Retired Connecticut state employees will see a substantial bump to their pension payments as a result of increasing economic inflation. The Consumer Price Index for Urban Wage Workers and Clerical Workers – known as the
Pensions
Connecticut remained a “sinkhole state” in this year’s state-by-state ranking and report from Truth in Accounting, a Chicago based think-tank that analyzes government accounting data. Connecticut ranked 48th in the country because of its high
In 2008, Connecticut took out a $2 billion pension obligation bond in order to boost its teacher pension fund, which the state had underfunded for decades. The timing was calamitous as the country entered into
A state employee pension fact sheet released by the Office of Fiscal Analysis on Monday showed that, despite efforts to fully fund Connecticut’s state employee retirement system, the funding ratio has dropped from 48 to
Connecticut would have to pay 35 percent of its total revenue for the next 30 years to cover all its retirement obligations to state employees and teachers, according to a report released by JP Morgan.
The Appropriations Committee released its state funding recommendations Tuesday, which showed a $544 million dollar growth in fringe benefit costs for Connecticut state employees between 2019 and 2021. The Appropriations Committee budget recommendations largely fell
Early reports of budget recommendations from Connecticut’s Appropriations Committee showed the Committee rejected Gov. Ned Lamont’s proposal to force municipalities to cover a portion of the state’s teacher pension costs. But that major point of
Connecticut has the worst-funded pension system in the country, maintaining its position from last year at the bottom of the list even as state pension payments continue to increase. The American Legislative Exchange Council released
In an interview with CNBC, famed investor Warren Buffet warned companies to stay away from states facing major pension problems, a blow to Connecticut which has one of the worst-funded state pension systems in the country.
Since 2012, Connecticut has paid the full annual cost of pensions for the state’s Judges, Family Magistrates and Compensation Commissioners Retirement System, nevertheless the pension debt for judges has increased during that time. Although much