Connecticut’s fixed costs like Medicaid, debt service and retiree benefits continue to grow faster than state revenue and make up 52 percent of the state’s budget, according to the Office of Fiscal Analysis. In fiscal
The Office of the State Treasurer says that it worked with teachers’ union officials, the Governor’s Office and the Office of Policy and Management on pension changes that union officials are now telling their members are “illegal.” Language included in
Connecticut’s teachers may be better off with a 401(k) style, defined contribution retirement plan than under Connecticut’s massively underfunded pension system, according to some number crunching. Assuming a 6.5 percent employer match and adjusted for
Who benefits from pensions? Imagine 100 teachers are hired by a Hartford, Connecticut school district, all of them are age 25, they are all women, and all hold a master’s degree. What percentage of them
Early reports of budget recommendations from Connecticut’s Appropriations Committee showed the Committee rejected Gov. Ned Lamont’s proposal to force municipalities to cover a portion of the state’s teacher pension costs. But that major point of
Requiring municipalities to take more responsibility for their teachers’ pension costs makes some sense – if those towns have the power to lower those pensions or the teachers’ other compensation. To do so any other way is
State Treasurer Denise Nappier offered a presentation to the state’s Pension Sustainability Commission outlining the difficulties facing Connecticut’s Teachers Retirement System and suggested transferring $3 billion in state assets and bonds to teacher pension system.
Gov. Dannel Malloy’s budget chief offered a roadmap for Governor elect Ned Lamont’s new administration, which included eliminating scheduled tax cuts, cutting back Medicaid, reducing state aid to some municipalities, and transferring some teacher pension
Connecticut’s official balance sheets will be noticeably worse next year due to changes in how the state reports its retiree healthcare liabilities, according to a report by the organization Truth in Accounting.
Part of the bipartisan budget passed in November included raising teachers’ contribution toward their pensions from 6 to 7 percent, but a bill passed out of the Finance, Revenue and Bonding Committee would roll that