overtime for state employees during the first half of this new fiscal year than it did in 2017, according to a report by the Office of Fiscal Analysis. Connecticut had been making headway in reducing overtime spending since a high of $256.1 million in 2015. In 2017, Connecticut spent a total of $204.4 million.
Connecticut has the most underfunded pension system in the nation, amassing more than $127.7 billion in liabilities, according to an annual study by the American Legislative Exchange Council.
When a city or town is forced to go to binding arbitration over a labor contract, they often have little to gain and a whole lot to lose, but the decision comes down to one person.
More than 27,000 current state employees are receiving cash payouts or extra vacation time as the result of a lawsuit settlement with Connecticut’s state employee unions, which dates back to 2003.