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 […]
The Center for Retirement Research at Boston College issued a report on the pandemic’s effect on state and municipal pension systems and listed Connecticut’s State Employee Retirement System as one of the ten worst-funded pension […]
The State of Connecticut and municipalities face a substantial burden – and now threat – from pension and retiree healthcare funds, as the stock market has plunged in recent weeks, which could leave taxpayers on […]
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 […]
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 […]
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 […]
Governor-elect Ned Lamont will face a daunting task when he and fellow Democratic lawmakers assume full control of the state’s finances in January, according to a newly released report by Truth in Accounting.
If nothing had changed, Connecticut would not be trapped in the situation it is now. But Connecticut also allows collective bargaining agreements to supersede state law, allowing subsequent SEBAC agreements to once again underfund state […]
Connecticut’s new Pension Sustainability Commission held a press conference today in the Legislative Office Building to announce its mission: to consider transferring state assets to Connecticut's pension funds to help reduce the state's unfunded liabilities.
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.