Only 34 percent of Connecticut’s teachers will work until they reach retirement age and get the full value of their pension, according to a new study released by Education Next, a education journal produced by the Hoover Institution. Of new teachers starting out in education, only 55 percent will actually stay in the job for a full 10 years so they are vested in the pension plan.
Connecticut’s teacher pension fund leaves more questions than answers for both taxpayers and teachers, according to a study by the National Council on Teacher Quality. The report showed that despite the praise often heaped on teacher pension plans, they are becoming more costly to teachers, less flexible and ultimately unsustainable.
Gov. Dannel Malloy's budget chief faced a barrage of tough questions Thursday from both sides of the political aisle. None of the lawmakers on the finance, revenue and bonding committee appeared pleased with Office of Policy and Management Secretary Benjamin Barnes.
Republicans have proposed 19 separate bills to eliminate the income tax from pension payments and social security benefits. The proposals come as the state battles a number of issues including a $1.7 billion budget deficit and an outmigration trend as people, particularly retirees, move to other states.