Yankee Institute Blog
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.
Connecticut’s apprenticeship program presents a great opportunity for young people like Jake, but constraints on the number of apprentices an employer can hire may limit that opportunity for many others.
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.
Fringe benefit costs for Connecticut state employees can range anywhere from 56 percent of payroll to 86 percent for judges, family magistrates and compensation commissioners, according to a memorandum from state comptroller Kevin Lembo.
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 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.
Flanked by community leaders, politicians and organizations across the political spectrum, Governor Dannel Malloy signed legislation to reform Connecticut’s criminal justice system on Wednesday at Faith Congregational Church in Hartford.
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.
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.
In a cautiously worded opinion issued Thursday, Attorney General George Jepsen said the state legislature does have the ability to change existing labor contracts but would need “substantial justification.”