Connecticut’s two largest pension funds for teachers and state employees received 16 percent returns over the course of one year thanks to a surging stock market, giving the state a much needed boost.
Last week Pelletier decided to lash out against the Commission on Fiscal Stability and Economic Growth with an op-ed in the Hartford Business Journal and some quotes in a CT Mirror story. According to her, the commission “attacks working people” because it is daring to discuss Connecticut’s financial problems and — gasp! — look at charts and graphs.
Connecticut lowered the discount rate of the teacher’s retirement system from 8.5 percent to 8 percent in 2016, but it still remains higher than most other states. According to NASRA the median discount rate has dropped to 7.5 percent.
DOT pension, healthcare costs grow nearly $30 million in three years as state projects are put on hold
Pension and healthcare costs for employees with the Department of Transportation grew $30 million over three years, increasing operating costs for Connecticut’s beleaguered Special Transportation Fund. According to figures from the State Comptroller’s Office, between 2014 and 2017 state pension contributions increased $21 million, while healthcare costs increased $9 million.
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.
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.