Connecticut’s teachers may be better off with a 401(k) style, defined contribution retirement plan than under Connecticut’s massively underfunded pension system, according to some number crunching. Assuming a 6.5 percent employer match and adjusted for inflation, a defined contribution plan could yield similar retirement savings to that of the existing ...
** For the full study including charts and graphs, please download the PDF** Yankee Letter Across Connecticut, the teacher pension system is not working for teachers, taxpayers or children. And it has the potential to fail current and future retirees if it is not equitably and carefully reformed – soon. ...
Connecticut remained a “sinkhole state” in this year’s state-by-state ranking and report from Truth in Accounting, a Chicago based think-tank that analyzes government accounting data. Connecticut ranked 48th in the country because of its high debt, which translates to $51,800 per taxpayer, according to the report. However, Connecticut’s ranking was ...
In 2008, Connecticut took out a $2 billion pension obligation bond in order to boost its teacher pension fund, which the state had underfunded for decades. The timing was calamitous as the country entered into the Great Recession which saw stock markets and real estate values tank – a period ...
A state employee pension fact sheet released by the Office of Fiscal Analysis on Monday showed that, despite efforts to fully fund Connecticut’s state employee retirement system, the funding ratio has dropped from 48 to 38 percent since 2011. Connecticut’s unfunded pension liabilities for state employees totaled $21.2 billion as ...