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Michigan to enroll new teachers into 401(k) style retirement plan

In an effort to deal with the skyrocketing cost of teacher pensions, Gov. Dannel Malloy has proposed shifting one-third the cost of the pensions onto towns, a move that will likely drive up property taxes as municipalities scramble to come up with $408 million in 2018. Michigan, on the other hand, has taken step in the opposite direction.

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Connecticut to borrow $181 million for massive renovation of state office building

Connecticut cut $1 billion from its planned borrowing this year in response to lowered tax revenue but is still moving forward with a massive project to update the state office building at 165 Capitol Avenue. Among the projects and grants-in-aid that didn’t make the bonding cut was $4.5 million for repairs and alterations to group homes and residential facilities with the Department of Children and Families.

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Marc E. Fitch

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