There's a growing recognition among Connecticut state and local government that 401(k)-style retirement plans will be necessary in the long run. The private sector does it, so why are government employees so worried?
If nothing had changed, Connecticut would not be trapped in the situation it is now. But Connecticut also allows collective bargaining agreements to supersede state law, allowing subsequent SEBAC agreements to once again underfund state employee pensions.
Connecticut’s new Pension Sustainability Commission held a press conference today in the Legislative Office Building to announce its mission: to consider transferring state assets to Connecticut's pension funds to help reduce the state's unfunded liabilities.
When given the choice between Connecticut's failing pension system and the state's defined contribution plan, Robert Guynn took the road less traveled -- and he's doing fine.
Fringe benefit rates for Connecticut’s state employee and teacher retirement plans in 2018 jumped as much as 52 percent, according to figures from the Comptroller’s Office.
Connecticut has made its full annual payment and reduced the discount rate for its pension plans, but according to a study by Pew Charitable Trusts the state is still not contributing enough to prevent pension liabilities from growing.