The State of Connecticut and municipalities face a substantial burden – and now threat – from pension and retiree healthcare funds, as the stock market has plunged in recent weeks, which could leave taxpayers on the hook for higher annual payments. Pension and retirement healthcare funds are invested in the ...
The Office of the State Treasurer says that it worked with teachers’ union officials, the Governor’s Office and the Office of Policy and Management on pension changes that union officials are now telling their members are “illegal.” Language included in the 2019 Connecticut budget revised the death benefit pension payout for Connecticut teachers who adopt ...
North Carolina recently overhauled its retirement medical benefits for state employees – also known as OPEB – to relieve a growing $34.4 billion debt, according to a new report released by the Manhattan Institute, but such reforms in Connecticut are unlikely under the state’s 30-year contract with state employee unions. ...
Connecticut’s total state and local unfunded pension and other post-employment benefits (OPEB) liability is a whopping $124.9 billion, according to an independent report delivered to the Connecticut Council of Municipalities. Pro Bono Public Pensions, a nonprofit that advises state and local governments on pension sustainability, reported that the State of ...
The Rhode Island Supreme Court has upheld a Superior Court decision to allow the City of Cranston to cut cost of living adjustments for city retirees, citing the city’s dire fiscal problems. In 2011, Cranston faced a $256 million unfunded pension liability and the city’s pension system was only 16.9 ...
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 ...