For Immediate Release: 5/3/2016
Contact: Zachary Janowski
Mobile: (860) 384-5777
More than 800 retired state employees are millionaires
Pensions consume nearly 10 percent of General Fund
May 3 – With contributions to the state pension fund consuming nearly 10 percent of the state budget, Connecticut taxpayers may be interested to learn that 885 retired state employees receive six-figure pensions. An annuity providing an annual income of $100,000 would cost $1.9 million, making hundreds of retired state employees millionaires twice over.
Pension data for 2015 is now available at CTSunlight.org, a transparency website published by the Yankee Institute.
“This data is an important reminder for lawmakers as they try to balance the budget in the final hours of the legislative session,” said Carol Platt Liebau, president of the Yankee Institute. “State employee pay and pensions have increased far beyond a level that is fair or sustainable for Connecticut.”
“Lawmakers should consider making sensible reforms to state-employee pensions now to avoid the need for more drastic reforms in the future,” said Suzanne Bates, policy director of the Yankee Institute. “Past reforms did not go far enough – we need to take the politics out of pension reform and do what’s best for the state.”
The Hartford-based Yankee Institute for Public Policy works to transform Connecticut into a place where everyone is free to succeed.