unfunded pension liability

Mark originally wanted a union shop so that J-Con Inc. could do business in neighboring New York and Rhode Island. He contributed toward his employees' pension fund with the carpenters union, along with health benefits and good pay. Little did he know that this would ultimately destroy his business.

A survey by the Connecticut Business and Industry Association shows that business owners want Connecticut to reform its state retirement benefits by a wide margin.  Of the business owners surveyed, 91 percent want reforms to Connecticut’s state pension system, which includes eliminating overtime from pension calculations and moving employees into a 401(k) style defined contribution plan.