Gov. Ned Lamont’s budget proposes shifting 25 percent of the “normal cost” of teacher pensions onto towns and cities, but distressed municipalities will only have to shoulder 5 percent, which means the City of Hartford will have to pay far less in teacher pension costs than neighboring South Windsor. Combined ...
Connecticut is often ranked low in terms of its business environment, but according to a new study from Yankee Institute, some towns manage to stand out from the rest.
Faced with mounting retiree healthcare costs, Connecticut towns are making changes to get out of the healthcare business altogether. Matt Gallagan, town manager of South Windsor, said they no longer provide health benefits for retirees. Instead retirees can purchase a health plan through the town. South Windsor is one of several towns and cities that have moved away from providing long-term health benefits for their retirees.
As Gov. Dannel Malloy and the state legislature grapples with rising costs from unfunded pension liabilities, some Connecticut cities and towns have managed to tackle their own pension problems head on. Municipalities like Danbury, Norwalk, Stratford and South Windsor have switched from defined benefit retirement plans to 401(k) style plans and changing retiree healthcare packages to stem the long-term costs to the towns.