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Christmas in July? Concessions deal includes $104 million lump sum payment

Union members will receive $2,000 lump sum payments, which will count toward their pensions, next July as part of the concessions deal worked out between Gov. Dannel Malloy and union leaders.

SEBAC, the bargaining coalition that negotiates benefits for state government unions, represents approximately 40,000 members, meaning the state of Connecticut could have to make a payout as high as $80 million, although the lump sums will be pro-rated for part-time employees.

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Loss of top Aetna executives could cost Connecticut $3 million in tax revenue

Aetna assured Connecticut lawmakers that it will leave most of its employee workforce in Hartford and would only move its top executives to its new location in New York City. But even the loss of the top five executives at the insurance giant will cost Connecticut millions in lost tax revenue.

The five top executives, including CEO Mark Bertolini, earned a combined $49.2 million in 2016, according to Morningstar, a stock-trading and investment research company.

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Union leader seeks to secure costly union benefits by warning of coming budget deficits

Connecticut’s top union official wrote a letter to state employees asking them to approve a concession deal negotiated with Gov. Dannel Malloy and warned of “projected budget deficits in the billions.”

In a letter to state union members, AFL-CIO President Lori Pelletier told union members they could secure their benefits until 2027 and gain four years of layoff protections under the concessions agreement.

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The Yankee Institute for Public Policy Studies is a research and citizen education organization founded in 1984 under section 501(c)(3) of the Internal Revenue Service code. As one of America’s oldest state-based think tanks, Yankee develops and advocates for free market, limited government public policy solutions in Connecticut.

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