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. That figure is much higher than the 23 percent Connecticut is currently paying, as listed ...
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.
Only sixty-five cents of every tax dollar actually goes toward funding Connecticut’s state government, the rest goes toward supporting the “legacy costs” of massive debt, pension and healthcare costs. That fact was pointed out by former Webster Bank CEO and co-chair of the Commission on Fiscal Stability and Economic Growth, Jim Smith, during an extensive hearing on the various difficulties — both fiscal and economic — facing Connecticut.