The Internal Revenue Service has issued rules that will possibly lower pension payouts for some retired Connecticut state employees, or force others to pay money back to the state retirement system, according to a memorandum […]
More than 1,600 retired state employees now have pensions over $100,000 per year, totaling an annual payout of $191.9 million, according to numbers provided by the State Comptroller’s Office. The 1,609 retirees receiving six-figure pensions […]
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.
Over one thousand retired state employees are receiving six-figure pensions, a nine-fold increase since 2010 when only 110 retirees received six-figure pensions.
According to data from the state comptroller's office the six-figure pensions for 1,030 retired state employees adds up to $120.1 million per year.
The Connecticut State Legislature will begin its 2023 session on January 4th and will adjourn on June 7th. The “long session,” as non-election years are called in Hartford, will be centered around the biennial budget. The Office of the State Comptroller reports that state government found a way to spend $47.11 billion in 2022 and, if trends continue, we can expect that number to grow even more going forward. Concerns over energy prices, inflation, and general cost of living continue to dominate the headlines and the threat of a recession hovers over economic forecasts.
What will our elected officials be working on to improve policy outcomes for Connecticut residents? What tax reform proposals will there be? What can be done to lower home heating bills? How will state and local budgets be affected by fewer federal resources? How will schools be implementing to curriculum requirements?
While we wait to see the thousands of individual and committee bills that while dominate the myriad policy debates this year, Yankee Institute is hard at work promoting free-market solutions to the problems we face from Stamford to Putnam and Mystic to Salisbury. To that end, we have produced a new edition of our Charter for Change. The Charter provides commonsense reforms to make Connecticut’s government work for its residents.
Though the list of reforms may be exhausting to review, it is far from exhaustive! And that’s why we want to work with you to build a broad-based coalition to encourage sound policy reforms to enable Connecticut residents to forge a better future for themselves and their families.
It’s also imperative that we do so. As we noted in a report and CT Mirror op-ed last year, the debate over whether we’re in a national recession really misses the point for Connecticut residents. We had more people employed in the private sector in 2007 than we do today. Our economy has grown at one of the slowest rates in the nation for the past decade, and we are getting outpaced year after year. We’re not attracting innovation and industry. We’re losing some of our best and brightest as they seek other parts of the country where it’s easier to make a living.
But together, we can reverse this trend.
At Yankee Institute, we know Connecticut is a state with boundless opportunity, and we intend to help make our state more than a place where people are just able to make ends meet! Connecticut should be a place where everyone can thrive – and with your help, it will be.