As Connecticut prepares to make a historic $1.6 billion payment toward its unfunded pensions, a new report shows Connecticut has the highest taxpayer debt of any state in the nation. According to Truth in Accounting’s
Pensions
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
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
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 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
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
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
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
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
Who benefits from pensions? Imagine 100 teachers are hired by a Hartford, Connecticut school district, all of them are age 25, they are all women, and all hold a master’s degree. What percentage of them