Yankee Institute Blog

Connecticut’s unfunded pension liabilities grow $8.6 billion in six years

Connecticut’s unfunded pension liabilities continue to grow despite efforts to curb the growing costs to the state.

In hard numbers, Connecticut’s pension liability – the money owed to future state workers – has grown from $11.8 billion in 2010 to 20.4 billion in 2016, according to a fact sheet released Thursday by the Office of Fiscal Analysis.

Out-of-state car registrations hurting Connecticut municipalities

As Connecticut residents prepare to send in their vehicle property tax payments in August, a number of Connecticut municipalities may be missing out on large sums of tax dollars.

More and more residents have been registering vehicles in neighboring states that don’t charge property taxes, according to municipal officials and tax assessors.

$100 doesn’t go very far in Connecticut, according to Tax Foundation study

Everyone knows that living in Connecticut is expensive, but how far will $100 get you in the Nutmeg State?

A state-by-state study conducted by the Tax Foundation purports to answer that very question. Using the 2014 price index from the U.S. Bureau of Economic Analysis, the Tax Foundation found that in Connecticut $100 only translates to $91.91 in actual purchasing power.

Connecticut consistently in the red, according to study by Pew

Connecticut spent more money than it took in for 10 out of 13 years, according to a long-term state analysis by Pew Charitable Trusts.

Overall, Connecticut was one of only eleven states that were consistently in the red because they “carried forward deferred costs of past services, including debt and unfunded public employee retirement liabilities, which could constrain their future fiscal options,” the report said.

The end of the beginning

There’s no getting around it: this SEBAC vote was a tremendous disappointment for the people of our state. But even as we regret the outcome, we should not be dismayed.

Connecticut IS changing. Four years ago, there wouldn’t have even been a fight over this concessions package — and that, at least, is cause for optimism.

Connecticut union deal creates a new retirement plan, but is it a “hybrid” in name only?

One of the major selling points of the union concessions agreement negotiated between Gov. Dannel Malloy and state union leaders is a new Tier IV hybrid retirement plan, which combines a 401(k) style retirement account with a pension.

Proponents claim that this move will save the state money and help stabilize the state employee retirement system, but questions remain as to how the retirement payout would be calculated between the two different plans.

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