Connecticut’s teacher pension debt is officially listed at $16.8 billion, but a new study says that figure might be much higher. According to a new study published by Yankee Institute, Connecticut’s discount rate for its teacher pension system is under-stating its unfunded liabilities by using too high of a discount ...
Banking giant J.P. Morgan issued a report estimating the impact of the COVID-19 pandemic and economic downturn on states’ unfunded pension and retiree healthcare liabilities, noting Connecticut would have to pay nearly 40 percent of its revenue for the next thirty years to pay off nearly $70 billion in unfunded ...
More than 1,600 retired state employees now have pensions over $100,000 per year, totaling an annual payout of $191.9 million, according to numbers provided by the State Comptroller’s Office. The 1,609 retirees receiving six-figure pensions represents an increase of more than 200 individuals since the previous count by the Hartford ...
Republican Senate Leader Mitch McConnell, R-Kentucky, said on Wednesday he would rather see states declare bankruptcy than issue another $500 billion requested by the National Governors Association to bail out states facing lower revenues and skyrocketing debt costs. “There’s not going to be any desire on the Republican side to ...
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 ...